TLDR
- Bill Ackman announced four new investments but will not name them until the Q2 report
- Pershing Square USA is trading at roughly a 20% discount to its net asset value
- Amazon is Ackman’s largest holding at 15.3%, added to after the AI capex sell-off
- Brookfield sits at 14.9% and is expected to grow earnings 25% this year
- Microsoft is his newest position at 12.2%, bought after a cloud growth disappointment
Bill Ackman, the billionaire investor behind Pershing Square Capital Management, announced on Monday that he has made four new investments across his funds. He did not name the companies. He said he will reveal them when his firm releases its second-quarter report.
Ackman made the announcement in a post on X, where he has 2.4 million followers. His stock picks are closely watched by retail and institutional investors alike.
An update on Pershing Square USA, Ltd. $PSUS:
Since its IPO on April 29th, PSUS has deployed nearly 85% of its capital in 12 companies including Amazon, Microsoft, UBER, Meta, Brookfield, Restaurant Brands, Fannie Mae and Freddie Mac at prices we believe to be extremely…— Bill Ackman (@BillAckman) June 15, 2026
He also noted that his newest fund, Pershing Square USA, is currently trading at about a 20% discount to its net asset value. Ackman said this is due to short-term technical factors tied to the fund’s public listing in April.
Pershing Square Capital Management has produced a compound annual return of nearly 16% since 2004, beating the S&P 500 over that period.
A Look at Ackman’s Top Three Holdings
About 42% of Ackman’s invested assets are held in just three stocks: Amazon, Brookfield, and Microsoft.
Amazon is the largest position at 15.3%. Ackman first bought shares in April 2025 during the tariff-driven market sell-off. He added more earlier this year after Amazon announced plans to spend up to $200 billion on capital expenditures, mainly for AI infrastructure.
Amazon Web Services is seeing accelerating revenue growth in line with that spending. The core retail business is also improving margins thanks to a more efficient logistics network. Ackman believes Amazon can grow earnings per share around 20% per year over the medium term.
Amazon shares have pulled back recently, bringing the price-to-earnings ratio to 28, below its historic average.
Brookfield is the second-largest holding at 14.9%. Ackman bought in during 2024. The company expects to collect $25 billion in carried interest between 2025 and 2034, compared to just $4 billion in the prior decade.
Insurance and Software Drive Growth
Brookfield’s insurance arm, Brookfield Wealth Solutions, is also expanding. The company plans to reabsorb the business to better connect its insurance float with its capital deployment. Management has said it expects insurance earnings to double within five years.
Distributable earnings before realizations rose 7% in Q1 after being flat in Q4. The stock trades at 17 times trailing distributable earnings. Ackman expects 25% earnings growth this year.
Microsoft rounds out the top three at 12.2%. Ackman started buying in February after the company reported Q2 results that disappointed investors. Slower-than-expected Azure growth was the main concern.
Azure revenue growth has held steady at around 40%. Microsoft’s commercial software revenue rose 19% year over year last quarter, while the consumer version grew 33%. The company’s backlog stands at $627 billion.
Microsoft shares are now trading near the same price Ackman paid in February.
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