Billionaire investor Bill Ackman runs one of the most concentrated portfolios in professional money management. His hedge fund, Pershing Square Capital Management, reported just 11 stock positions in its most recent 13-F filing, which covers its U.S. stock holdings as of March 31. Those positions were worth a combined $13.7 billion, and the top five of them accounted for about 78% of the portfolio.
That is an extraordinarily concentrated way to run a fund of this size. It also makes Ackman's portfolio unusually easy to study. When a manager owns this few names, every big position is a statement about where he sees value.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
So, where does Ackman see it? His three largest holdings, which together represent just over half of the portfolio, show how the famed investor is positioned for 2026 and beyond.
Ackman's biggest position is Brookfield (NYSE: BN), the Canadian investment giant that owns and operates infrastructure, renewable energy, real estate, and insurance businesses, along with a large asset-management arm. Pershing Square held about 59.7 million shares at the end of the first quarter, a stake worth about $2.4 billion, or 17.6% of the portfolio.
It's easy to see the appeal. Brookfield's distributable earnings before realizations, a measure of the recurring cash its businesses generate, rose 7% per share year over year in the first quarter and totaled $5.5 billion over the trailing 12 months. The company has also been returning cash to shareholders, saying in its May update that it had repurchased $470 million of its own shares in the open market so far this year.
Ackman's second-biggest bet is Amazon (NASDAQ: AMZN), an 11.5 million-share position worth about $2.4 billion at the end of the first quarter, or 17.4% of the portfolio.
Amazon's recent results help explain why Pershing Square wants to own it. First-quarter net sales rose 17% year over year to $181.5 billion, and operating income climbed 30% to $23.9 billion. Even more, growth in the company's most profitable business is accelerating. Amazon Web Services (AWS) revenue grew 28% year over year during the period, which CEO Andy Jassy said was the segment's fastest growth in 15 quarters, as demand for artificial intelligence (AI) computing keeps building.
Source: Yahoo Finance Top News — This article was automatically imported from the source. Read full article at original source →
