Key Takeaways
- Pershing Square’s Bill Ackman has added four undisclosed investments to his portfolio
- The mystery stocks will remain unnamed until the second-quarter regulatory filing
- Pershing Square USA currently trades at approximately 20% below net asset value
- Amazon represents Ackman’s top position at 15.3% after he bought more during AI infrastructure concerns
- Brookfield accounts for 14.9% of holdings with projected 25% earnings expansion
- Microsoft comprises 12.2% of the portfolio, purchased following Azure growth concerns
Billionaire hedge fund manager Bill Ackman disclosed Monday that Pershing Square Capital Management has established four new equity positions. The identity of these companies remains confidential until the firm files its quarterly regulatory report for Q2.
Ackman shared the news via his X account, where his investment decisions influence millions of followers and market participants across retail and institutional investing communities.
In his announcement, Ackman highlighted that Pershing Square USA—the firm’s latest fund 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 related to the fund’s April debut on public markets.
Since its 2004 inception, Pershing Square Capital Management has delivered approximately 16% annualized returns, outperforming the broader S&P 500 index during the same timeframe.
Breaking Down Ackman’s Three Largest Positions
Nearly half of Ackman’s portfolio—specifically 42%—is concentrated in a trio of blue-chip stocks: Amazon, Brookfield, and Microsoft.
Amazon commands the top spot at 15.3% of assets. Ackman initiated this position in April 2025 amid tariff-related market volatility. He subsequently increased his stake following Amazon’s disclosure of plans to deploy up to $200 billion in capital expenditures, primarily focused on artificial intelligence infrastructure.
Amazon Web Services is experiencing accelerating top-line momentum that corresponds with this infrastructure investment. Meanwhile, the company’s e-commerce operations are generating improved profitability through enhanced supply chain efficiency. Ackman projects Amazon can sustain approximately 20% annual earnings per share growth in the medium term.
Shares have declined from recent highs, pushing the price-to-earnings multiple down to 28—below historical norms.
Brookfield occupies the number-two spot at 14.9% of the portfolio. Ackman established this position throughout 2024. The alternative asset manager anticipates collecting $25 billion in performance fees between 2025 and 2034—a significant jump from the $4 billion realized over the previous ten years.
Financial Services and Enterprise Software Fuel Expansion
Brookfield’s insurance division, Brookfield Wealth Solutions, continues scaling operations. The firm intends to consolidate this business unit more tightly, enabling better integration between insurance capital and investment opportunities. Leadership projects insurance segment earnings will double within a five-year window.
Distributable earnings excluding realizations increased 7% during the first quarter, recovering from flat performance in Q4. The stock currently trades at 17 times trailing distributable earnings. Ackman anticipates 25% earnings growth for the current year.
Microsoft completes the top three at 12.2% of assets. Ackman began accumulating shares in February following a quarterly earnings report that underwhelmed Wall Street. Investor disappointment centered on Azure cloud platform growth that fell short of elevated expectations.
Azure revenue expansion has maintained a consistent pace of approximately 40%. Microsoft’s enterprise software revenue climbed 19% year-over-year in the most recent quarter, while consumer-focused products surged 33%. The company maintains a $627 billion backlog.
Microsoft stock currently trades at levels comparable to Ackman’s February entry point.
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