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2022년 5월 기준 Pershing Square(빌 애크먼)의 13F 공시 포트폴리오 6개 종목을 소개하는 영상이다. 펀드 개요: 2004년 설립, 빌 애크먼이 운용하는 폐쇄형 펀드로 공개 상장되어 있으며, 최근 13F 기준 공개주식 약 94억 달러를 보유한다. 2019년 2월~2022년 2월 3년간 13F 추종 시 연환산 수익률 22.4%로, S&P500 ETF(SPY)의 18.17%를 상회했다고 설명한다. 애크먼의 대표 성과: 코로나 폭락 때 신용보호(CDS) 베팅으로 2,700만 달러를 26억 달러로 불린 거래, 캐나다 퍼시픽 철도(CP) 14.2% 지분 후 경영진 교체로 주가가 3년간 4배가 된 사례, 제너럴그로스 프로퍼티 베팅으로 6,000만 달러를 16억 달러로 만든 사례를 든다. 현재 보유 종목(비중순): 로우스(LOW, 약 1/5, 평균 매수가 약 95달러 대비 228달러대), 하워드휴즈(HHC, 13.5%, 지분 약 25%, 실적 부진과 장기부채 44.6억 달러 지적), 맥도날드 계열 QSR(RBI, 약 14.4%, 배당 약 4%, 선행 PE 18.2배), 치폴레(CMG, 약 18.3%, 평균 매수가 386달러 대비 1,489달러대), 힐튼(HLT, 4.5%, 선행 PE 35.6배로 확장된 밸류에이션 주의), 도미노피자(DPZ, 5.74%, 선행 PE 29.5배, 3년 배당 CAGR 19.6%). 출연자 관점: 로우스는 주택 개조 수요와 59년 연속 배당 증가, 자사주 소각을 강점으로 꼽고, 힐튼은 자산경량 모델과 현금 약 14억 달러를 긍정 요인으로 본다. 하워드휴즈는 부채와 적자 리스크를 짚는다. 전반적으로 장기 관점의 종목 소개이며 특정 기간의 가격 방향 예측 발언은 명시적으로 없다. 리스크: 애크먼 펀드의 운용보수(관리 1.3%, 성과보수 16%)는 높은 편이라는 점도 언급된다.
다듬은 글
the pershing square capital management hedge fund was founded in 2004 and is still managed by legendary investor bill ackman a unique aspect of pershing square is that it is structured as a closed and fun whose shares are publicly traded but managed like a hedge fund approximately 9.4 billion dollars worth of public equity is held by pershing square according to its most recent 13 f filing in a three year time frame from mid mid-february 2019 to mid-february 2022 investors following the company's 13f filings would have generated annualized total returns of 22.4 percent compare this to the s p 500 etf spy which generated annualized total returns of 18.17 hello everyone and welcome back to the finance guardian channel in this video we'll take a look at bill ackman's top six stock picks from the pershing square portfolio subscribe to our channel click the bell beside it and let's get this thing started before we dive into the pershing square's top six picks let us first get to know the legendary man behind it pershing square has been managed primarily by bill ackman since its inception having initially funded the company with a 54 million dollars using his personal funds after making many successful and creative investment plays the billionaire hedge fund manager has gained legendary status in the investing community the headline grabbing bet that he placed last year turned 27 million dollars into 2.6 billion dollars in his controversial bet that the coronavirus would tank the market ackman used credit protection on investment grade and high yield bond indexes in the end the trade turned out to be profitable during a period of decline for most portfolios wall street journalists described ackman's bet as the single best trade of all time because of its unique structure over the course of his career mr ackman has achieved many other notable achievements pershing square acquired a 14.2 stake in canadian pacific railway limited cp in 2011 after a fierce battle with the existing board ackman succeeded in installing a new ceo and updating the company's business strategy cp shares quadrupled in the next three years a total of 2.6 billion dollars of profit was generated by this successful investment for the activist hedge fund lastly ackman's bet on coronavirus generated a sizable return but it's certainly not pershing squares first ackman revealed in 2009 that he achieved a 13-fold return on general growth properties which was on the brink of bankruptcy during the great financial crisis after extending the company's 27.3 billion dollars in debt for seven years the mall owner survived and eventually bought back pershing square's stake this risky bet is now the second best of ackman's investing career translating 60 million dollars into 1.6 billion dollars exceeding his initial expectations current portfolio holdings while many hedge funds heavily diversify their portfolios by investing in multiple equities pershing square's investing philosophy has always involved betting on a handful of high conviction ideas currently all 9.4 billion dollars of its public equity holdings are invested in only six stocks the current holdings of pershing square are quite similar to those in its previous 13f filing the fund only sold a tiny portion of its stakes but significantly increased its howard hughes holdings the following portfolio adjustments were also made at number six domino's pizza incorporated dpz 5.74 of the international pizza giant is currently owned by pershing square stores continue to be added to the company's network which currently numbers more than 17 800.
