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In April, Bill Ackman offered $64 billion to buy out the entire company. It owns the largest music catalog on the planet. Taylor Swift, Drake, The Beatles. This company is Universal Music Group. Three weeks later, he raised $5 billion in a new fund to bolster his offering. And on May 29, Universal's board of directors unanimously rejected his proposal.
He had 5 billion in cash, but no place to invest it. So he went shopping. Six brand new investment positions in 90 days. His biggest shopping spree in recent years. And here's the moment that simply stunned me. None of them are technology stocks . This is a year where the technology sector is showing incredible growth .
Three things you will learn from this video. All the stocks in the portfolio now, which companies he sold to buy new ones, and whether rejection was the best thing that ever happened to him. If this is your first time here, my name is Ken Freeman, I am a professor, CFA charterholder, and trainer for top Wall Street banks like J.P.
Morgan, Morgan Stanley and BlackRock. I use techniques learned over 20 years on Wall Street to help private investors find winners and avoid losers. So, was Bill Ekman in a hurry, or did he lose his talent? In July, I analyzed Ekman's portfolio in detail. I ended up at Microsoft, his new $2 billion bet.
At the end of June, it was in the red by approximately 8% of the amount invested. Microsoft closed trading on June 30 at $373. Today it is $491, up 32% since the report. The Ekman Fund is Pershing Square, a $19.5 billion fund that is typically spread across a hundred companies. He owns 14. Okay, guys, get ready.
We'll go through every stock he owns, from smallest to largest. 10 positions he already had and four he just acquired. $19,465,000,000. 90 days ago, the same list was worth 13.7 billion. Google is no more. He sold every last share. And there are several companies he owns that would n't make this list at all.
I will point out each of them as I go along . So, let's start at the end of the list. What steps did Ekman take? If you need this kind of analytics, like and subscribe so you don't miss the next video. Number 14, Hertz. You rent their cars at the airport. In July, I singled out Hertz as a position that could embarrass him.
The fact that he still holds the shares means he believes in them, but it could disgrace him. Here is your answer. In March, this package cost about $70 million, and in June, it was $33 million. He barely sold any shares to cause this. The value of the shares fell by half while he had them. Now it is 0.2% of the entire list.
He didn't buy more, but he didn't exit the position either. Number 13, Seaport Entertainment. He never bought them himself. They came to him as a result of the asset allocation. Just over 5 million shares, and none of them were sold. A $133 million estate in a prestigious New York neighborhood that he refuses to sell.
Number 12 is his own foundation, Pershing Square USA. This is the $5 billion we mentioned earlier. During the IPO in April, the price was $50 per share. The shares fell on the first day and have not recovered since. His firm owns 4 million shares worth $149 million . That's about $37 per share. He is losing money on his own fund, but he still went on a purchase.
Number 11, Meta Platforms: Facebook, Instagram and WhatsApp. He added 535,201 shares this quarter. This is the largest percentage gain in the portfolio, with Meta shares down 15% this year. So, he intentionally bought up shares that were losing value. We have already discussed Meta many times on our channel.
As you probably already know, I own shares of Meta. This is my seventh largest position. My share is 4.6%. The reality is: if you want to invest in pure social media, Meta is the best choice. In addition, they are a real giant in the field of advertising. About 97-98% of their revenue comes from advertising.
Number 10, Restaurant Brands International. Tim Hortons, Popeyes, and Burger King are all the same company. In July, I said he was waiting for a better price. This is Ackman in his purest form. Boring, stable, easy to miss, but the company makes a profit every day. This quarter, he bought about 3.2 million more shares.
Burger King's comparable sales are up 7% this year. This is the best performance among all its assets—an 8% increase. These were five small positions. The next five are the biggest positions he holds. So what does he do with real money? Want to learn the secrets of Wall Street for free? Scan the QR code on the screen or go to winlikewallstreet.com.
