Pershing Square Holdings

Investor Summary

William A. Ackman serves as Founder, Chairman, and Chief Executive Officer of Pershing Square Capital Management, L.P., a role he has held since the firm's inception in 2003. Under his leadership, the firm has generated a 16.4% annualized net return over nearly 22 years, compared to 10.5% for the S&P 500. Ackman is known for his activist investment approach and focus on high-quality businesses with catalytic value creation opportunities. The management team includes experienced professionals such as Ryan M. Israel as CIO, bringing deep expertise in concentrated value investing strategies.

Fund Strategy

PSH's objective is to maximize its long-term compound annual rate of growth in intrinsic value per share. The substantial majority of the Company's portfolio is typically allocated to 8 to 12 core holdings usually comprising liquid, listed large capitalization North American companies. The Investment Manager generally focuses on high-quality businesses, which it believes have limited downside and that generate predictable, recurring cash flow, and in certain cases seeks to catalyze managerial, operating and governance changes as levers to create substantial, enduring and long-term shareholder value.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
12.9%	-5.4%	20.9%

Executive Summary

Pershing Square delivered strong performance in 2025 with 20.9% net returns, driven by concentrated positions in high-quality megacap technology companies positioned for AI-driven growth. The portfolio benefited from Alphabet's AI leadership in search, Amazon's cloud infrastructure expansion, and Meta's digital advertising dominance. Key contributors included a 227% gain in Fannie Mae following Trump administration privatization commitments and strong performance from Uber despite autonomous vehicle concerns. The firm successfully navigated market volatility by opportunistically acquiring Amazon during tariff-related weakness and adding Meta at attractive valuations. Portfolio construction emphasizes companies with sustainable competitive moats, structural growth drivers, and reasonable valuations relative to earnings potential. Looking forward, Pershing Square sees continued opportunities from AI infrastructure buildout, autonomous vehicle deployment, and policy catalysts around GSE reform. The concentrated approach of typically 8-12 core investments allows for deep fundamental analysis and meaningful position sizing in the firm's highest conviction ideas.

Core Thesis

Pershing Square focuses on high-quality businesses with sustainable competitive advantages, trading at attractive valuations relative to their long-term growth potential, with particular emphasis on companies positioned to benefit from secular technology trends including AI adoption.

