Buffett, Ackman, Icahn Take A Beating As Billionaires Weather Q1 Chaos

Wall Street's billionaire brigade hit turbulence in the first quarter of 2025. From Warren Buffett to George Soros, even the most iconic names couldn't dodge the drawdowns as markets rotated and profit-taking weighed down performance.

Buffett's Berkshire Hathaway Inc BRK BRK saw a -2.52% return on an equal-weighted basis in the first quarter, trailing its own 3-year and 5-year annualized returns of 7.10% and 10.90%, respectively. The world's most famous value investor remains heavily concentrated – 89% of his $258 billion portfolio sits in the top 10 holdings – but that concentration didn't provide a cushion in a volatile quarter.

Carl Icahn fared even worse. The activist legend posted a brutal -10.15% quarterly return – by far the worst among the billionaire cohort. Despite nearly 98% portfolio concentration, Icahn’s equal-weighted decline highlights how even conviction bets can backfire. His 5-year return of 15.99% is respectable, but the near-term pain is undeniable.

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Soros, known for macro mastery, couldn't escape the downturn either. His fund returned -1.81%, despite maintaining a more diversified approach across 287 holdings. While Soros’ 3-year return of 13.11% remains solid, the first quarter slip suggests even global tacticians weren't spared by the market's crosscurrents.

Bill Ackman's Pershing Square also struggled, dropping -2.72% in the first quarter. With a razor-sharp portfolio of just 12 holdings – and an eye-popping 99.5% concentration – Ackman's approach didn't offer much defense this quarter. His 5-year annualized return of 16.88% still towers over peers, but the first quarter was a rare off note.

Bottom line?

The billionaire investors who thrived on bold bets and long-term conviction were handed a reality check. The first quarter wasn't about who’s biggest – it was about who could adapt. And for once, the billionaires blinked.

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Image created using artificial intelligence via Midjourney.