What Has Bill Ackman's Hedge Fund, Pershing Square Capital Most Recently Traded?

Bill Ackman’s Pershing Square Capital Hedge Fund (US:PSHZF) has seen a fall in the fund’s net asset value (NAV) over the year like many other funds in North America.

It has been a challenging environment for asset managers across the globe that continue to juggle the “growth vs value” stock debate while navigating market conditions not seen in the 21st century.

Pershing Square currently has 7 positions disclosed with the SEC according to the latest filings.

The most recent reported portfolio value was at $7.46 billion and has fallen from a value of over $10 billion in early 2022.

Largest decreases over the quarter:

During the last reported quarter, Ackman sold the fund’s entire stake in Netflix (US:NFLX) which was worth about 11.2% of the hedge fund’s total portfolio. Pershing Square originally purchased $1 billion worth of the streaming services stock before selling with losses of around $400 million.

Most recently in August the Ackman completely exited the funds position in Domino’s Pizza Inc (US:DPZ). The fund held 2,092,202 DPZ shares worth around $800 million which it purchased in the second quarter of 2021. Ackman noted that he sold the stock due to the high valuation and difficult macroeconomic environment.

The final decrease came from the fund exiting its Pershing Square Tontine Holdings (US:PSTH) position as the subsidiary wound up.

Largest increases over the quarter:

The reported increases made during the last quarter saw Ackman top up existing positions in the fund.

The largest position fund increase was made in Home Improvement giant Lowe’s (US:LOW). The fund increased its portfolio allocation by 4%, bringing the total portfolio allocation to 23.9% from 10.2 million shares held. Despite LOW’s -24.7% share decline year to date, consensus targets remain around $250, near all-time highs at the beginning of the year.

Ackman also increased the funds portfolio allocation in Restaurant Brands International (US:QSR) by 2.6% to 23.8 million shares. The last reported portfolio weight position was around 16% for the stock.

QSR has performed well over the year, recovering from the 2022 lowest point hit in June. The QSR share price is flat when compared to the beginning of the year. While upside to the stock remains limited with consensus target prices only 10% above the share price, the stock continues to pay a strong 3.6% annual dividend.

The fund’s current second largest position, Chipotle Mexican Grill (US:CMG) increased by 2.4% over the previous quarter to 1.1 million shares held. This equates to around 19.4% of the total funds allocation.

CMG’s stock is actually trading 1.8% above the price at the beginning of 2022 after recovering the year’s losses in late July following the company’s second quarter results.

This article originally appeared on Fintel

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