Forward Outlook

Pershing Square maintains a constructive outlook supported by strong earnings growth across portfolio companies and attractive valuations relative to growth prospects. The firm expects continued benefits from AI adoption, autonomous vehicle deployment, and policy catalysts around GSE privatization.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Feb 11 2026	2025 Q4	AMZN, BN, CMG, FMCC, FNMA, GOOG, HHH, HLT, HTZ, META, NKE, QSR, UBER, UMG.AS	AI, Concentration, growth, megacaps, Performance, Quality, technology, valuation	BN UBER AMZN GOOG META FNMA HTZ QSR HHH CMG	Pershing Square delivered 20.9% net returns in 2025 through concentrated positions in AI-beneficiary megacaps including Alphabet, Amazon, and Meta. Strong performance from GSE privatization theme with Fannie Mae up 227%. Portfolio positioned for continued AI infrastructure growth, autonomous vehicle adoption, and policy catalysts. Opportunistic capital deployment during market volatility demonstrates disciplined approach to high-conviction investing.
Aug 20 2025	2025 Q2	AMZN, BN.TO, CMG, FMCC, FNMA, GOOGL, HHH, HLT, HTZ, NKE, QSR, UBER, UMG.AS	AI, E-Commerce, large cap, Music, technology, Travel, value	-	Pershing Square delivered strong 15.5% NAV returns in H1 2025 versus 6.2% for S&P 500, benefiting from high-quality portfolio companies insulated from macro volatility. Key contributors included Uber, Fannie Mae, and UMG, while new Amazon and Hertz positions added value. Manager expresses cautious optimism on geopolitical resolution and Fed easing but warns of elevated market speculation requiring careful stock selection.
Feb 11 2025	2024 Q4	BN, CMG, CP.TO, FMCC, FNMA, GOOG, HHH, HLT, NKE, QSR, UBER, UMG.AS	activism, Alternative Assets, Concentration, consumer, Hospitality, Music, technology, Transportation	-	Pershing Square's concentrated portfolio of quality businesses delivered solid 10.2% returns despite S&P 500 concentration headwinds. Alphabet's AI leadership, Chipotle's traffic growth, and Brookfield's asset management scale drove performance while Nike undergoes turnaround. Extreme market concentration creates stock-picking opportunities as average companies trade at reasonable valuations. New investments and strategic initiatives position the fund for continued long-term outperformance.
Sep 30 2024	2024 Q3	-	Holdings, Performance, portfolio	-	Pershing Square Holdings delivered 2.8% quarterly and 6.3% year-to-date returns through Q3 2024. The concentrated portfolio holds 13 long positions with 117% net exposure, primarily in large-cap stocks across consumer, financial, hospitality, technology, media, and transportation sectors. No investment commentary or outlook provided in this performance update.
Jul 1 2024	2024 Q2	-	-	-	Pershing Square Holdings reported -1.5% net performance for Q2 2024 but maintained 5.7% year-to-date gains. The concentrated portfolio holds 12 long positions with 117% net exposure, primarily in large-cap securities across multiple sectors. Assets under management total $15.1 billion with no specific holdings or investment commentary disclosed in this quarterly update.
Apr 15 2024	2024 Q1	-	Concentration, large cap, portfolio	-	Pershing Square Holdings delivered 6.8% net returns in Q1 2024 with a concentrated 10-position portfolio focused on large-cap investments across financials, restaurants, media, technology and transportation sectors. The fund maintains 103% net long exposure with $15.2 billion in assets under management.
Mar 22 2024	2023 Q4	CMG, CP.TO, FMCC, FNMA, GOOG, HHH, HLT, LOW, QSR, UMG.AS	Concentration, Engagement, Long Term, Quality, value	-	Pershing Square's concentrated portfolio of high-quality businesses delivered 26.7% returns in 2023 despite geopolitical uncertainty. The permanent capital structure enables opportunistic investing and engaged ownership across 8-12 core holdings. Strong operational progress at portfolio companies, combined with excellent management teams and the firm's hedging capabilities, positions the strategy well for continued long-term value creation.
Sep 30 2023	2023 Q3	-	Holdings, Performance, portfolio	-	Pershing Square Holdings reported -1.2% net performance in September but maintained strong 11.7% year-to-date returns through Q3 2023. The concentrated portfolio holds 11 long positions with 115% net exposure, focused primarily on large-cap investments across financials, technology, media, and other sectors. Total AUM stands at $13.1 billion.
Jun 30 2023	2023 Q2	-	-	-	Pershing Square Holdings transparency report shows 10% YTD returns trailing S&P 500's 16.89%. Fund maintains $10.7B NAV with high liquidity profile and minimal short exposure. Document provides administrative data only with no investment commentary or positioning insights.
Mar 31 2023	2023 Q1	-	-	-	Pershing Square Holdings quarterly update showing 3.7% YTD net returns through March 2023. Portfolio maintains 10 concentrated long positions with 120% net exposure, primarily in large-cap stocks across financials, restaurants, hospitality and other sectors. Document provides only performance metrics and portfolio composition data without investment commentary or forward guidance.
Mar 28 2023	2022 Q4	CMG, CP, FMCC, FNMA, HHC, HLT, LOW, NFLX, QSR, SVB, TWTR, UMG AV	-	-
Feb 11 2022	2022 Q3	-	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Feb 11 2026

2025 Q4

AMZN, BN, CMG, FMCC, FNMA, GOOG, HHH, HLT, HTZ, META, NKE, QSR, UBER, UMG.AS

AI, Concentration, growth, megacaps, Performance, Quality, technology, valuation

BN
UBER
AMZN
GOOG
META
FNMA
HTZ
QSR
HHH
CMG

Pershing Square delivered 20.9% net returns in 2025 through concentrated positions in AI-beneficiary megacaps including Alphabet, Amazon, and Meta. Strong performance from GSE privatization theme with Fannie Mae up 227%. Portfolio positioned for continued AI infrastructure growth, autonomous vehicle adoption, and policy catalysts. Opportunistic capital deployment during market volatility demonstrates disciplined approach to high-conviction investing.