Number nine, Howard Hughes. It appears twice because Pershing Square now reports under two names. So, 15 lines in 13F—that's actually 14 companies. Add both lines and you get 27.85 million shares. None of them have changed, but the company underneath them has changed significantly. In June, it acquired an insurance business called Vantage.
Ackman wants to turn this company into a modern Berkshire Hathaway. These are his words, not mine. I own Howard Hughes, and the only reason is Ackman. This is now my 10th largest position with a weight of 4.2%. What really convinced me was that in May 2025, he invested $900 million in 9 million shares.
So , the average price is $100 per share. When you think of an investor like Ackman, he always buys at a discount. He is a Warren Buffett-style investor. So , if he pays $100 for these shares, he clearly believes they are worth more. I would say he probably thinks they have a 50% discount. This gives a value of around 150.
So if you can get them below 75, you are buying at a 100% discount. Even if you buy at a discount of 100, you get a huge margin of safety in the shares. Number eight, Amazon. In July, I told you that he had increased his share by 19% and confidence was growing . This is not a reduction, not a retention.
It's a confidence that grows. Well, he probably has more confidence elsewhere. He sold 2,888,000 shares this quarter. This is a quarter of his position. And Amazon was his best-performing stock last quarter, up 14% . He didn't lose faith in Amazon, he needed the money. So, he sold his leader to pay for something else.
Watch him do it again two more times . I own Amazon, it is my sixth largest asset, with a weighting of 5.6%. We literally just broke it down on the channel. So if you want to see an in-depth analysis of Amazon, please check it out. It is trading at a discount of about 24%. I think, ultimately, we have to admit that Amazon is a company that we all shop from, probably every week.
I know I'm doing this. And if you look at AWS, growth and margin, it's almost 40% growth and almost 40% margin. This is absolutely incredible. Number seven , Microsoft. This is what I told you about back in July. This is what he did to them while they were still falling. He had a loss of 8% and bought another 552,652 shares.
He doubled his bet on a stock that was outperforming him. After 10 weeks, he was up 32%, and that decides everything. I have a significant stake in Microsoft. This is my second largest position with a weight of 11.2%. I believe Microsoft will be a big winner in AI . They have more data centers than any other company on the planet.
This is an extremely reliable company, one of only two in the world with an AAA credit rating, the other being Johnson&Johnson. So everything is pretty obvious here. Number six , Brookfield. She owns real assets around the world. This is the " piggy bank" of his portfolio. He sold 2.2 million shares this quarter, and this is the second consecutive quarter he has reduced his position.
Same story as with Amazon. He took money from what was working to invest it elsewhere. Number five, Uber. In monetary terms, nothing on the list is bigger. $2,476,000,000. It's in fifth place because we're counting new purchases. In July, he reduced this position and took profits. He started buying it in early 2025.
It came in at about $70 a share. But look at this. He reduced it by 3%. This quarter, he bought 4 million 367 thousand shares. And this is in a stock that has fallen 12% this year. Profits are growing at 35% per year, and it's trading at a multiple of 19. This is the cheapest it's ever been . This is the briefcase he already had.
Now let's look at the four companies he just bought. So what does a person buy after their $64 billion offer is rejected? Number four, Netflix. And this is personal. He owned it for about three months in 2022. Then he sold everything and lost about $400 million. Four years later he returned. 13 million 81,465 shares.
So why now? The stock has fallen about 50% from its high last year. The profitability ratio has fallen from over 40 to 21. And Ackman says that Netflix, quote: "has effectively won the streaming wars." He buys back the stocks he got burned on—as if he's getting back at his ex-girlfriend. Number three, S&P Global.
Do you know the S&P 500 index? This is the company that owns this name. Over $20 trillion is tied to this index. Every fund that tracks it pays them. They also own CapIQ, which provides in-depth financial data. I use CapIQ and feature it in my weekly stock videos. So how can a business like this even end up on sale?
In February, shares fell by more than 25%. Investors were scared that AI would replace their data business. The price-to- earnings ratio fell from 25 to 19 , a five-year low. Number two, Mastercard. 1 billion 91 million dollars. And the next position is the Mastercard twin, so I'll review both right here.
