Bill Ackman latest trades

Who is Bill Ackman

• Bill Ackman is the founder and CEO of Pershing Square Capital Management.

• His early bets on credit hedges and treasury bonds, timed before and after the pandemic's peak, generated returns of $2.6 billion and $1.25 billion respectively.

• Ackman's investing strategy combines value investing, activist investing, and maintaining a long-term focus with a concentrated portfolio. 

Bill Ackman’s Top holdings

Based on latest filings from Q4 2023, when looking at Pershing Square’s portfolio the firm's holdings appear to be concentrated in four industries:

• Consumer discretionary

• Hotels

• Technology

• Railroads

Pershing Square’s investment in railroad company Canadian Pacific Kansas City Limited ($CP) is fascinating.

The firm first invested in the railroad company back in 2011. But was forced to sell its position in 2016 to pay back investors who were withdrawing cash from the fund as it was running into losses (similar to Michael Burry in the movie The Big Short).

Ackman has gone on to say that selling this position is one of his “greatest investment regrets”. 

Despite having to sell earlier than he would have liked, Ackman’s firm profited $2.6 billion from its investment in $CP.

It’s clear that Ackman still believes in the company as he re-entered a position in the stock in Q4 2021. As of Q3 2023, the stock makes up 11% of his portfolio. 

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Latest buys and sells

In Q3 2023, Pershing Square Capital Management completely sold its holdings in Howard Hughes Corporation and reduced its holdings in Lowe’s Company Inc.

Meanwhile, it increased its positions in Google’s parent company Alphabet Inc and Hilton Worlwide Holding Inc.

Ackman decided to invest in Alphabet Inc after the market showed doubts in its AI capabilities. Ackman went on to say he plans to hold the stock for the long term.

In regards to Hilton Worldwide Holdings, Ackman has been a shareholder in the company since 2018. He believes, “Hilton is a high-quality, asset-light, high-margin business with significant long-term growth potential, led by a superb management team

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Performance overview

Pershing Square Capital Management’s top 50 weighted holdings have a 3-year annualized return of approximately 10.30% with a 3-year cumulative return of approximately 34.19%. The top 20 weighted holdings have identical returns. In comparison to other hedge funds and the S&P 500, this is a solid performance.

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