Aug 20 2025

2025 Q2

AMZN, BN.TO, CMG, FMCC, FNMA, GOOGL, HHH, HLT, HTZ, NKE, QSR, UBER, UMG.AS

AI, E-Commerce, large cap, Music, technology, Travel, value

Pershing Square delivered strong 15.5% NAV returns in H1 2025 versus 6.2% for S&P 500, benefiting from high-quality portfolio companies insulated from macro volatility. Key contributors included Uber, Fannie Mae, and UMG, while new Amazon and Hertz positions added value. Manager expresses cautious optimism on geopolitical resolution and Fed easing but warns of elevated market speculation requiring careful stock selection.

Feb 11 2025

2024 Q4

BN, CMG, CP.TO, FMCC, FNMA, GOOG, HHH, HLT, NKE, QSR, UBER, UMG.AS

activism, Alternative Assets, Concentration, consumer, Hospitality, Music, technology, Transportation

Pershing Square's concentrated portfolio of quality businesses delivered solid 10.2% returns despite S&P 500 concentration headwinds. Alphabet's AI leadership, Chipotle's traffic growth, and Brookfield's asset management scale drove performance while Nike undergoes turnaround. Extreme market concentration creates stock-picking opportunities as average companies trade at reasonable valuations. New investments and strategic initiatives position the fund for continued long-term outperformance.

Sep 30 2024

2024 Q3

Holdings, Performance, portfolio

Pershing Square Holdings delivered 2.8% quarterly and 6.3% year-to-date returns through Q3 2024. The concentrated portfolio holds 13 long positions with 117% net exposure, primarily in large-cap stocks across consumer, financial, hospitality, technology, media, and transportation sectors. No investment commentary or outlook provided in this performance update.

Jul 1 2024

2024 Q2

Pershing Square Holdings reported -1.5% net performance for Q2 2024 but maintained 5.7% year-to-date gains. The concentrated portfolio holds 12 long positions with 117% net exposure, primarily in large-cap securities across multiple sectors. Assets under management total $15.1 billion with no specific holdings or investment commentary disclosed in this quarterly update.

Apr 15 2024

2024 Q1

Concentration, large cap, portfolio

Pershing Square Holdings delivered 6.8% net returns in Q1 2024 with a concentrated 10-position portfolio focused on large-cap investments across financials, restaurants, media, technology and transportation sectors. The fund maintains 103% net long exposure with $15.2 billion in assets under management.

Mar 22 2024

2023 Q4

CMG, CP.TO, FMCC, FNMA, GOOG, HHH, HLT, LOW, QSR, UMG.AS

Concentration, Engagement, Long Term, Quality, value

Pershing Square's concentrated portfolio of high-quality businesses delivered 26.7% returns in 2023 despite geopolitical uncertainty. The permanent capital structure enables opportunistic investing and engaged ownership across 8-12 core holdings. Strong operational progress at portfolio companies, combined with excellent management teams and the firm's hedging capabilities, positions the strategy well for continued long-term value creation.

Sep 30 2023

2023 Q3

Holdings, Performance, portfolio

Pershing Square Holdings reported -1.2% net performance in September but maintained strong 11.7% year-to-date returns through Q3 2023. The concentrated portfolio holds 11 long positions with 115% net exposure, focused primarily on large-cap investments across financials, technology, media, and other sectors. Total AUM stands at $13.1 billion.

Jun 30 2023

2023 Q2

Pershing Square Holdings transparency report shows 10% YTD returns trailing S&P 500's 16.89%. Fund maintains $10.7B NAV with high liquidity profile and minimal short exposure. Document provides administrative data only with no investment commentary or positioning insights.

Mar 31 2023

2023 Q1

Pershing Square Holdings quarterly update showing 3.7% YTD net returns through March 2023. Portfolio maintains 10 concentrated long positions with 120% net exposure, primarily in large-cap stocks across financials, restaurants, hospitality and other sectors. Document provides only performance metrics and portfolio composition data without investment commentary or forward guidance.

