Bill Ackman and Brad Gerstner bet on same 4 stocks – what’s next?

Overview of Hedge Fund Managers

Hedge fund managers such as Bill Ackman and Brad Gerstner are highly regarded in the investment community. Their quarterly positions are closely monitored by investors, who look to understand which stocks they are buying, selling, or adjusting. Both Ackman and Gerstner have notable similarities in their investment choices, with four stocks appearing in both their portfolios as of December 31, 2025.

The Four Shared Stocks

Ackman’s hedge fund, Pershing Square Capital Management, holds a slightly smaller number of positions compared to Gerstner’s Altimeter Capital. In the fourth quarter, Ackman took a new position in Meta Platforms (META) and made adjustments to several of the Magnificent Seven holdings. The shared stocks are identified through SEC filings for both funds.

Here are the four stocks that appear in both hedge funds:

Meta Platforms (META)

Altimeter ended the fourth quarter with Meta as its second-largest holding, accounting for 18% of the fund and valued at $1.22 billion. In contrast, Meta was the fifth-largest holding in the Pershing Square portfolio, representing 11% and $1.76 billion in shares owned.

Amazon.com Inc (AMZN)

Altimeter listed Amazon as its fourth-largest holding, at 7.7% of the fund and valued at $511.4 million. For Pershing Square, Amazon was the third-largest holding, at 14% and $2.22 billion in shares.

Uber Technologies (UBER)

Altimeter held Uber Technologies as its fifth-largest holding, at 6.9% of the fund and valued at $456.7 million. Meanwhile, Uber was the second-largest holding in the Pershing Square portfolio, at 16% with $2.47 billion in shares owned.

Alphabet Inc (GOOG, GOOGL)

Altimeter had Alphabet Class A (GOOGL) shares as its 11th-largest holding, at 2.4% of the fund and valued at $162.5 million. Alphabet Class A shares were the ninth-largest holding in the Pershing Square portfolio, at 1.4% and $212.3 million in shares. Alphabet Class C (GOOG) shares were the fourth-largest holding in the Pershing Square portfolio, at 13% and $1.93 billion in shares owned.

Changes in Positions

These positions saw various changes in size from both fund managers in the fourth quarter. Meta became a new position for Ackman in the fourth quarter. Altimeter disclosed reducing its Meta stake by 1%, and there were hints from Gerstner in a CNBC interview that Meta might no longer be a top holding.

Altimeter increased its Amazon holdings by 2% in the fourth quarter, while Ackman added to his Amazon stake by 65%. Uber saw no change from Altimeter, and Ackman sold less than 1% of the position. Altimeter increased its GOOGL holding by 66% in the fourth quarter, while Ackman trimmed the position in both GOOG (-2%) and GOOGL (-86%).

Different Investing Styles

Altimeter Capital focuses on long-term technology investments, often targeting “founder-friendly” companies. The fund invests in both private and public companies. Founded in 2008 by Gerstner, who currently serves as CEO, Altimeter has a distinct approach to investing.

On the other hand, Ackman is known as a value and activist investor. He takes large stakes in companies with dominant positions in their sectors and pushes for changes to unlock shareholder value.

Photo created by Midjourney, Dall-E