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빌 애크먼 2020년 2분기 13F 포트폴리오 변화를 분석한 영상이며, 주요 종목 보유 현황과 워런 버핏과의 투자 성향 차이를 설명한다. 포트폴리오 변화: 레스토랑브랜즈인터내셔널 지분을 소폭 추가 매수했고, 하워드휴즈를 1분기 신규 대형 투자로 편입한 뒤 일부(약 10%) 축소했다. 매도 종목: 버크셔해서웨이, 블랙스톤, 파크호텔스앤리조트를 전량 매도했다. 파크호텔은 의미 있는 비중을 쌓기 어려워 정리했다고 설명한다. 버핏과의 대비: 버핏은 레스토랑·금융주를 줄이고 자사주 매입을 늘린 반면, 애크먼은 레스토랑 관련주 비중을 크게 유지하며 소비 회복을 낙관하는 것으로 해석된다. 현재 보유 구성: 로우스(약 소매·주택개선 최대 비중), 레스토랑브랜즈(약 17%), 치폴레(약 15%), 힐튼, 스타벅스, 하워드휴즈, 엘리전트테크놀로지스(헬스케어·생명과학)가 포함된다. 개별 종목: 로우스는 시가총액 약 1,160억 달러, PER 26배로 2018년부터 보유. 레스토랑브랜즈는 시총 약 160억 달러, 배당수익률 약 4%, 2012년부터 보유하며 낮은 자본지출 구조가 장점. 치폴레는 PER 131배, 무배당, 2016년부터 보유하며 매점 수 2,500개 이상. 엘리전트테크놀로지스는 PER 약 44배, 2019년 3분기 편입. 하워드휴즈는 코로나 이전 고점 대비 50% 이상 하락해 있어 영상 기준 가장 큰 상승 여지가 있는 종목으로 언급된다. 영상은 과거 포트폴리오 공개 자료에 대한 해설이며, 향후 가격 방향에 대한 명시적 예측은 거의 없다.
다듬은 글
welcome back to red's roundup in this video we're gonna be looking at bill ackman's quarter two portfolio for 2020 make sure to subscribe if you want to see more videos like this let's get into it so here we see the portfolio changes he made over the past quarter and we have starting out here restaurant brands international he added shares for seven over seven percent of his portfolio lows he added more shares very small impact though that's why it's not highlighted howard hughes corporation this is his big new uh investment that he made in quarter one of 2020 and you'll see that it makes up a pretty substantial portion of his overall portfolio now so he just reduced that by a 10 amount not sure exactly why he did that but probably has a good reason and then he sold out of three stocks here berkshire hathaway blackstone and park hotels so park hotels and resorts he sold out of that because he wasn't able to build a meaningful position in his portfolio to warrant being a full a full stake so he has a very concentrated portfolio doesn't ever have more than 10 stocks really and you just couldn't build up a big enough position in blackstone or park hotels but that brings us to berkshire hathaway which he owned a substantial portion of his portfolio in over 15 percent of his portfolio was in berkshire hathaway that is the the company the conglomerate owned by warren buffett or ran by warren buffett and charlie munger so why do you think he did that that leads me to some other point the opposite of buffett so that is exactly what ackman did so he bought restaurant brands while buffett sold restaurant brands and ackman sold berkshire hathaway while buffett bought a record record number of uh of share buybacks for his own company berkshire hathaway so this is really interesting two value investors that have really different opinions on where the u.s economy is going and what's going to be happening to the u.s consumer over time buffett thinks maybe not restaurants as much and not financials whereas ackman thinks that restaurants are going to be holding strong he has a substantial portion of his portfolio in restaurants in two different stocks which we'll see coming up here right now so this is bill ackman's current portfolio so you see here starting out the biggest allotment is to lowe's lowe's corporation so lowe's is the outdoor retailer we know about that restaurant brands here at 17 percent and then chipotle coming in at 15 percent so if if you combine chipotle restaurant brands and starbucks bill ackman has a huge exposure to uh restaurants and consumer food and beverage that's pretty interesting and then for his next next pick elite allegiant technologies so this pick is way different than any of his other picks his other picks are consumer facing brands howard hughes is real estate but this one is interesting because it's not exactly a consumer facing brand hilton starbucks and howard hughes which isn't his new one this is a real estate play commercial residential uh and housing real estate so that's interesting so there's his portfolio right now let's take a look in depth at lowe's so lowe's is the home improvement and other hardware store that you all probably know about there's probably a lows near where you live if you live in the united states at least so lowe's has a market cap of around 116 billion dollars that's pretty large they they trade at a p e ratio of 26.
so that's a little bit elevated but given the fact that they've grown despite the pandemic in quarter two that is impressive and they're going to be trading at a larger multiple especially given the fact that the market as a whole is fairly richly valued right now as well so ackman's owned lowe's since quarter two of 2018 so it's been two years now at this point he's owned lowe's so i assume he's just going to keep on owning lows for a while next one is restaurant brand so restaurant brands is the company that owns and franchises burger king tim hortons and popeyes so those are three uh three businesses three franchises that are pretty popular within north america and beyond a little bit so they're sitting at a market cap of 16 billion dollars a p e ratio of 25 and a dividend yield of almost four percent and so he was buying probably around the 50 range in quarter two so he hasn't really seen that much of an appreciation he's owned a restaurant brand since 2012 they franchise these companies and they have low capex because they pretty much just get the royalties from the franchising of these restaurants so next one here is the chipotle mexican grill so chipotle has a market cap of 33 billion a p e ratio very high p e ratio of 131 wow that's large and no dividend and from the march lows they've gone from around four hundred dollars per share to now over a thousand dollars per share so bill ackman has owned this stock since 2016 so he has held through even the big crashes chipotle is pretty much everybody's favorite restaurant if not mexican quick restaurant in the united states they have over 2500 restaurants very successful business model very successful business i don't see him selling chipotle anytime soon so now is allegiant technologies it's a healthcare and life sciences company they do a lot of really complicated things uh their earnings has gone down since the pandemic has started sadly they trip they trade at a p e ratio of 44 almost 45 so that's pretty richly valued a small dividend of only 0.73 percent and a market cap of around 30 billion dollars so he's owned this since 2019 quarter three of 2019 uh this is a little bit of a unique pick for akman right now so let's take a look back at the other companies which we haven't talked about hilton starbucks and howard hughes howard hughes corporation is the big new one for this year that he just started buying a lot of and even though he trimmed his position it still makes up a large percentage of his portfolio as a whole so howard hughes corporation very interesting pick it's gone down over 50 percent from its highs before the pandemic so it'll be interesting to see what is happening there i would say that's probably his stock with the biggest upside right now um starbucks everybody knows about starbucks and hilton so that's bill ackman's portfolio if you like this video if you enjoyed it leave a like please subscribe comment see ya
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