Mar 28 2023

2022 Q4

CMG, CP, FMCC, FNMA, HHC, HLT, LOW, NFLX, QSR, SVB, TWTR, UMG AV

Feb 11 2022

2022 Q3

QUARTER	THEMES	TAGS
2025 Q4	AI Pershing Square views AI as a major driver of market performance and structural growth, particularly benefiting megacap technology companies. The firm has positioned in AI beneficiaries like Alphabet, Amazon, and Meta, seeing AI integration as a key catalyst for these businesses. They believe AI-driven earnings growth justifies higher market multiples for leading technology companies.	Artificial Intelligence Technology Cloud Digital Advertising
	Megacaps The firm has significantly increased exposure to high-quality, higher-growth megacap companies, believing they offer structurally superior growth at reasonable valuations. Pershing Square argues these companies have sustainable competitive moats and should trade at higher multiples given their growth profiles. They see megacaps as driving most of the elevated earnings growth in the market.	Large Cap Technology Growth Market Leaders
	Earnings Pershing Square emphasizes that strong earnings growth has been the primary driver of market returns, with the S&P 500's performance largely driven by 10% EPS growth rather than multiple expansion. They believe earnings growth outlook supports current market multiples, particularly for top-tier companies with sustainable competitive advantages.	EPS Growth Fundamentals Valuation
	Alternative Asset Managers Through their Brookfield investment, Pershing Square is positioned in the alternative asset management space, viewing it as benefiting from multi-trillion-dollar AI-related infrastructure investment. They see Brookfield as a leading asset-rich alternative asset manager with deep domain expertise and significant value from recurring management fee streams.	Asset Management Infrastructure Private Markets
	Insurance Pershing Square is making a significant investment in the insurance sector through HHH's acquisition of Vantage Group Holdings for $2.1 billion. They view this as an ideal transaction to transform HHH into a diversified holding company, leveraging a well-diversified insurance platform with experienced management and strong regulatory positioning.	Specialty Insurance Reinsurance Financial Services
2025 Q2	AI Amazon's AWS cloud business is well-positioned to capitalize on AI-driven growth with customer demand for AI compute far exceeding supply. Alphabet's AI leadership is evident through AI Overviews serving over two billion users and strong performance across its consumer app portfolio with AI-powered features.	Cloud Data Centers Enterprise Software
	E-commerce Amazon operates one of the world's great e-commerce retail franchises with strong secular growth trends. E-commerce sales penetration has doubled in the past decade yet still accounts for less than 20% of total retail sales, providing significant runway for growth.	Marketplaces Logistics Consumer Electronics
	Travel Uber continues to deliver exceptional financial performance with 18% increase in constant-currency booking value and strong growth in both mobility and delivery segments. Hilton delivered strong growth with 15% earnings per share growth despite modest RevPAR decline.	Hotels Online Travel Air Travel
	Music Universal Music Group delivered four consecutive quarters of high-single-digit subscription revenue growth with streaming revenues up 9%. The company benefits from continued streaming penetration, price increases, and new product tiers for superfans.	Streaming Media Entertainment
	Restaurants Restaurant Brands International's franchised business model generates high-margin brand royalty fees from leading brands including Tim Hortons and Burger King. Chipotle faced challenges with same-store sales declining 4% but management is responding with increased marketing spend and new menu items.	Food Foodservice Consumer Finance Retail
	Mortgage President Trump has demonstrated clear focus on privatization of Fannie Mae and Freddie Mac, with press reports indicating the administration is preparing to sell between 5% and 15% of Treasury's stock in the companies at a combined valuation of roughly $500 billion by end of year.	Mortgage Finance Government IT Financial Services
2024 Q4	AI Alphabet's underappreciated leadership in AI drove impressive business results in 2024. Early results from integration of AI Overviews in Search have been highly encouraging with users searching more frequently. Step-function improvements in cost per AI query down 90% over 18 months enabled rollout to over 1 billion users in more than 100 countries.	Search Cloud Overviews Query Integration
	Alternative Asset Managers Brookfield is a leading alternative asset manager with high-quality and rapidly growing cash flows trading at a significant discount to intrinsic value. Owns 73% of publicly-listed asset manager with significant value derived from asset-light, recurring management fee streams on $540bn of long-duration capital.	Management Fees Fee Paying Infrastructure Renewables Cash Flows
	Hotels Hilton continued strong financial and operational performance in 2024 with fee revenues increasing 9% driven primarily by strong net unit growth. Organic net unit growth poised to accelerate in 2025 into the 6% to 7% range, helped by new brand concepts and heightened conversion activity.	Fee Revenues Unit Growth RevPAR Conversion Brands
	Restaurants Chipotle's industry-leading value proposition continues to resonate with customers and drive outsized growth. Same-store sales grew 7% in 2024 with traffic increasing over 5% driven by successful marketing and faster throughput. Restaurant Brands International is a high-quality business with significant long-term growth potential trading at a highly discounted valuation.	Same Store Sales Traffic Throughput Franchisee Profitability
	Music Universal Music Group is a high-quality, capital-light, rapidly growing royalty on greater music consumption. Music is in the early stages of higher monetization with Streaming 2.0 era driven by both subscriber growth and higher prices. New tiers for superfans and bundles will allow for better customer segmentation.	Streaming Royalty Subscriber Monetization Pricing
	Railroads Canadian Pacific Kansas City's one-of-a-kind network and industry-leading management team continue to deliver synergy wins and excellent operations. Unique Canada to Mexico network benefits from North American onshoring. Revenue and cost synergies tracking ahead of plan with on track to realize nearly $1.5 billion of synergies by 2028.	Network Synergies Onshoring Freight Oligopolistic
2023 Q4	AI Alphabet faced concerns about AI capabilities and competitive positioning, particularly around its Gemini chatbot rollout which displayed biased responses. However, Google has industry-leading AI infrastructure, training data access, and technical expertise that position it well for AI commercialization despite early missteps.	Artificial Intelligence Machine Learning Chatbots Technology Innovation Competition
	Music Universal Music Group benefits from streaming price increases, artist-centric economic models, and AI partnerships while protecting artist rights. The company is expanding superfan monetization opportunities and implementing cost savings while maintaining industry-leading investments.	Streaming Digital Services Artist Rights Monetization Content
	Restaurants Chipotle delivered outstanding results with accelerating traffic growth and strong same-store sales, while Restaurant Brands is executing a turnaround strategy under new leadership with significant investments in franchise profitability and brand modernization.	Quick Service Franchising Same Store Sales Traffic Growth Brand Investment
	Hotels Hilton generated strong RevPAR growth reflecting continued recovery from COVID disruption and robust domestic trends. The company benefits from record low supply growth, strong group demand, and accelerating net unit growth with the largest pipeline in company history.	RevPAR Occupancy Supply Growth Business Travel Pipeline
	Real Estate Howard Hughes delivered record land sales profits driven by housing inventory shortages and strong homebuilder demand. The company is spinning off Seaport Entertainment while establishing itself as a pure-play master-planned community company with decades-long value creation opportunity.	Master Planned Communities Land Sales Housing Shortage Development Spin-off

