Ackman learns from Buffett's strategy: 45% of the $14 billion fund is invested in 3 tech stocks

Hedging fund pro Bill Ackman's recent operations are quite interesting. His Pershing Square Capital fund has a size of $14 billion, with 45% (approximately $6.3 billion) concentrated in three tech stocks: Uber, Google, and Amazon.

This configuration clearly follows Buffett's strategy—finding undervalued quality companies to invest heavily in. Ackman also acquired 47% of Howard Hughes Holdings, aiming to turn it into a “modern version of Berkshire Hathaway.”

Three Core Positions:

Uber accounts for 21% — Holding $2.8 billion in Q2 this year. Uber has a 76% market share in the U.S. ride-hailing market, with food delivery coming in second, showing strong network effects. Q2 revenue reached $12.7 billion, a YoY growth of 18%, with EPS increasing by 34% to $0.63. Its current valuation is only 16 times PE, which is not expensive for a leader.

Google accounts for 15% — $2 billion position. Ackman is optimistic about its search, AI execution capabilities, and cloud business. Q2 revenue was $96.4 billion, a 14% increase, with Cloud revenue at $13.6 billion, a 32% increase, with an annualized rate already exceeding $54 billion. The key point is: the $1 billion level contracts signed in H1 are equivalent to last year's total volume. A 26x PE valuation is considered cheap for a company of this quality.

Amazon accounts for 9% — $1.3 billion new warehouse. AWS and e-commerce are both market leaders. Q2 sales reached $167.7 billion, a growth of 13%, with EPS increasing by 33%. The PEG ratio is only 0.58 (below 1 indicates undervaluation), and Ackman says there is still room for growth.

Bottom line: All three are high-quality assets identified by Ackman as “although they have risen recently, they are still cheap.” This operation is a typical value investment—looking for businesses with growth, a moat, and reasonable valuations.