저자: 미상 · 외국인
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영상은 Pershing Square 포트폴리오(약 $15.1B)의 주요 보유 종목을 소개하며, Uber(약 20%)·Brookfield·Alphabet 등 상위 종목과 Restaurant Brands, Howard Hughes, Hilton, Chipotle, Amazon 등을 다룬다. 전반적으로 집중 투자 전략과 고확신 베팅을 강조하며, 출연자들은 포트폴리오 보유 현황과 과거 수익률을 설명할 뿐 대상 자산에 대한 1~3개월 가격 방향 예측은 명시하지 않는다.
다듬은 글
Bill Aman from Persing Square Capital Management'; Bill Aman has always been a lightning rod in the investing world. Right now, his Persing Square Capital Management portfolio is sitting at $15.1 billion. That is a massive amount of capital concentrated in just a few high conviction bets. It really is the classic Acman playbook.
He doesn't diversify for the sake of it. He identifies companies with deep modes and stays the course. Today the portfolio is up about 0.55%. His overall gain is sitting at 3.3%. We have to start with his largest position which might surprise some people. It is Uber Technologies. He has over 20% of the entire portfolio locked into this one stock.
that is 30,270,518 shares is a massive stake worth over $2.5 billion. Yuber is currently trading around $8286. What's interesting here is the valuation. The price to earnings ratio is surprisingly low at 10.3. That is much lower than I expected for a tech giant. But look at the performance. He is actually down 15.4% on this position overall.
Does that concern you? It shows his conviction. He recently trimmed the position by a tiny amount, just 0.1%. But he is still allin. The stock has a 52- week range between $60 and $11. He's betting on where Yuber will be in 5 years, not 5 months. There's a lot of talk about their long-term moat. Recent reports are asking where the stock will be in 5 years.
Ecman seems to believe they will dominate the logistics and transport layer of the economy. Exactly. He likes businesses that are hard to replicate. Now look at his second largest holding, Brookfield Corporation. This is 19.2% of his portfolio. He owns over 61 million shares. That position is worth 2.8 billion.
It's almost as large as the Uber stake. The stock is trading at $4663. I noticed the dividend yield is quite high at 7.39%. That dividend is a huge part of the total return profile. Brookfield is a complex beast acting as a massive alternative asset manager. The price earnings ratio looks high at 115.9.
But with these types of companies, you have to look at the underlying assets. He actually trimmed this one slightly too down 34% recently, but the stock was up 1.6% today. There's been some noise about Brookfield benefiting from a dualization market shift. Aman loves those macro tailwinds. Brookfield owns real assets like infrastructure and renewable power.
If the dollar shifts, those hard assets become even more valuable. The 52- week high is $4947. It's trading very close to those levels right now. It's a steady climber for him. He's up about 2% overall on Brookfield. It's a stark contrast to the volatility we see in his tech holdings. Speaking of tech, let's talk about Alphabet.
Alphabet is his third heavy hitter. It makes up 10.5% of the portfolio. He's holding about 6.3 million shares at a price of 315.32. That's a $2 billion position. And he hasn't touched this one lately. No recent buying or selling. He seems content to just let it ride. He is up almost 30% on this position.
A 29.5% gain is impressive. Alphabet is trading at a price earnings ratio of 30.6. six. That feels very reasonable for a company with their earnings power. Their earnings per share is sitting right at $10. I saw some news today about Alphabet being a competitor to Amazon in certain sectors. There's a lot of momentum building for 25.
The stock is nearing its 52- week high of $328. It's a core holding for a reason. Aman isn't just buying search, he's buying the AI infrastructure. Even though it's only 10% of his portfolio, it's a massive contributor to his gains. He's holding steady while the market fluctuates. It's fascinating how he balances these.
You have the aggressive growth play in Uber. Then you have the asset heavy broke field with that 7% dividend. And finally, the cash flow machine in Alphabet. It's a very intentional mix. He wants companies that can survive a recession but capture massive upside. He is not afraid to see a position like Yuber go into the red if the fundamentals are intact.
He's an activist. Remember, he is likely talking to these management teams constantly. He doesn't just sit on the sidelines. He wants a seat at the table. With over $2 billion in each of these top three, he certainly has the leverage to demand changes if things go south. That is the Persing Square way.