QUARTER

THEMES

AI

Pershing Square views AI as a major driver of market performance and structural growth, particularly benefiting megacap technology companies. The firm has positioned in AI beneficiaries like Alphabet, Amazon, and Meta, seeing AI integration as a key catalyst for these businesses. They believe AI-driven earnings growth justifies higher market multiples for leading technology companies.

Artificial Intelligence Technology Cloud Digital Advertising

Megacaps

The firm has significantly increased exposure to high-quality, higher-growth megacap companies, believing they offer structurally superior growth at reasonable valuations. Pershing Square argues these companies have sustainable competitive moats and should trade at higher multiples given their growth profiles. They see megacaps as driving most of the elevated earnings growth in the market.

Large Cap Technology Growth Market Leaders

Earnings

Pershing Square emphasizes that strong earnings growth has been the primary driver of market returns, with the S&P 500's performance largely driven by 10% EPS growth rather than multiple expansion. They believe earnings growth outlook supports current market multiples, particularly for top-tier companies with sustainable competitive advantages.

EPS Growth Fundamentals Valuation

Alternative Asset Managers

Through their Brookfield investment, Pershing Square is positioned in the alternative asset management space, viewing it as benefiting from multi-trillion-dollar AI-related infrastructure investment. They see Brookfield as a leading asset-rich alternative asset manager with deep domain expertise and significant value from recurring management fee streams.

Asset Management Infrastructure Private Markets

Insurance

Pershing Square is making a significant investment in the insurance sector through HHH's acquisition of Vantage Group Holdings for $2.1 billion. They view this as an ideal transaction to transform HHH into a diversified holding company, leveraging a well-diversified insurance platform with experienced management and strong regulatory positioning.

