Key Takeaways
- Pershing Square’s Bill Ackman disclosed four new portfolio additions without revealing company names until Q2 filing
- The Pershing Square USA fund trades at approximately 20% below net asset value
- Amazon represents his top position at 15.3% after recent purchases during AI infrastructure selloff
- Brookfield comprises 14.9% of holdings with projected 25% earnings expansion for the year
- Microsoft makes up 12.2% of the portfolio, initiated following Azure growth concerns
Billionaire hedge fund manager Bill Ackman disclosed Monday that Pershing Square Capital Management has established four new investment positions across its various funds. However, the specific companies remain undisclosed until the firm files its quarterly report for the second quarter.
The announcement came via Ackman’s X account, where he maintains an audience of 2.4 million followers. Investment professionals and individual investors routinely monitor his portfolio decisions for market insights.
Ackman also highlighted that Pershing Square USA, his most recent fund launch, currently trades at roughly a 20% discount relative to its net asset value. According to Ackman, temporary market mechanics related to the fund’s April public debut have created this pricing gap.
Since its 2004 inception, Pershing Square Capital Management has delivered approximately 16% annualized returns, outperforming the S&P 500 benchmark during that timeframe.
Breaking Down Ackman’s Largest Portfolio Positions
Roughly 42% of Pershing Square’s capital is concentrated in three major holdings: Amazon, Brookfield, and Microsoft.
Amazon commands the largest allocation at 15.3%. Ackman initiated this stake in April 2025 amid tariff-related market volatility. He subsequently increased the position after Amazon unveiled plans for up to $200 billion in capital investments, primarily targeting artificial intelligence infrastructure.
Amazon Web Services continues delivering accelerating top-line growth aligned with these infrastructure investments. Meanwhile, the e-commerce division has enhanced profitability through supply chain optimization. Ackman projects mid-term earnings per share growth of approximately 20% annually for Amazon.
Recent share price declines have brought Amazon’s price-to-earnings multiple to 28, underneath its historical average valuation.
Brookfield occupies the second-largest position at 14.9% of the portfolio. Ackman established this holding throughout 2024. The alternative asset manager anticipates collecting $25 billion in performance fees from 2025 through 2034, representing a substantial increase from the $4 billion generated over the previous ten years.
Insurance Operations and Software Fuel Expansion
Brookfield’s insurance subsidiary, Brookfield Wealth Solutions, continues expanding operations. The parent company intends to fully reintegrate this business to optimize the connection between insurance capital and investment opportunities. Company leadership forecasts insurance segment earnings will double over the next five-year period.
Distributable earnings excluding realizations increased 7% during the first quarter, improving from flat growth in the fourth quarter. The stock currently trades at 17 times trailing distributable earnings. Ackman anticipates 25% earnings growth throughout the current year.
Microsoft completes the top three holdings at 12.2% of assets. Ackman initiated this position in February following second-quarter earnings that underwhelmed market expectations. Concerns centered on Azure cloud platform growth rates falling short of projections.
Azure revenue expansion has maintained a consistent pace near 40%. Microsoft’s commercial software segment posted 19% year-over-year revenue growth last quarter, while consumer-facing products surged 33%. The company’s contract backlog currently totals $627 billion.
Microsoft shares currently trade near the price levels where Ackman established his initial position in February.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