Every time you apply a card, they take about 20 basis points. 20 basis points is 20 cents on a $100 purchase . They take their percentage and bear zero credit risk. Number one, Visa. 3 million 270,470 shares. 1 billion 122 million dollars. So why are the two best "pay points" in the world on sale? Three reasons for fear.
The first is stablecoins. The second is AI agents that do the shopping for you. And the third is a bill in Washington to limit card fees. Pershing says investors were wrong on all three points. And the Washington bill has already stalled. Card payments still only account for about half of global spending.
So , I really do own a Mastercard. This is my third smallest position with a share of 2.6%. So, in terms of payment processing volume, Visa occupies about 52% of the market. MasterCard has about 23% of the market. So together they control about 3/4 or 75% of the entire market. Now let's take a step back and look at all four of these agreements together.
It's the same strategy every time. About 20% profit growth at a 19x price/ earnings ratio. This gives a PEG ratio of 0.95. The S&P 500 is growing earnings by 12 % and is worth 20 times earnings. This is a PEG ratio of 1.67. Therefore , the PEG ratio is calculated as the ratio of P/E to earnings growth.
This is a metric that investors use to determine whether a stock is undervalued. This was a favorite metric of Peter Lynch, who ran the Fidelity Magellan fund in the 1980s. And it's worth thinking about it in the following way. Below one, the stock is considered undervalued. At the unit level, the stock is considered fairly valued .
And above one, the stock is considered overvalued. So, by Ackman's logic, the stocks he bought have a PEG of 0.95 versus 1.67 in the S&P 500. So he gets relative value compared to the market. And look when he bought. Two sectors, chips and computer hardware, accounted for almost 85% of the market growth.
and nearly 40% of S&P 500 stocks have fallen this year. So, Ackman went " shopping" for that 40%. Four of the six companies are financial, and Universal itself is not even mentioned here. It is traded in Amsterdam. And the only reason he had money to invest is because Universal turned them down. But wait, I said six companies.
There are only four on this list . So where are the other two? Well, friends, guess what—this report is already outdated. Oh, just a little . Here are these two companies. The first is Intercontinental Exchange. The second is Alcon. He bought them after June 30, so they didn't make it into the report.
ICE operates the exchange on which 90% of Brent crude is traded . Alcon is the world's largest vision care company. None of them are technology stocks, like the other four. And most people don't even realize that all this happened. Don't buy stocks just because of headlines in the news. If you want to think right and take similar steps, just scan the QR code on the screen.
So, was Ackman in a hurry, or did he lose his talent? Here is my honest opinion. Three out of four companies are effectively at zero, and Netflix is at a loss. Two companies you've never seen on this list, Fannie Mae and Freddie Mac, have fallen about 40% this year. They are traded over-the-counter, so the form misses them.
And we will get the answer to the question "is he right or not" only in 3 years. This is the average holding period of Bill Ackman's assets, approximately 13 quarters. But there is one thing in this report that you can always use. Every time an investor buys something, ask yourself this question. Did the stock fall or did the business fail?
Microsoft, Meta, and Uber — stock prices fell, but the companies themselves didn't. He increased his stakes in all three. Hertz—the business collapsed. He didn't buy any shares, on the contrary, he sold them. And that's the whole difference. One of the questions that is often asked is: when should you use cost averaging or buy on dips, and when is it better to sell everything completely?
In fact, it depends on the ability to evaluate the company; you must be convinced that you are right and confident in the numbers you have calculated. Another point: If these assets are in a taxable account, you can sell them before the end of the year to get a tax break on the loss, then repurchase them the following year.
To do this, you will have to be very careful over time, as there are rules about fictitious sales, but ultimately, if you truly believe in the company, it is worth considering, and you should not feel guilty about the tax losses. So, guys. Now I want to hear your opinion. What is he wrong about? The four he just bought, or the one he refuses to sell? Let us know in the comments below. As always, be tireless.
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