Profil et philosophie d'investissement

Bill Ackman a réalisé l'une des opérations les plus marquantes du trimestre au premier trimestre 2026, en initiant une nouvelle position massive dans Microsoft financée par une réduction de 95 % de sa participation dans Alphabet. Cette rotation traduit la conviction d'Ackman dans les logiciels d'entreprise et le leadership en matière d'IA. Après sa sortie de Hilton, Pershing Square reste très concentré sur des entreprises de grande qualité, « simples et prévisibles », telles qu'Amazon, Uber et Brookfield.

Track Record

Pershing Square Capital has compounded at roughly 16.5% annually since inception in 2004, beating the S&P 500's ~10.2%. After dismal years in 2015-2017 (Valeant disaster, Herbalife short), Ackman returned to form with +58.1% in 2019, +70.2% in 2020 (largely thanks to a $27 million CDS hedge that printed $2.6 billion), +26.9% in 2021, and steady double-digit gains through 2024. AUM grew from $500 million in 2004 to roughly $20 billion in 2026. Pershing Square Holdings (PSH) trades on Amsterdam and London exchanges as a closed-end vehicle with around $15 billion NAV.

Trades emblématiques

Stratégie actuelle (2026)

Pershing Square runs a concentrated 8-12 stock portfolio. As of Q1 2026, top holdings include Brookfield Corp, Restaurant Brands International, Chipotle, Howard Hughes Holdings, Hilton, Alphabet, and Nike — the latter a 2024 build after a brand and execution stumble. Uber was a notable 2025 add. Ackman has been vocal on rates, predicting the 10-year stabilizes around 4-4.5% as fiscal deficits constrain Fed cuts. He's also pursued the Pershing Square USA closed-end fund IPO (withdrawn 2024, restructured 2025) and built a public profile on geopolitical and political commentary that occasionally rattles institutional LPs. The strategy remains long-only quality compounders with activist nudges where governance can be improved.

Ackman is a brilliant analyst with a Twitter problem. The portfolio quality is high — Brookfield, Chipotle, Hilton are genuine compounders — but the public commentary on politics, geopolitics, and rates increasingly makes him a meme stock manager rather than a fund manager. BMI's view: the Nike build looks early but defensible (brand moats heal), and Uber is a sharp call. The pulled USA IPO was a warning signal — retail demand isn't institutional capital. We'd own PSH at a NAV discount but not pay premium for the manager. The CDS playbook is unrepeatable; investors expecting another 96x are buying the wrong dream.

Dernière déclaration SEC Form 13F. Valeur totale du portefeuille: 12,0 Md €. Positions: 11 positions.