Rounding out the top five are Restaurant Brands International ( QSR 1.40%) and Howard Hughes Holdings ( HHH 0.56%), both of which are longtime holdings. Restaurant Brands owns brands like Burger King and Popeye's, and Howard Hughes is a real estate company.

Over the last two quarters, Ackman has built two new significant positions for Pershing Square -- Nike (NYSE: NKE) and Brookfield (NYSE: BN) -- piling an estimated $2.2 billion into those stocks during the third quarter alone. Here's why.

Hey, you looking for a place on Manhattan's Upper West Side?Well, if you've got $20 million, Bill Ackman might be able to help you.Related: Billionaire Bill Ackman buys 3 million shares of battered consumer stockThe billionaire hedge fund manager has listed two neighboring apartments for a total of $19.

One closely watched hedge fund manager is Bill Ackman, who has made a name for himself by making concentrated bets as the head of Pershing Square Capital Management. In early 2023, Ackman and Pershing Square first started buying stock in Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG).

Pershing Square bought roughly 25.9 million shares of Brookfield in Q3, increasing its stake by almost 378%. Brookfield is a dividend stock, but I doubt there's an income investor on the planet who would get excited about the company's dividend.