We break down the stocks Bill Ackman (Pershing Square) bought, sold, and held in Q4 2024, including their holdings at the end of the quarter. All data sourced from Pershing Square's 13F filed on February 14, 2025.
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 Q4 2024
New positions
Pershing Square initiated a new position in Hertz (HTZ), purchasing 12.7 million shares valued at $46.5 million.
Bought
Pershing Square significantly increased its position in Seaport Entertainment (SEG) by adding 2.9 million shares, more than doubling its stake and generating a 144% return on the position. The firm also added to its holdings in Nike (NKE) with an additional 2.5 million shares and Brookfield (BN) with 2.2 million more shares, with the latter generating a solid 15% return.
Sold
Pershing Square trimmed its largest holding Chipotle (CMG) by 4.2 million shares, reducing the position size despite a -10% return, and also reduced its Hilton (HLT) position by 1.9 million shares as the hospitality stock declined 21% during the quarter.
New Investments in Q4 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| HTZ | Hertz | 100.0% | NEW | $46.53M |
Hertz HTZ
Bill Ackman bought $46.53M of Hertz in Q4 2024. Hertz Global Holdings (HTZ) faced significant challenges in Q1 2025, with revenue declining 12.8% year-over-year to $1.81 billion and net losses widening 138% to $443 million. The company is restructuring its fleet composition and reducing capacity to improve efficiency, but macroeconomic headwinds persist. Management provided cautious guidance, targeting positive adjusted EBITDA by Q3 2025 as part of its turnaround strategy.
- Q1 2025 revenue missed analyst estimates by 10% ($1.81B actual vs. $2.01B projected).
- Net loss per share expanded 136% to $1.44 from $0.61 in Q1 2024.
- Adjusted Corporate Operating Cash Flow improved to $57 million as fleet management initiatives take effect.
Holdings at the end of Q4 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| BN | Brookfield | 15.8% | Added (+7%) | $2B |
| QSR | Restaurant Brands | 11.8% | $1.5B | |
| CMG | Chipotle | 11.7% | Trimmed (-14%) | $1.49B |
| HHH | Howard Hughes | 11.5% | $1.45B | |
| GOOG | Alphabet | 11.4% | $1.44B | |
| NKE | Nike | 11.2% | Added (+15%) | $1.42B |
| HLT | Hilton | 10.6% | Trimmed (-26%) | $1.34B |
| CP | Canadian Pacific Kansas City | 8.5% | $1.08B | |
| GOOGL | Alphabet | 6.0% | $754.64M | |
| SEG | Seaport Entertainment | 1.1% | Added (+140%) | $140.41M |
| HTZ | Hertz | 0.4% | NEW | $46.53M |
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