Bill Ackmans Pershing Square Portfolio: Q2 2024 Update and Analysis

Bill Ackman, a renowned investor known for his value-oriented approach, manages Pershing Square Capital Management, a hedge fund with a concentrated portfolio of 8-12 high-quality companies. The fund, with over $10 billion in assets, focuses on long-term investments in large-cap North American companies with stable cash flows. This strategy has yielded a 31% annualized return over the past five years, outperforming the S&P 500. During the second quarter, Ackman made significant changes to his portfolio, including reducing his stake in Chipotle Mexican Grill, despite its strong performance, likely due to valuation concerns. He also trimmed his position in Alphabet, citing potential outcomes of an antitrust case. Conversely, Ackman increased his holdings in Restaurant Brands International, citing its long-term growth potential. He maintained his position in Howard Hughes Holdings, expressing confidence in its master-planned communities model. Ackman also added new positions in Brookfield Corp. and Nike, recognizing their potential for future growth. While he hasn`t disclosed the rationale behind these new investments, his value-driven approach suggests he sees opportunities for long-term returns.