Specialty Insurance Reinsurance Financial Services

2025 Q2

AI

Amazon's AWS cloud business is well-positioned to capitalize on AI-driven growth with customer demand for AI compute far exceeding supply. Alphabet's AI leadership is evident through AI Overviews serving over two billion users and strong performance across its consumer app portfolio with AI-powered features.

Cloud Data Centers Enterprise Software

E-commerce

Amazon operates one of the world's great e-commerce retail franchises with strong secular growth trends. E-commerce sales penetration has doubled in the past decade yet still accounts for less than 20% of total retail sales, providing significant runway for growth.

Marketplaces Logistics Consumer Electronics

Travel

Uber continues to deliver exceptional financial performance with 18% increase in constant-currency booking value and strong growth in both mobility and delivery segments. Hilton delivered strong growth with 15% earnings per share growth despite modest RevPAR decline.

Hotels Online Travel Air Travel

Music

Universal Music Group delivered four consecutive quarters of high-single-digit subscription revenue growth with streaming revenues up 9%. The company benefits from continued streaming penetration, price increases, and new product tiers for superfans.

Streaming Media Entertainment

Restaurants

Restaurant Brands International's franchised business model generates high-margin brand royalty fees from leading brands including Tim Hortons and Burger King. Chipotle faced challenges with same-store sales declining 4% but management is responding with increased marketing spend and new menu items.

Food Foodservice Consumer Finance Retail

Mortgage

President Trump has demonstrated clear focus on privatization of Fannie Mae and Freddie Mac, with press reports indicating the administration is preparing to sell between 5% and 15% of Treasury's stock in the companies at a combined valuation of roughly $500 billion by end of year.

Mortgage Finance Government IT Financial Services

2024 Q4

AI

Alphabet's underappreciated leadership in AI drove impressive business results in 2024. Early results from integration of AI Overviews in Search have been highly encouraging with users searching more frequently. Step-function improvements in cost per AI query down 90% over 18 months enabled rollout to over 1 billion users in more than 100 countries.

Search Cloud Overviews Query Integration

Alternative Asset Managers

Brookfield is a leading alternative asset manager with high-quality and rapidly growing cash flows trading at a significant discount to intrinsic value. Owns 73% of publicly-listed asset manager with significant value derived from asset-light, recurring management fee streams on $540bn of long-duration capital.

Management Fees Fee Paying Infrastructure Renewables Cash Flows

Hotels

Hilton continued strong financial and operational performance in 2024 with fee revenues increasing 9% driven primarily by strong net unit growth. Organic net unit growth poised to accelerate in 2025 into the 6% to 7% range, helped by new brand concepts and heightened conversion activity.

Fee Revenues Unit Growth RevPAR Conversion Brands

Restaurants

Chipotle's industry-leading value proposition continues to resonate with customers and drive outsized growth. Same-store sales grew 7% in 2024 with traffic increasing over 5% driven by successful marketing and faster throughput. Restaurant Brands International is a high-quality business with significant long-term growth potential trading at a highly discounted valuation.

Same Store Sales Traffic Throughput Franchisee Profitability

Music

Universal Music Group is a high-quality, capital-light, rapidly growing royalty on greater music consumption. Music is in the early stages of higher monetization with Streaming 2.0 era driven by both subscriber growth and higher prices. New tiers for superfans and bundles will allow for better customer segmentation.

Streaming Royalty Subscriber Monetization Pricing

Railroads

Canadian Pacific Kansas City's one-of-a-kind network and industry-leading management team continue to deliver synergy wins and excellent operations. Unique Canada to Mexico network benefits from North American onshoring. Revenue and cost synergies tracking ahead of plan with on track to realize nearly $1.5 billion of synergies by 2028.

Network Synergies Onshoring Freight Oligopolistic

2023 Q4

AI

Alphabet faced concerns about AI capabilities and competitive positioning, particularly around its Gemini chatbot rollout which displayed biased responses. However, Google has industry-leading AI infrastructure, training data access, and technical expertise that position it well for AI commercialization despite early missteps.

