Key Points:
- Bill Ackman’s net worth doubled from $4.3B to $9.2B in 2025
- His hedge fund delivered a 25.3% return, beating the S&P 500’s 11.7%
- Massive gains came from Fannie Mae and Freddie Mac, surging over 300%
Billionaire investor Bill Ackman has seen his net worth soar in 2025, more than doubling to approximately $9.2 billion. The surge comes on the back of a remarkable year for Pershing Square Capital Management and its publicly listed vehicle, Pershing Square Holdings.
Pershing Square Holdings has delivered a 25% return year-to-date, significantly outpacing the S&P 500’s 11% rise during the same period. The fund’s net asset value has climbed to around $16 billion, although its shares continue to trade at a discount, with market capitalization closer to $11 billion. Bill Ackman himself holds more than a 20% personal stake in the fund, firmly aligning his fortunes with those of his investors.
This performance marks a strong rebound for Pershing Square, which has been steadily reshaping its investment profile over recent years, focusing on concentrated bets and long-term growth companies.
Big Wins from Fannie Mae and Freddie Mac
The standout drivers of Pershing Square’s success in 2025 have been its holdings in mortgage giants Fannie Mae and Freddie Mac. Shares of Fannie Mae have surged nearly 350% this year, while Freddie Mac has climbed over 300%, both rebounding from the low $3 range.
Pershing Square is estimated to hold about 180 million shares across the two companies, with roughly 115 million belonging to Fannie Mae. The positions have generated an estimated $2 billion in profits, and the combined stake could now be valued at nearly $2.5 billion.
Bill Ackman has long been a vocal advocate for releasing the two government-controlled mortgage lenders from conservatorship. Their rally this year suggests growing investor optimism that such regulatory reforms may finally take shape, vindicating Ackman’s patient strategy.
Beyond these headline gains, Pershing Square maintains a focused portfolio that includes Uber Technologies, Alphabet, Brookfield Asset Management, and Restaurant Brands International. Unlike in past years, Bill Ackman has largely stayed away from short selling, instead emphasizing durable growth businesses that can compound value over time.
Valuation Challenges and Broader Implications
Despite the strong returns, Pershing Square Holdings continues to trade at a steep discount to its net asset value, often exceeding 30%. Analysts attribute this gap to structural factors such as its London listing, unfavorable tax classifications for U.S. investors, and a relatively high fee structure.
Nonetheless, Pershing Square’s success this year highlights the potential of Bill Ackman concentrated, conviction-driven approach. The firm now manages about $20 billion in total assets, and its performance has reignited debate around the role of activist investors in shaping corporate value and influencing market expectations.
For Bill Ackman personally, the gains represent one of the most dramatic wealth increases in the hedge fund world this year. With both his fortune and fund performance hitting new highs, the billionaire investor has reasserted his place among Wall Street’s most influential figures—cementing 2025 as a defining year in his career.
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