Renowned billionaire hedge fund manager Bill Ackman made headlines recently by revealing a new stake in the popular sports apparel company Nike. Ackman’s Pershing Square Capital Management disclosed that it owned more than 3 million shares of Nike, with a stake valued at approximately $229 million by the end of June. This move marks Ackman’s second investment in Nike, with CNBC previously reporting a $100 million profit from trading the stock within a six-month period.
In addition to acquiring shares in Nike, Pershing Square also diversified its portfolio with a new stake in Brookfield Corp., a Canadian financial company known for its significant real estate holdings. This investment in Brookfield Corp. was worth around $285 million at the end of June. However, alongside these new additions, the hedge fund reduced its positions in other companies. Pershing Square sold about 16% of its shares in Google-parent Alphabet and more than 22% in Chipotle Mexican Grill, as reported by filings and VerityData.
It’s important to note that the quarterly filings with the Securities and Exchange Commission reflect only the equity positions at the end of the quarter. Ackman’s fund may have engaged in trading activities after this period. Pershing Square has also made minor adjustments to its positions since June, as indicated in separate filings. Ackman’s fund is separate from the proposed Pershing Square USA closed-end fund, which was under consideration for going public but eventually had its IPO filings withdrawn in late July.
Overall, Bill Ackman’s investment decisions showcase a strategic approach to portfolio management, with a mix of new acquisitions and adjustments to existing positions. The billionaire hedge fund manager continues to leverage his expertise and market insight to navigate the ever-changing landscape of investment opportunities. With a track record of profitable trades and a keen eye for emerging trends, Ackman remains a prominent figure in the world of finance and investing.