Ackman’s Wealth Explodes in 2025: How Pershing Square Leveraged Fannie Mae & Freddie

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In 2025 , Bill Ackman has quietly doubled his net worth to an estimated US $9.2 billion, up from around US $4.3 billion just an year earlier. The key driver? Pershing Square’s surge, especially via its large positions in Fannie Mae and Freddie Mac stocks.

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Why Ackman’s Wealth Jumped So Dramatically

Pershing Square Holdings — a closed-end fund listed in London and trading over the counter as PSHZF — is in rare form this year. Its net asset value (NAV) is reported weekly, standing at roughly US$16 billion, while the market valuation is close to US$11 billion. Those numbers are up sharply, thanks in large part to its bets on U.S. mortgage agencies.

Putting it in perspective: the S&P 500 has delivered about an 11.7% return so far this year, whereas Pershing Square is up roughly 25.3%. That kind of performance gap catches attention.

Fannie Mae & Freddie Mac: The Big Gain Makers

Ackman’s fund holds a generous amount of stock in Fannie Mae and Freddie Mac. Experts believe Pershing Square has made about US$2 billion in profits from just these holdings in 2025. That’s no small feat.

Both stocks have rallied dramatically — Fannie Mae is up some 350% since January, closing at about US$14.64, and Freddie Mac has seen over 300% gains, now trading near US$13.50. Early in the year, both companies were trading closer to US$3 per share.

What’s fueling these increases? Among other factors, growing investor optimism that the Trump administration might finally end the federal conservatorship over Fannie Mae and Freddie Mac — a long-standing Ackman bet. Those hopes seem to have added serious momentum.

Ackman’s Strategy: Concentrated, Bold, Growth-Oriented

Unlike many hedge fund managers who spread risk across dozens of positions, Ackman uses a highly concentrated portfolio. He zeroes in on a few core investments — often longtime positions. Uber, Alphabet, Brookfield Asset Management, Restaurant Brands International are among his top picks.

He’s also moved away from short selling, leaning instead toward what he calls “durable growth companies.” Over the years, this shift has defined his approach. His earlier fame came from bold shorts — like in the insurance sector during the financial crisis — but today his bets tend to be longer term and more focused.

Pershing Square now manages approximately US$20 billion in assets, putting Ackman among the heavyweight investors with both influence and exposure.

Beyond Dollars: Influence and Controversy

Ackman is never just about numbers. He’s known for speaking his mind — and shifting positions. In 2024, for example, he pushed for the resignation of Harvard’s president over plagiarism and other allegations. That campaign ended with her departure.

Political endorsements too: Ackman surprised many by backing Donald Trump’s 2024 presidential run, a marked turn after years of aligning elsewhere.

Final Thoughts

Bill Ackman’s rise from an estimated US$4.3 billion to US$9.2 billion shows what combining conviction bets, market timing, and concentrated exposure can achieve. The Fannie Mae and Freddie Mac plays didn’t just pay off — they illustrate how regulatory expectations and policy shifts can reshape entire investment thesis. Of course, such sharp gains carry risk: policy changes might stall, market euphoria may wane.

Still, for investors watching closely, Ackman’s 2025 journey appears to offer lessons: knowing what you believe, acting accordingly, and having the patience (and nerves) for long-term, large-scale bets. It’s a reminder that outsized returns often come from stepping out of the crowd.