Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.9% | - | - |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.9% | - | - |
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 11 2026 | 2025 Q4 | AMZN, BN, CMG, FNMA, GOOG, HHH, HLT, HTZ, META, NKE, QSR, UBER, UMG | Activist Investing, AI Integration, Capital Allocation, Corporate Transformation, Megacap Growth |
BN UBER AMZN GOOG META FNMA HTZ QSR HHH CMG |
The presentation highlights strong NAV growth driven by concentrated investments in high-quality megacap companies benefiting from AI-driven earnings acceleration. The firm underscores its activist approach,… |
| Aug 20 2025 | 2025 Q2 | AMZN, BN CN, CMG, FNMA, GOOG, HHH, HLT, HTZ, NKE, UBER, UMG NA | activism, Capital Allocation, Concentration, Governance, value creation | - | The commentary focuses on concentrated ownership in high-quality businesses where engagement can unlock operational and strategic value. Management emphasizes disciplined capital allocation, strong balance sheets,… |
| Feb 11 2025 | 2024 Q4 | BN, CMG, CPKC, FMCC, FNMA, GOOG, HHH, HLT, NKE, QSR, UBER, UMG | - | - | - |
| Sep 30 2024 | 2024 Q3 | - | - | - | - |
| Jul 1 2024 | 2024 Q2 | - | - | - | - |
| Apr 15 2024 | 2024 Q1 | - | - | - | - |
| Mar 22 2024 | 2023 Q4 | CMG, CPKC MM, GOOG, HHH, HLT, LOW, QSR, UMG | - | - | - |
| Sep 30 2023 | 2023 Q3 | - | - | - | - |
| Jun 30 2023 | 2023 Q2 | - | - | - | - |
| Mar 31 2023 | 2023 Q1 | - | - | - | - |
| 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 |
ActivismShareholder activism continues to grow with 152 campaigns in North America in 2025, a 20.6% increase from 2024. The strategy has evolved from stigmatized to accepted and now necessary as passive investing increases. Non-activist managers are resorting to activism to realize intrinsic value as fewer investors buy and sell based on fundamentals. |
Shareholder activism Proxy contests Board representation Value creation Catalyst |
Megacaps |
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Transformation |
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| 2025 Q2 |
ActivismShareholder activism continues to grow with 152 campaigns in North America in 2025, a 20.6% increase from 2024. The strategy has evolved from stigmatized to accepted and now necessary as passive investing increases. Non-activist managers are resorting to activism to realize intrinsic value as fewer investors buy and sell based on fundamentals. |
Shareholder activism Proxy contests Board representation Value creation Catalyst |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| TICKER | COMMENTARY |
|---|---|
| AMZN | We added to our holdings in Amazon.com Inc. |
| BN | Brookfield Corporation, headquartered in Toronto, Canada, stands as a preeminent global alternative asset manager and operator, harnessing a vast permanent capital base of over $180 billion to invest in and scale high-quality businesses across infrastructure, renewable power, private equity, real estate, and beyond. With more than $1 trillion in assets under management through its majority-owned asset management arm (Brookfield Asset Management) and a growing $135 billion insurance solutions platform, the company deploys patient, opportunistic capital into real assets that power the global economy—delivering resilient, inflation-protected returns in an era of accelerating energy transition and digital infrastructure demand. Brookfield's culture of disciplined value creation and long-term stewardship serves as its bedrock competitive moat, fostering a collaborative ecosystem where operators, investors, and entrepreneurs thrive under a unified philosophy of prudent risk-taking and operational excellence. This ethos not only attracts top-tier talent and proprietary deal flow but also amplifies the flywheel of compounding insights and relationships, positioning the firm to capitalize on market dislocations with unmatched agility and insight. We are confident that Brookfield is on track to achieve its ambitious five-year targets, supported by robust fundraising, accelerating fee-related earnings growth, and disciplined deployment of capital at attractive internal rates of return. This positions the company to deliver its stated goal of 15%+ annualized total returns for shareholders through the cycle, driven by expanding recurring fee streams, strong investment performance across its platforms, and the powerful secular tailwind of institutional investors shifting trillions of dollars into alternative assets in the coming years. Under the steady hand of CEO Bruce Flatt and a world-class management team, we are profoundly optimistic about Brookfield's positioning as a generational compounder. The company's masterful capital allocation—reinvesting float-like permanent capital into undervalued opportunities while maintaining fortress-like balance sheets—has consistently unlocked outsized value, and we believe it will continue to do so amid a favorable macro backdrop for real assets. A cornerstone of enduring quality in our portfolio, Brookfield exemplifies the rare blend of scale, sophistication, and shareholder alignment that defines exceptional businesses. |
| 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. |
| FNMA | The Fannie Mae trade was a short-term success, yielding a 10x return on our original investment price, although we sold about half of the position when it was at a little over 4x its cost. |
| GOOG | Alphabet's Q4 performance marks a significant triumph, characterized by a rare beat and raise narrative across all critical business segments. The company's recent earnings report was driven by a balanced contribution from its legacy Search and YouTube divisions, with Google Cloud emerging as the standout performer. Cloud's revenue growth reached an impressive 34%, and it boasts an extraordinary $155 billion backlog, a nearly double increase compared to the previous quarter. |
| HLT | New position in global hospitality company Hilton. |
| META | Meta was cited as a larger position that contributed little despite what I thought was positive operating progress, representing opportunity cost in the portfolio. |
| NKE | Notable positive contributions from the Fund's short book in December include National Vision Holdings, Nike, and Starbucks. |
| UBER | Another key Fund performance detractor in the quarter was Uber Technologies Inc. (UBER) reflecting increasing market concerns about autonomous vehicles and the potential impact the technology may have on future growth. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||