Key Points
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Pershing Square delivered 16% net annualized returns since 2004, nearly double the S&P 500.
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Meta was a new $1.8B position in Q4, representing 11.37% of the concentrated portfolio.
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Amazon holdings increased 65% in Q4 to become 14.28% of the fund.
Bill Ackman is not a “buy-the-index” money manager. He is a high-conviction, activist-oriented, hedge-fund operator who treats every position as if he were buying the whole company. Since launching Pershing Square Capital Management in 2004, Ackman has run a hyper-concentrated book, usually consisting of around eight to a dozen stocks.
He looks for large-cap, predictable, cash-rich franchises that are undervalued, undermanaged, or both, then agitates (or outright rebuilds boards) until the gap between price and intrinsic value closes.
The approach has produced a net annualized return of roughly 16% since inception, which is nearly double the S&P 500, but it has also produced spectacular drawdowns when a thesis misfires (Valeant, JCPenney, Herbalife).
Right now, Ackman’s portfolio remains very concentrated, holding only 11 stocks (as of Dec. 31). If you are someone who’s a strong believer in his investing philosophy, they are worth looking into.
#11 Hertz Global Holdings (HTZ)
This leading vehicle rental company is actively reshaping its balance sheet and operations. It is launching a fully online car-buying marketplace. Plus, the travel-demand cycle is in its favor.
Ackman’s position held steady from the third quarter to the fourth. As of Dec. 31, he owned 15.2 million shares valued at $78.3 million. That represents 0.5% of the overall portfolio. The average buy price was $3.56 and shares are $4.43 today (Feb. 23).
#10 Seaport Entertainment Group (SEG)
Another steady holding for Ackman is Seaport Entertainment, which operates entertainment and real estate assets in New York City and Las Vegas. The company has multiple revenue streams. It is an early-stage, post-spin platform that is drawing more Wall Street attention.
Pershing Square owns five million shares valued at $99.3 million (0.64% of the portfolio). The average buy price was $27.58. Shares today are $20.71.
#9 Alphabet Inc. Class A (GOOGL)
Pershing significantly decreased its holdings of Alphabet in the fourth quarter (by 86%). The fund now owns 678,000 shares worth $212 million. That makes up 1.37% of the portfolio.
The average buy price was $125.21, so it’s been a good investment. Shares were $311.49 on Feb. 23. Ackman may be taking some profits here.
#8 Hilton Worldwide Holdings (HLT)
Hilton franchises and manages hotels across a portfolio of brands. Why Hilton is interesting: Management targets about 6-7% net unit growth while keeping strong margins relative to peers.
Ackman owns three million shares valued at $870 million. That’s 5.6% of the Pershing Square holdings. The average buy price was $88.46; shares today are at $311.80 — another great investment.
#7 Howard Hughes Holdings (HHH)
About 10% of the Pershing Square portfolio is invested in Howard Hughes Holdings, which operates master planned communities and related income-producing assets. The company has large land positions in Las Vegas, Houston, and Phoenix, underpinning long-duration cash flows.
Ackman holds 18.9 million shares ($1.5 billion). The average buy price was $83.91. Shares today are $72.62.
#6 Restaurant Brands International (QSR)
QSR owns Burger King, Tim Hortons, Popeyes, and Firehouse Subs, with Burger King being the world’s second-largest quick-service burger chain. The multi-brand portfolio and global franchising footprint support recurring royalty streams and international unit growth.
Ackman owns 22.9 million shares valued at $1.6 billion, just over 10% of the portfolio. Average buy price was $42.68. Shares today cost $67.53.
#5 Meta Platforms, Inc. (META)
Meta was a new position for Ackman in Q4, when he bought 2.7 million shares valued at $1.8 billion. That accounts for 11.37% of Pershing’s holdings. Ackman was likely attracted to Meta’s long-term EPS growth, massive user base, and AI adoption.
The average buy price was $697.24 per share. META is at $637.25 today, down as part of a larger tech sell-off.
#4 Alphabet Inc. Class C (GOOG)
Pershing Square also decreased its holdings of Alphabet Class C shares in Q4 (by 2.53%). The fund still owns 6.2 million shares worth $1.9 billion. That’s 12.46% of the overall fund.
The average buy price was $98.62, and the stock is priced today at $311.69. Class C does not have voting rights but is slightly cheaper.
#3 Amazon.com Inc. (AMZN)
Ackman increased his exposure to Amazon by nearly 65% in the fourth quarter. He now owns 9.6 million shares valued at $2.2 billion (14.28% of the Pershing Square portfolio).
AWS remains a key growth and profit engine alongside retail and subscriptions. The average buy price was $212.85; shares are at $205.27 today.
#2 Uber Technologies (UBER)
Uber runs a global platform for ridesharing and food delivery (Uber Eats) and also operates a freight marketplace. Scale is driving results and guidance. It is also expected to benefit from delivery robots and the continued increase in online food deliveries.
Pershing Square owns 30.2 million shares, valued at $2.5 billion. That’s 15.9% of overall holdings. Ackman bought UBER at an average price of $66.59. Shares were at $70.72 on Feb. 23.
#1 Brookfield Corp. (BN)
Ackman’s largest holding is Brookfield, a diversified global alternative asset manager and operator. Its diversified real-asset and insurance platforms gives you exposure to long-duration, inflation-linked cash flows across multiple sectors and geographies.
Pershing Square owns 61.4 million shares with a value of $2.8 billion (18.15% of the total holdings). The average share price was $31.99. Shares today are priced at $44.
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