The US boasts not only some of the largest companies in the world but also some of the most best known investors.
These so-called super investors have built their reputations (and fortunes) by spotting long-term opportunities that others often miss.
While their investment styles differ — Bill Ackman’s activist edge, Ray Dalio’s macroeconomic lens, and Warren Buffett’s value-driven patience — all three share a disciplined, research-led approach that has delivered results over decades and through many market cycles.
Let’s dig into some of these titan’s top holdings.
This article isn’t personal advice. If you’re not sure an investment is right for you, seek advice. Investments and any income from them will rise and fall in value, so you could get back less than you invest. Ratios also shouldn’t be looked at on their own.
Investing in an individual company isn’t right for everyone because if that company fails, you could lose your whole investment. If you cannot afford this, investing in a single company might not be right for you. You should make sure you understand the companies you’re investing in and their specific risks. You should also make sure any shares you own are part of a diversified portfolio.
Bill Ackman – Uber
Bill Ackman is the founder and CEO of Pershing Square Capital Management, a hedge fund with more than $17.7bn of assets under management. The fund takes a concentrated approach, typically investing this money across only 8-12 companies at any one time.
Ackman is known for being an activist investor. He takes positions in companies and then tries to convince their management teams to follow his advice to improve their performance and valuation.
In the case of his largest holding, Uber (20% of his portfolio), Ackman is likely to take a more relaxed approach. He’s already stated that he believes Uber to be “one of the best-managed and highest-quality businesses in the world”.
The ride-hailing company focusses on connecting drivers and riders, rather than owning or manufacturing any vehicles. Its asset-light business model means that much of its expected $51.5bn of revenue this year should flow straight down into cash, supporting a new $20bn share buyback programme. As always though, no shareholder returns are guaranteed.
One of Uber’s biggest advantages is its sheer scale, with around 180 million active users globally. Key metrics are trending in the right direction, especially with trips per user continuing to rise.
Aside from ride-hailing, Uber's fast-growing delivery business continues to outperform the group’s already high expectations. In most of its markets, Uber already has the number one or two spot. Expanding its offering beyond just restaurant food to include groceries, pet supplies, and even sports goods is helping to pull in more customers.
The rise of autonomous vehicles (AV) is a risk to monitor. The prospect of AV giants like Tesla or Waymo launching their own fully controlled apps could bring increased competition. If this happens, Uber’s market share and pricing power could come under some pressure.
Despite being a clear leader in most of its markets, it still only has a small share of global trip volumes. If it can nail its expansion across new categories, there’s plenty of room for double-digit revenue and profit growth in the coming years. Execution risk and rising competition are challenges to be aware of, but at around 29 times next year’s earnings, the valuation looks attractive to us, there are of course no guarantees though.
Ray Dalio – Nvidia
Ray Dalio founded one of the world’s largest hedge funds, Bridgewater Associates, in 1975. He’s served in several roles, including CEO, Chairman, and Co-Chief Investment Officer. He’s now stepped back from day-to-day duties, but his influence clearly remains.
Dalio championed diversification, so it’s no surprise to see a broad US stock market tracker at the top of Bridgewater’s holdings. In terms of individual stocks, the fund’s largest position is also the world’s largest company, Nvidia, representing 4.6% of the total equity portfolio.
That aligns with Dalio’s well-known advice to investors, “Don’t prematurely bet against hot trends.” Few trends have been hotter in recent decades than AI - the field largely powered by Nvidia’s chips.
Companies and governments worldwide have been throwing cash at building out their AI capabilities. Demand is outstripping supply – a theme that looks set to continue for several years.
The group’s dominance in the space stems not just from having the most powerful chips, but from offering a full-stack solution. Its CUDA software platform enables users to fully optimise the hardware is key. This full-stack solution is what really sets Nvidia apart.
The pace of innovation is impressive, with improved versions set to come out annually. That’s fuelling expectations that revenues can keep growing at high double-digit rates for the next few years, despite recording $130bn of revenue last year.
The biggest risk is ongoing geopolitical battles. The US government has already restricted exports of the most advanced chips to China, citing national security concerns. Near‑term visibility is blurry, so we no longer assume a quick recovery there.
Outside China, Nvidia CEO Jensen Huang has been busy. The group’s now a key partner in the UK’s AI plans, has announced a $5bn investment in Intel, and, to cap it all off, formed a mega pact with OpenAI. The first two are nice but not dial-moving; the latter could be of real benefit.
When we think about the reasonable valuation and strong expected earnings growth, Nvidia remains one of our favourite ways to gain exposure to the AI transition. There are no guarantees, and the key risk in the coming months is whether Nvidia becomes a pawn in the US/China trade war.
Warren Buffett – Coca-Cola
Warren Buffett manages his investments through his holding company, Berkshire Hathaway. He first bought a stake in Coca-Cola way back in 1988. Fast-forward to 2025, and it remains one of his biggest holdings (4th largest - 11% of his portfolio), epitomising his buy-and-hold strategy.
Buffett’s philosophy also involves finding companies with a strong moat. That is, companies with such a strong competitive position, brand, and customer loyalty that it’s hard for competitors to come in and challenge them. Coca-Cola continues to fit the bill well.
Performance in recent years has been impressive, with revenue growth holding up better than the broader beverage market. This success is partly due to its operating model, which differs from most competitors.
Rather than investing in big manufacturing plants, Coca-Cola partners with, and holds stakes in, local bottling companies. These companies deal with the heavy lifting of production, and are responsible for maintaining and upgrading a host of expensive bottling equipment. That helps keep a lid on Coca-Cola’s costs and supports its industry-leading gross margins, which hover around the 60% mark.
It’s also helped operating profits to grow steadily and feeds down into healthy free cash flows. Without the costly burden of maintaining bottling facilities, Coca-Cola’s able to pour more of its cash flows into marketing efforts - creating a positive flywheel effect for both the bottlers and itself.
As you would expect from a mature company, there’s plenty of cash left over to support share buybacks and a forward dividend yield of around 3.2%. Although, no shareholder returns are guaranteed and yields are variable and not a reliable indicator of future income.
Keep in mind that there’s an ongoing dispute with US tax authorities, with a potential multi-billion-dollar payment on the line. Coca-Cola appears confident of coming out on top, but until a decision is made, it’s likely to weigh on investor sentiment. The balance sheet is strong enough to absorb any negative outcome should it occur, but it would likely hamstring the group’s ability to buy new brands in the near term.
With one of the most well known brands in the world, Coca-Cola stands out for investors looking to add a bit of stability to a share portfolio. But remember, nothing is immune to ups and downs, especially in the short term.
One of the authors holds shares in Nvidia.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Past performance is not a guide to the future. Investments rise and fall in value so investors could make a loss. Yields are variable and not guaranteed.
This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment.
