Bill Ackman’s Main Fund Is Up 25% in 2025. These 2 Investments Are Helping.

Bill Ackman is having an impressive year: His main investment vehicle has returned 25% and been helped by its sizable holdings in Freddie Mac and Fannie Mae, whose shares have more than quadrupled in 2025. The fund’s U.S.-listed shares closed 1% higher on Friday at $63.41 apiece after hitting a record high of $63.70 earlier in the session. The shares have returned 32% so far this year, topping the NAV performance as the discount to NAV has narrowed.