Artificial Intelligence Machine Learning Chatbots Technology Innovation Competition

Music

Universal Music Group benefits from streaming price increases, artist-centric economic models, and AI partnerships while protecting artist rights. The company is expanding superfan monetization opportunities and implementing cost savings while maintaining industry-leading investments.

Streaming Digital Services Artist Rights Monetization Content

Restaurants

Chipotle delivered outstanding results with accelerating traffic growth and strong same-store sales, while Restaurant Brands is executing a turnaround strategy under new leadership with significant investments in franchise profitability and brand modernization.

Quick Service Franchising Same Store Sales Traffic Growth Brand Investment

Hotels

Hilton generated strong RevPAR growth reflecting continued recovery from COVID disruption and robust domestic trends. The company benefits from record low supply growth, strong group demand, and accelerating net unit growth with the largest pipeline in company history.

RevPAR Occupancy Supply Growth Business Travel Pipeline

Real Estate

Howard Hughes delivered record land sales profits driven by housing inventory shortages and strong homebuilder demand. The company is spinning off Seaport Entertainment while establishing itself as a pure-play master-planned community company with decades-long value creation opportunity.

Master Planned Communities Land Sales Housing Shortage Development Spin-off

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Feb 11, 2026	Fund Letters	Bill Ackman	BN	Brookfield Corporation	Financials	Asset Management & Custody Banks	Bull	New York Stock Exchange	Alternatives, carried_interest, compounding, infrastructure, Wealth	Login
Feb 11, 2026	Fund Letters	Bill Ackman	UBER	Uber Technologies, Inc.	Industrials	Passenger Ground Transportation	Bull	New York Stock Exchange	Autonomous, Bookings, mobility, Operating_Leverage, platform	Login
Feb 11, 2026	Fund Letters	Bill Ackman	AMZN	Amazon.com, Inc.	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	advertising, AI, cloud, ecommerce, hyperscale	Login
Feb 11, 2026	Fund Letters	Bill Ackman	GOOG	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI, cloud, monetization, scale, Search	Login
Feb 11, 2026	Fund Letters	Bill Ackman	META	Meta Platforms, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, Engagement, monetization, scale	Login
Feb 11, 2026	Fund Letters	Bill Ackman	FNMA	Federal National Mortgage Association	Financials	Mortgage Finance	Bull	Dubai Financial Market	Conservatorship, Housing, Privatization, recapitalization, warrants	Login
Feb 11, 2026	Fund Letters	Bill Ackman	HTZ	Hertz Global Holdings, Inc.	Industrials	Passenger Ground Transportation	Bull	NASDAQ	Autonomous, EBITDA, Fleet, turnaround, Utilization	Login
Feb 11, 2026	Fund Letters	Bill Ackman	QSR	Restaurant Brands International Inc.	Consumer Discretionary	Restaurants	Bull	New York Stock Exchange	Comps, Franchising, growth, Margins, valuation	Login
Feb 11, 2026	Fund Letters	Bill Ackman	HHH	Howard Hughes Holdings Inc.	Real Estate	Real Estate Development	Bull	New York Stock Exchange	cashflow, diversification, holding_company, real_estate, transformation	Login
Feb 11, 2026	Fund Letters	Bill Ackman	CMG	Chipotle Mexican Grill, Inc.	Consumer Discretionary	Restaurants	Bear	New York Stock Exchange	Comps, exit, leadership, Margins, valuation	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Feb 11, 2026

Fund Letters

Bill Ackman

Brookfield Corporation

Financials

Asset Management & Custody Banks

Bull

New York Stock Exchange

Alternatives, carried_interest, compounding, infrastructure, Wealth

Feb 11, 2026

Fund Letters

Bill Ackman

UBER

Uber Technologies, Inc.

Industrials

Passenger Ground Transportation

Bull

New York Stock Exchange

Autonomous, Bookings, mobility, Operating_Leverage, platform

Feb 11, 2026

Fund Letters

Bill Ackman

AMZN

Amazon.com, Inc.

