We break down the stocks Bill Ackman (Pershing Square) bought, sold, and held in Q3 2024, including their holdings at the end of the quarter. All data sourced from Pershing Square's 13F filed on November 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 Q3 2024
New positions
Pershing Square initiated a new position in Seaport Entertainment (SEG), acquiring 2.1 million shares worth $57.4 million along with accompanying rights worth an additional $6.2 million.
Bought
Pershing Square significantly increased two existing positions: Brookfield (BN) was expanded by 25.9 million shares, growing the position value from $284.7 million to $1.74 billion, while Nike (NKE) was increased by 13.2 million shares, with the position value rising from $229.1 million to $1.44 billion.
Sold
Pershing Square trimmed three positions during the quarter: Hilton (HLT) was reduced by 1.6 million shares (position value declining from $1.95 billion to $1.70 billion), while smaller reductions were made to Restaurant Brands (QSR) and Canadian Pacific Kansas City (CP) with share decreases of 141,628 and 87,990 respectively.
New Investments in Q3 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| SEG | Seaport Entertainment | 90.3% | NEW | $57.44M |
| Seaport Entertainment | 9.7% | NEW | $6.18M |
Seaport Entertainment SEG
Bill Ackman bought $57.44M of Seaport Entertainment in Q3 2024. Seaport Entertainment Group reported mixed Q1 2025 results with $16.1 million in revenue (+10.7% YoY) and reduced net losses of $31.9 million (-28% YoY), though stock performance remains challenged (-31% YTD). Recent initiatives like the Meow Wolf partnership at Pier 17 and internalized food operations aim to drive future growth. The company targets breakeven by 2026 but faces liquidity concerns with -61% gross margins.
- 10.7% revenue growth in Q1 2025 ($16.1M) driven by hospitality (+88%) and entertainment segments.
- Net losses improved 28% YoY to $31.9M, with cash burn reduction efforts showing early results.
- Stock declined 31% year-to-date despite strong liquidity position (current ratio of 5.04).
Seaport Entertainment
Bill Ackman bought $6.18M of Seaport Entertainment in Q3 2024. Seaport Entertainment reported mixed Q1 2025 results with $16.1 million in revenue (12% YoY decline) but improved net losses narrowing to $31.9 million (28% improvement). While hospitality revenues fell 16%, entertainment segment revenues grew 18%, and the stock remains down 31% YTD amid strategic pivots. Recent partnerships like the Meow Wolf experiential art installation at Pier 17 aim to transform Seaport into a year-round destination, supporting management's goal of reaching breakeven by 2026.
- Q1 2025 revenue declined 12% YoY to $16.1M, with hospitality revenues down 16% and entertainment up 18%.
- Net loss improved 28% YoY to $31.9M, with basic loss per share narrowing to $2.51 from $7.98.
- Stock declined 31% YTD despite strong liquidity (current ratio 5.04), trading at slight premium to book value.
Holdings at the end of Q3 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| BN | Brookfield | 13.5% | Added (+378%) | $1.74B |
| HLT | Hilton | 13.2% | Trimmed (-18%) | $1.7B |
| CMG | Chipotle | 12.9% | $1.66B | |
| QSR | Restaurant Brands | 12.8% | Trimmed (-1%) | $1.66B |
| HHH | Howard Hughes | 11.3% | $1.46B | |
| NKE | Nike | 11.1% | Added (+436%) | $1.44B |
| CP | Canadian Pacific Kansas City | 9.9% | Trimmed (-1%) | $1.27B |
| GOOG | Alphabet | 9.8% | $1.26B | |
| GOOGL | Alphabet | 5.1% | $661.16M | |
| SEG | Seaport Entertainment | 0.4% | NEW | $57.44M |
| Seaport Entertainment | 0.0% | NEW | $6.18M |
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