Follow the Rich
Activist · Concentrated Value
Bill Ackman
Pershing Square Capital Management
Founder and CEO
Investing style
Concentrated, activist value investing — a small number of large positions in high-quality businesses, often with a public thesis.
Famous principles
- Invest in simple, predictable, free-cash-flow-generative businesses.
- Concentration over diversification — own fewer things and understand them deeply.
- Be willing to make the thesis public and defend it.
NoteNew Microsoft stake (~$2.1B) opened this quarter; Hilton fully exited; Alphabet slashed.
Total portfolio value
$13.71B
Positions
11
Largest holding
BN · 17.6%
Biggest move this quarter
Added: AMZN $2.39B
Allocation
Top 8 holdings + Other
| Ticker | Company | Value | % of Portfolio | Change |
|---|---|---|---|---|
| Brookfield Corp | $2.42B | 17.62% | trimmed | |
| Amazon.com Inc | $2.39B | 17.39% | added | |
| Uber Technologies Inc | $2.15B | 15.71% | trimmed | |
| Microsoft Corp | $2.09B | 15.26% | new | |
| Restaurant Brands International Inc | $1.67B | 12.20% | trimmed | |
| Meta Platforms Inc (Cl A) | $1.52B | 11.10% | trimmed | |
| Howard Hughes Holdings Inc | $1.19B | 8.70% | unchanged | |
| Seaport Entertainment Group Inc | $107.9M | 0.79% | unchanged | |
| Alphabet Inc (Cl C) | $89.4M | 0.65% | trimmed | |
| Hertz Global Holdings Inc | $70.3M | 0.51% | unchanged | |
| Alphabet Inc (Cl A) | $9.3M | 0.07% | trimmed |
What changed this quarter
- trimmedBNBrookfield Corp
- addedAMZNAmazon.com Inc
- trimmedUBERUber Technologies Inc
- newMSFTMicrosoft Corp
- trimmedQSRRestaurant Brands International Inc
- trimmedMETAMeta Platforms Inc (Cl A)
- trimmedGOOGAlphabet Inc (Cl C)
- trimmedGOOGLAlphabet Inc (Cl A)
- exitedHLTHilton Worldwide Holdings Inc