Consumer Discretionary

Broadline Retail

Bull

NASDAQ

advertising, AI, cloud, ecommerce, hyperscale

Feb 11, 2026

Fund Letters

Bill Ackman

GOOG

Alphabet Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

AI, cloud, monetization, scale, Search

Feb 11, 2026

Fund Letters

Bill Ackman

TICKER	COMMENTARY
AMZN	One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network.
BN	Leading asset-rich alternative asset manager with deep domain expertise. Owns 73% of $84bn publicly-listed asset manager (Brookfield Asset Management) with significant value derived from asset-light, recurring management fee streams. We believe that deep domain expertise and best-in-class returns position Brookfield to benefit from multi-trillion-dollar wave of AI-related infrastructure investment.
CMG	The top-five detractors from returns were Fiserv, Chipotle, Constellation Software, Roper, and Floor & Décor. In the quarter, we exited Fiserv, Chipotle, and monday.com.
FMCC	Fannie and Freddie shares more than tripled in 2025 as the Trump administration reiterated its commitment to an eventual privatization. We believe YTD share price declines greatly underestimate how quickly President Trump can act to drive a re-rating of shares and unveil a taxpayer asset worth ~$300 billion.
FNMA	Fannie and Freddie shares more than tripled in 2025 as the Trump administration reiterated its commitment to an eventual privatization. The administration has repeatedly emphasized three key objectives: Enhance home affordability by compressing the spread of mortgages over Treasuries, Demonstrate a near-term mark to market for the taxpayers' ownership in the GSEs, Maximize long-term value of the taxpayers' interest in Fannie and Freddie.
GOOG	From the moment OpenAI hit the scene with ChatGPT 3.5 in the Fall of 2022, Google was a perceived loser and thousands of pontificators warned about the end of search. Fast forward three years and this was Google Search's fastest quarter of revenue growth since Q1 2022, when the reopening and pandemic were still considerable drivers of results. In parallel with the Search re-acceleration, Google has also emerged as a leader in AI itself. This combination has been potent for Google's stock and could not have opened on Search alone, given the terminal value fears.
HHH	2025 marked a pivotal year for HHH as it began its transformation into a leading diversified holding company. Strong results across real estate subsidiary's high-quality portfolio of MPCs. 2025 MPC EBT guidance of $450 million reflects record-high land sale profitability. Completed transaction with Pershing Square in May 2025.
HLT	New position in global hospitality company Hilton.
HTZ	HTZ is a leading vehicle rental provider in the early stages of a turnaround with asymmetric upside. Fleet refresh now complete, with depreciation well below targets and strong fleet economics. Vehicle utilization is now 84%, best-in-class amongst peers and highest since 2018. Company reported first profitable quarter in two years.
META	On January 9, Meta Platforms unveiled a new agreement with Vistra—the largest generator of competitive electricity in the United States—as well as with TerraPower and Oklo. The announcement builds on Meta's agreement last year with Constellation Energy and positions the company to become one of the largest corporate purchasers of nuclear-generated electricity in the United States.
NKE	Notable positive contributions from the Fund's short book in December include National Vision Holdings, Nike, and Starbucks.
QSR	QSR is a high-quality business with significant long-term growth potential that we believe trades at a highly discounted valuation. Tim Hortons comparable sales of 3% are outperforming the broader QSR industry in Canada. International business comparable sales of 5% are outperforming McDonald's. Consistent 8% operating profit growth.
UBER	UBER was a detractor in the fourth quarter following its third-quarter 2025 earnings report, which delivered strong operating performance but was met with a muted market reaction. Gross Bookings and adjusted EBITDA both came in near the high end of management's guidance, driven by accelerating demand across both Mobility and Delivery. However, investor focus shifted to commentary around reduced margin expansion as the company steps up investment in growth initiatives, including autonomous vehicle partnerships, platform innovation, and commerce expansion.
UMG.AS	UMG is a high-quality, capital-light, rapidly growing royalty on greater music consumption. 'Streaming 2.0' deals, which incorporate wholesale price increases, should lead to higher subscription revenue growth. New partners and product tiers should allow for better customer segmentation. AI can be a further tailwind to growth.

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st December 2025

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Megacaps

Earnings

Alternative Asset Managers

Insurance

AI

E-commerce

Travel

Music

Restaurants

Mortgage

AI

Alternative Asset Managers

Hotels

Restaurants

Music

Railroads

AI

Music

Restaurants

Hotels

Real Estate

Investor Pitches

Current Portfolio as of ( 31st December 2025 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Bill Ackman Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Pershing Square Holdings