in fact 98 of these locations are franchised so domino's receives a steady stream of royalties that increase over time without having to finance these locations or bear operational risks today a 5.5 royalty fee is charged for these locations in this way domino's revenues are unaffected even if a store's margins are squeezed as time passes royalties grow along with new store openings higher sales at the same location and price increases although a number of challenges were encountered over the past year revenue growth continued demonstrating the company's operational resiliency and brand recognition shares of dominoes are currently trading at a forward p to e ratio of 29 and a half this is a reasonable valuation multiple considering domino's growth prospects and its great business model moreover domino's has been increasing its dividend every year since 2013 achieving a three-year compound annual growth rate cagr of 19.6 percent domino's is one of pershing square's holdings that execute strong share repurchases a third of the company's shares have also been retired over the past five years which is quite remarkable number five howard hughes corporation hhc a total of 13 and a half percent of pershing's portfolio is allocated to howard hughes between 2019 and 2021 mr ackman's position increased by 158 nearly 25 percent of hhc's shares are owned by pershing square which significantly supports the dallas-based property manager even though mr ackman's picks usually prove to be highly successful investments howard hughes has been struggling lately failing to post consistent profits additionally while the company has a substantial cash position of just over 1 billion dollars which is quite large given its 5 billion dollar market cap it also carries 4.46 billion dollars in long-term debt number four restaurant brands international qsr restaurant brands represents just under 14.4 percent of the funds holdings a current stake of 7.63 in the company belongs to the fund despite shares losing more than half of their value during a coronavirus sell-off in march of 2020 ackman's investment has been successful and the stock has regained much of its value from pre-coveted 19 levels qsr's revenues grew further last year while profitability remained at a high level the stock currently trades at a forward pde ratio of 18.2 with a yield of a close to four percent number 3 chipotle mexican grill cmg chipotle accounts for around 18.3 of pershing square's equity holdings ackman has bought shares of the fast food chain since 2016 betting heavily on it the company's shares have nearly quadrupled since and pershing square still owns around 3.96 percent of its total shares chipotle is one of pershing square's most successful picks currently trading at 1 489 per share with an average estimated purchasing price of 386 dollars revenues have been increasing over the past year as the company experiences an extended growth phase although the pandemic negatively affected the restaurant industry chipotle benefited greatly from an increase in delivery orders while chipotle's growth slowed slightly last year it remained strong at double-digit rates number two hilton world wild holdings hlt hlt in which mr ackman owns four and a half percent also reflects pershing square's strategy of holding large stakes in major companies ackman argues that despite the negative impact of the pandemic on the hotel industry which still continues it should also force independent hotels to align themselves with global brands like hilton which will have a positive impact on its long-term growth prospects a capital light economic model and strong balance sheet further benefit the company this quarter the company boosted equity positions by less than one percent despite the initial disaster-like concerns during the covet 19 outbreak shares are currently trading near all-time highs proving mr ackman's prediction to be true currently shares are trading for a forward pde ratio of approximately 35.6 this is nevertheless an expanded valuation so there may be a correction at some point also worth noting is that the company has around 1.43 billion dollars in cash and equivalents in its war chest this amount should allow hilton to refuel growth as the industry recovers while ensuring that hilton doesn't face any solvency issues if recovery takes longer than expected a two percent decrease in pershing square stake in hilton worldwide international was recorded during the last quarter number one lowe's low pershing square's largest investment lowes occupies about one-fifth of its public equity portfolio since 2018 ackman has been investing in lows since he hopes its market share will grow against home depot as of pershing square's most recent form 13 filing the position was relatively unchanged when mr ackman built the position he paid an average estimated price of around 95 dollars with shares trading over 228 dollars lowe's has been a winning bet over the past couple of years since consumers have focused on home improvement during the past year the company has posted rising revenues it's surprising as working from home provided a one-time boost to the economy in 2020.
this is why seeing sales increase further in 2021 is so impressive the company generated nearly 96.3 billion dollars in sales during the year its highest ever lowe's net income margins have also been expanding to the company achieving higher economies of scale the margins hit new all-time highs in the past year at 8.77 percent lowe's margins have not always been generous because it is a retailer but at such sales volumes its profits also reach record levels in 2021 with 8.42 billion dollars in profits its highest profit ever in fact lowe's has increased its dividend for 59 consecutive years making it a dividend king lowe's continues to return capital to its shareholders aggressively despite its mature profile this past quarter the company announced its 59th annual dividend hike boosting the quarterly dividend by a massive 33.3 percent from 60 cents to 80 cents this is the biggest jump in dividends over the past 12 years much larger than its 10-year cagr of 18.6 percent with a comfortable payout ratio the company has also repurchased its stock at a rapid rate retiring more than half of its outstanding shares over the past 16 years in this way pershing square stake will likely continue to grow even if the fun does not increase its position further as continuing buybacks gradually increase pershing's ownership over time final thoughts the public market listing of pershing square makes it unusual as a hedge fund that people can invest in this company is helmed by renowned investor bill ackman and has outperformed the market thanks to its uniquely structured plays and high conviction ideas the management's annual fee of 1.3 previously 1.5 and nav and 16 incentive fee may seem steep but the company's performance over the long run has been well worth it and that's all the time that we have today folks we hope you enjoyed this video and if you did please remember to hit that like button if you're new around here subscribe to our channel and on your way out please do remember to click on that bell icon too so you can remain updated about all of our future videos you're welcome to the channel where you will learn the basics of personal finance and easy to understand language we'll see you next time
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