Key Takeaways
- Ackman disclosed four undisclosed investments that won’t be revealed until his Q2 filing
- His newest fund, Pershing Square USA, trades approximately 20% below net asset value
- Amazon (AMZN) represents his biggest stake at 15.3%, increased following AI infrastructure selloff
- Brookfield comprises 14.9% of the portfolio with projected 25% earnings expansion
- Microsoft (MSFT) became his latest major position at 12.2%, purchased during cloud growth concerns
Billionaire hedge fund manager Bill Ackman, who leads Pershing Square Capital Management, revealed on Monday that he has established four fresh investment positions throughout his various funds. The specific companies remain undisclosed. According to Ackman, the names will be made public when the firm files its quarterly report for the second quarter.
The announcement came through a post on X, where Ackman commands an audience of 2.4 million followers. Both retail traders and institutional money managers closely monitor his investment decisions.
Ackman also pointed out that Pershing Square USA, his most recently launched fund, is currently valued at approximately a 20% markdown relative to its net asset value. According to Ackman, this discount stems from temporary technical pressures connected to the fund’s April debut on public markets.
Since its 2004 inception, Pershing Square Capital Management has delivered a compound annual growth rate approaching 16%, outperforming the S&P 500 throughout that timeframe.
Examining Ackman’s Three Largest Positions
Roughly 42% of Ackman’s invested capital is concentrated in three companies: Amazon, Brookfield, and Microsoft.
Amazon commands the top spot at 15.3% of the portfolio. Ackman initiated his position in April 2025 amid tariff-related market turbulence. He expanded the holding earlier this year following Amazon’s announcement of potential capital expenditure plans reaching $200 billion, primarily focused on artificial intelligence infrastructure.
Amazon Web Services is experiencing accelerated revenue expansion aligned with that capital deployment. The company’s traditional retail operations are simultaneously boosting profit margins through streamlined logistics operations. Ackman projects Amazon can achieve approximately 20% annual earnings per share growth over the next several years.
Amazon’s stock price has declined recently, pushing its price-to-earnings multiple down to 28, beneath historical norms.
Brookfield occupies the number two spot at 14.9% of holdings. Ackman entered this position throughout 2024. The firm anticipates generating $25 billion in carried interest from 2025 through 2034, a dramatic increase from merely $4 billion during the previous ten-year period.
Insurance Operations and Enterprise Software Fuel Expansion
Brookfield’s insurance division, operating as Brookfield Wealth Solutions, continues expanding. The organization intends to reintegrate this business segment to create stronger alignment between insurance capital and investment opportunities. Leadership has projected insurance-related earnings will double over the next five years.
Distributable earnings excluding realizations increased 7% during Q1 following stagnant performance in Q4. The shares currently trade at 17 times trailing distributable earnings. Ackman anticipates 25% earnings growth throughout the current year.
Microsoft completes the top trio at 12.2% of the portfolio. Ackman began accumulating shares in February following the company’s Q2 earnings release that left investors underwhelmed. Azure’s growth trajectory falling short of expectations represented the primary disappointment.
Azure revenue expansion has stabilized around 40%. Microsoft’s commercial software revenue climbed 19% year-over-year in the most recent quarter, while consumer offerings surged 33%. The company maintains a backlog totaling $627 billion.
Microsoft shares currently trade near Ackman’s February entry price point.
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