Bill Ackman’s Pershing Square bought Nike (NKE) and Brookfield (BN) for the first time in the second quarter, a filing showed late Wednesday. The hedge fund titan slashed large holdings Chipotle Mexican Grill (CMG) and Alphabet (GOOGL). Nike stock popped almost 5% in extended trading after closing flat.
Here Are Bill Ackman’s Q2 Stock Buys, Sells
In Q2, Pershing Square picked up more than 3 million shares of Nike worth around $229 million, according to a 13F regulatory filing, as tracked by whalewisdom.com. Nike stock had plunged in late June after the sneaker giant reported a surprise quarterly sales decline amid intense competition.
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Also in the second quarter, Pershing Square bought 6.9 million shares of Brookfield, an investment management company. Pershing made sharp cuts to large positions in Chipotle and Google parent Alphabet during the period.
Ackman made smaller Q2 cuts to stakes in Hilton Hotels (HLT) and Canadian Pacific Railway (CP). He left a position in Howard Hughes (HHH), a real estate holding, unchanged.
Pershing Square Portfolio
A self-described fundamental value investor, Pershing Square opened a position in Chipotle, the burrito chain, in 2016 when it was facing food-safety issues. The stock remains a top holding after the Q2 cuts.
Ackman first purchased Google stock in the first quarter of 2023, when shares had fallen to a two-year low, staying true to his image as more of a value investor than many of his peers. It, too, remains a big holding after Q2 cuts.
Other holdings in the highly concentrated Pershing Square portfolio include Burger King parent Restaurant Brands (QSR). They also include Universal Music Group, which is not publicly traded in the U.S. market.
Bill Ackman’s Social Clout, Downsized IPO
Ackman has 1.3 million followers on social media platform X. In recent times, his tweets on the Ukraine war, Israel-Palestine, college protests and other topics have burnished his social media influence.
The billionaire investor in July endorsed former President Donald Trump in the upcoming U.S. presidential election.
Chipotle stock shed 4 cents in Wednesday’s stock market trading after tumbling 7.5% on Tuesday. Its CEO exited to Starbucks (SBUX). CMG stock has dived since hitting a record high in June.
A Fortune report on Aug. 3 said that Ackman’s main Pershing Square fund had erased most of its 2024 gains in the last half of July. But it has delivered market-beating returns over the past 20 years or so.
Ackman withdrew plans for an initial public offering of Pershing Square USA at the end of July. That came after the fundraising goal shrank from an initial $25 billion to $2 billion before the IPO was pulled.
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