High stakes, high pressure, and very high conviction. He's managing $15 billion with the focus of someone managing a small personal account. Most fund managers would have 100 stocks. Aman has his favorites and he sticks to them. Let's keep moving through this $15.1 billion portfolio. Mike, we spent the first half looking at some of the heavy hitters, but I want to pivot to a staple of the admin playbook.
What is the story with restaurant Brands International? That is a massive core holding for Persing Square. It makes up exactly 10% of the total portfolio. We are talking about over $1.5 billion invested there. He actually trimmed the position slightly by.37% recently. Only a tiny trim. Why stay so heavily invested in fast food?
It is all about the business model. Sarah, think Burger King, Popeye's, and Tim Hortons. These are royalty-style businesses. They generate incredibly steady cash flow regardless of the economy. Plus, the dividend yield is a healthy 3.66%. That is very attractive for a company with a 33.4 PD ratio. The stock is currently trading around $67.81.
That is right in the middle of its 52- week range, which tops out at $73.70. It feels like a safety play. It definitely is. Now, Alphabet is a different story. He made a much more aggressive move there. He reduced that position by nearly 10% in the recent period. 10%. That is a significant exit for a company as dominant as Google.
Did he lose faith in the AI story? I don't think so. Look at the gains. He is up nearly 30% overall on that position. The current price is $315.15. He is likely just taking some chips off the table after a massive run. Even after that trim, it is still 8% of the portfolio. That is still $1.5 billion,
right? And with a PE of 30.6, it is not exactly cheap anymore, but the earnings per share of $10 shows how much of a powerhouse it remains. He is letting his winners run while pocketing some profit. Let's talk about Howard Hughes Holdings. This is actually his largest allocation in this specific group at 10.6%.
That is $1.48 billion. This is the classic Aman deep value play. He hasn't touched the position size lately. He is holding over 18 million shares, but he is down about 4% on it overall. The current price is $78.81. Is that a red flag for a typical trader? Maybe. For an activist like Aman, it is about the land.
They own massive masterplanned communities. The PE is relatively low at 17.1. He is playing the long game here, waiting for the real estate cycle to turn. Moving to Amazon, he has over $1.3 billion there. No recent changes to that stake? None at all. It is $ 8.7% of the portfolio. It is up about 3.2% overall.
The stock is at $226.50. It is a bit off its 52- week high of $258. What about the hospitality and dining side? Hilton and Chipotle seem to be staples for him. Hilton Worldwide has been a total home run. He is up nearly 13%. The stock is trading at $292.98. That is incredibly close to its 52- week high of $294.
A PE ratio of 40.9 though. That sounds very expensive for a hotel chain. Mike, it is a premium price. But Hilton is a capital light brand machine. They don't own all the buildings. They manage the brands. Investors love that high margin business. Chipotle is the opposite right now. He is actually down about 4.3% there.
Chipotle is at $3749. I saw some news about a potential resurgence in 2026. Yeah, the analysts are looking for that next leg of growth. It is 5.8% of his portfolio. He is holding steady at 21 million shares. He is betting that the operational changes will pay off soon. We have to mention the smaller ones before we wrap up.
Seapport Entertainment and Hertz, they look wild, painful. They are the bruises in the portfolio right now. He is down 14% on Seapport and over 23% on Hertz. Herz is only $522. That is a tiny fraction of the portfolio now, isn't it? It is 7%. It is a $79 million position in a $15 billion fund. It is almost a rounding error, but it shows that even the giants get it wrong sometimes.
The rental car market has been brutal. Looking at the big picture of these 15 billion dollars, what is the final takeaway? Concentration. Aman doesn't diversify into hundreds of stocks. He picks 10 or 12 names and bets billions on them. He likes brands with most things people use everyday like hotels, burritos, and search engines.
And he isn't afraid to sit on a loss if he believes in the underlying math. He is up 3.3% overall across the whole portfolio. It is Zach Fleet in a volatile market that is a testament to his deep research. He isn't chasing trends. He is waiting for the market to realize the value he already sees. It is a masterclass in high conviction investing.
It has been a fascinating look into Persing Square. From the massive bets on Hilton to the steady dividends of restaurant brands, it really shows that you don't need to own everything. You just need to be right on a few big things. That is a wrap on our deep dive into Bill Aman's current holdings. Thank you for the analysis, Mike.
My pleasure, Sarah. And thank you all for listening to our portfolio breakdown. We wi.
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