Bill Ackman speaking at an investment conference

How Bill Ackman’s Portfolio Surged 25% in 2025 With Just Two Big Winners

Bill Ackman has had a banner year. His fund, Pershing Square delivered a roughly 25% gain in 2025, a result that turned heads on Wall Street. The surge was not broad market magic; it came from a few concentrated, high-conviction bets that paid off. This is a story about focus, timing, and big ideas.

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