Bill Ackman is the billionaire hedge fund manager behind Pershing Square Holdings. He has been crushing the market for years. For instance, since 2019, his portfolio has tripled in value.

Ackman doesn't diversify his portfolio for the sake of diversification. When he likes a stock, he goes all in. Right now, he has more than 15% of his portfolio invested in a single company. He has owned this stock for years, and it's fair to say he thinks it has plenty of upside from here.

Howard Hughes Holdings (NYSE: HHH) has a weird history. Nearly 15 years ago, it was spun off from General Growth Properties, which was later acquired by Brookfield Property Partners. Howard Hughes Holdings, then known as Howard Hughes Corporation, held a strange portfolio of properties that General Growth Properties believed weren't being valued fairly by the market. The company, for example, owned commercial real estate in New York City, a collection of master-planned communities in the western and southern U.S., and the air rights -- otherwise known as the right to build -- above a famous property in Las Vegas.

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Source Fool.com