We break down the stocks Bill Ackman (Pershing Square) bought, sold, and held in Q2 2024, including their holdings at the end of the quarter. All data sourced from Pershing Square's 13F filed on August 14, 2024.
Who are Bill Ackman and Pershing Square?
Pershing Square is a concentrated investment firm founded in 2004 by billionaire investor Bill Ackman. Structured as a closed-ended fund, Pershing Square takes significant but typically non-controlling positions in a small number of large-cap companies. Ackman employs an activist approach, advocating for operational and strategic changes to unlock shareholder value. The firm aims to maximize long-term compound annual growth in intrinsic value per share through high-conviction positions.
Pershingsquareholdings.com
Wikipedia on Bill Ackman
Portfolio Changes in Q2 2024
New positions
Pershing Square initiated two new positions during Q2 2024: Brookfield (BN) with 6.9 million shares valued at $285 million, and Nike (NKE) with 3.0 million shares worth $229 million.
Bought
Pershing Square did not meaningfully add to any existing positions during the quarter, though Chipotle (CMG) share count increased dramatically from 744,000 to 28.8 million shares due to the company's 50-for-1 stock split executed in June 2024.
Sold
Pershing Square trimmed multiple existing holdings, reducing positions in both classes of Alphabet (GOOG/GOOGL) by 1.8 million and 368,000 shares respectively, while also cutting stakes in Restaurant Brands (QSR), Canadian Pacific Kansas City (CP), and Hilton (HLT) by smaller amounts.
New Investments in Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| BN | Brookfield | 55.4% | NEW | $284.74M |
| NKE | Nike | 44.6% | NEW | $229.13M |
Brookfield BN
Bill Ackman bought $284.74M of Brookfield in Q2 2024. Brookfield Corporation reported a 27% increase in distributable earnings to $1.5 billion in Q1 2025, driven by strong performance across asset management and operating segments. The company has repurchased $850 million in shares year-to-date, signaling confidence amid market volatility, while deployable capital reached a record $165 billion to support future growth initiatives. CEO Nick Goodman emphasized a focus on delivering 15%+ annual returns long-term, with Q1 earnings surging 30% year-over-year as the firm capitalizes on global investment opportunities.
- Distributable earnings grew 27% year-over-year to $1.5 billion in Q1 2025, outpacing industry averages.
- Share repurchases totaled $850 million year-to-date, reflecting aggressive capital allocation amid stock price pullbacks.
- Deployable capital reached a record $165 billion, positioning Brookfield to capitalize on distressed asset opportunities globally.
Nike NKE
Bill Ackman bought $229.13M of Nike in Q2 2024. Nike reported a 10% year-over-year revenue decline to $11.6 billion in Q1 FY2025, with net income falling 28% amid CEO transition challenges. The company saw improved gross margins (45.4%, +120bps YoY) from cost efficiencies but faces strategic uncertainty under new leadership. Recent wholesale partnership reversals and delayed financial guidance suggest ongoing brand momentum challenges.
- Q1 FY2025 revenues declined 10% YoY to $11.6 billion with 28% net income drop.
- Gross margin improved 120 basis points to 45.4% in Q1 through cost optimization.
- Returned $1.8 billion to shareholders in Q1 despite earnings pressures.
Holdings at the end of Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| HLT | Hilton | 18.8% | Trimmed (-2%) | $1.95B |
| CMG | Chipotle | 17.3% | Added (+3773%) | $1.81B |
| QSR | Restaurant Brands | 15.6% | Trimmed (-1%) | $1.63B |
| GOOG | Alphabet | 13.3% | Trimmed (-20%) | $1.38B |
| HHH | Howard Hughes | 11.7% | $1.22B | |
| CP | Canadian Pacific Kansas City | 11.3% | Trimmed (-1%) | $1.18B |
| GOOGL | Alphabet | 7.0% | Trimmed (-8%) | $726.14M |
| BN | Brookfield | 2.7% | NEW | $284.74M |
| NKE | Nike | 2.2% | NEW | $229.13M |
Disclaimer: All posts on Scout are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
