Key Takeaways
- Pershing Square’s Bill Ackman has purchased four undisclosed companies, details coming in Q2 filing
- The Pershing Square USA fund currently trades at approximately 20% below net asset value
- Amazon represents Ackman’s top position at 15.3%, increased following AI infrastructure selloff
- Brookfield comprises 14.9% of the portfolio with projected 25% earnings expansion
- Microsoft accounts for 12.2%, acquired following Azure growth concerns
Billionaire hedge fund manager Bill Ackman disclosed on Monday that Pershing Square Capital Management has acquired stakes in four companies. The identity of these investments remains undisclosed and will be made public when the firm files its quarterly report for Q2.
The announcement came via Ackman’s X account, where he commands an audience of 2.4 million followers. Market participants, from individual traders to large institutions, routinely track his portfolio moves for investment insights.
In the same post, Ackman highlighted that Pershing Square USA, his most recent fund vehicle, is currently valued at roughly 20% less than its net asset value. According to Ackman, this pricing gap stems from temporary market dynamics following the fund’s April public debut.
Since its 2004 inception, Pershing Square Capital Management has delivered approximately 16% annualized returns, outperforming the S&P 500 benchmark during this timeframe.
Breaking Down the Portfolio’s Core Positions
Nearly 42% of Ackman’s capital is concentrated in a trio of companies: Amazon, Brookfield, and Microsoft.
Amazon commands the leading position at 15.3% of assets. Ackman initiated this stake in April 2025 when tariff concerns triggered a market downturn. He subsequently increased the position this year following Amazon’s disclosure of capital spending plans reaching $200 billion, predominantly allocated to artificial intelligence infrastructure.
Amazon Web Services continues to demonstrate accelerating top-line expansion aligned with this infrastructure investment. Meanwhile, the e-commerce division is achieving improved profitability through an optimized fulfillment network. Ackman’s thesis centers on Amazon delivering approximately 20% annual EPS growth over the coming years.
Recent share price weakness has compressed Amazon’s P/E multiple to 28, below historical norms.
Brookfield occupies the second spot at 14.9% of the portfolio. Ackman established this position throughout 2024. The alternative asset manager anticipates generating $25 billion in performance fees from 2025 through 2034, a substantial increase from the $4 billion realized over the previous ten years.
Insurance Platform and Software Fueling Expansion
Brookfield Wealth Solutions, the company’s insurance division, represents another growth engine. Management plans to consolidate this business to better leverage insurance capital across investment opportunities. Executives project the insurance segment’s earnings will double over the next half-decade.
Distributable earnings excluding realized gains increased 7% in the first quarter following stagnation 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 after second-quarter results fell short of market expectations. Azure cloud platform growth rates below analyst estimates triggered the selloff.
Azure has maintained revenue expansion near 40%. Microsoft’s enterprise software segment posted 19% year-over-year growth last quarter, while consumer products surged 33%. The company’s contracted revenue backlog totals $627 billion.
Microsoft shares currently trade close to Ackman’s February purchase price.
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