New York, USA – Hedge fund manager Bill Ackman’s Pershing Square has made significant changes to its 13F portfolio, according to regulatory filings. The portfolio, valued at approximately $10.41 billion, saw an increase in the number of positions from 6 to 8, maintaining a heavy concentration in a few key investments. Notably, the top three positions in the portfolio – Alphabet, Hilton Worldwide Holdings, and Chipotle Mexican Grill – represent about 56% of the total value.

In addition to its partnership stakes, Pershing Square also invests capital from Pershing Square Holdings, a public entity established in 2014 to increase permanent capital investments. While Pershing Square Holdings initially underperformed the S&P 500, it has shown considerable growth in recent years, with annualized returns outperforming the index. The fund’s largest equity stake, Universal Music Group, is not included in the 13F report as it is not US-listed.

Recent developments in Pershing Square’s portfolio include new stakes in companies like Brookfield Corp. and Nike, Inc. Additionally, there have been reductions in positions such as Alphabet Inc. and Hilton Worldwide Holdings, as well as maintaining holdings in companies like Chipotle Mexican Grill and Restaurant Brands International.

It is worth noting that Pershing Square remains invested in Fannie Mae and Freddie Mac, two long positions held outside the 13F report. This strategic move aligns with Pershing Square’s belief in the potential value of these investments as the companies exit conservatorship.

As the investment landscape continues to evolve, Bill Ackman’s strategic decisions with Pershing Square’s portfolio reflect a blend of established investments and new opportunities in line with the fund’s growth strategy. The changes in holdings and new investments signal Ackman’s proactive approach to managing the fund’s assets and pursuing opportunities for growth and value creation in the market.