Key Takeaways
- Pershing Square’s Bill Ackman has disclosed four undisclosed stock positions that won’t be named until the second-quarter filing
- His newer fund, Pershing Square USA, currently trades at approximately 20% below net asset value
- Amazon (AMZN) Stock represents his biggest stake at 15.3%, expanded following AI infrastructure spending concerns
- Brookfield comprises 14.9% of assets with projected earnings expansion of 25% in the current year
- Microsoft (MSFT) Stock is his most recent major position at 12.2%, acquired during cloud computing worries
Billionaire hedge fund manager Bill Ackman, who runs Pershing Square Capital Management, disclosed on Monday that his investment firm has established four fresh positions. The identities of these companies remain confidential for now. Ackman plans to unveil these holdings when the second-quarter regulatory filing becomes public.
The prominent investor shared this information through his X social media account, where he commands an audience of 2.4 million users. Market participants, from individual traders to large institutions, routinely track his investment decisions.
Ackman additionally highlighted that Pershing Square USA, his most recently launched investment vehicle, is currently valued at roughly 20% less than its underlying net asset value. According to Ackman, this pricing gap stems from temporary market mechanics connected to the fund’s April debut on public exchanges.
Since its 2004 inception, Pershing Square Capital Management has delivered approximately 16% in annualized returns, outperforming the S&P 500 benchmark throughout this timeframe.
Examining Ackman’s Three Dominant Positions
Roughly 42% of the portfolio’s invested capital is concentrated in three major holdings: Amazon, Brookfield, and Microsoft.
Amazon commands the top spot at 15.3% of assets. Ackman initiated this stake in April 2025 amid market turbulence triggered by tariff announcements. He subsequently increased his position this year following Amazon’s revelation of capital expenditure plans reaching $200 billion, predominantly targeting artificial intelligence infrastructure.
Amazon Web Services is experiencing revenue acceleration consistent with this capital deployment strategy. Meanwhile, the e-commerce division is enhancing profitability through optimized fulfillment operations. Ackman’s thesis centers on Amazon achieving approximately 20% annual earnings-per-share growth over the coming years.
Recent share price declines have brought Amazon’s valuation to 28 times earnings, underneath historical norms.
Brookfield occupies the second position at 14.9% of portfolio weight. Ackman established this holding during 2024. The alternative asset manager anticipates generating $25 billion in performance fees through 2034, a substantial increase from the $4 billion collected over the previous ten years.
Diversified Revenue Streams Fuel Expansion
Brookfield’s insurance division, operating as Brookfield Wealth Solutions, is experiencing significant expansion. The parent company intends to consolidate this operation to create better synergies between insurance reserves and investment activities. Leadership projects insurance-related earnings will double over a five-year horizon.
Distributable earnings excluding realizations increased 7% during the first quarter following stagnant results in the fourth quarter. The stock currently trades at 17 times historical distributable earnings. Ackman forecasts 25% earnings growth for the current fiscal year.
Microsoft completes the trio at 12.2% portfolio allocation. Ackman began accumulating shares in February following disappointing second-quarter results that rattled market confidence. Concerns centered on Azure cloud platform growth falling short of expectations.
Azure revenue expansion has maintained momentum around 40%. Microsoft’s enterprise software sales climbed 19% annually last quarter, while consumer-facing products surged 33%. The company maintains a $627 billion order backlog.
Microsoft shares currently trade near Ackman’s February entry price.
