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Bill Amman is one of the best investors in our generation and it's always fascinating to look at what is owned by his investment vehicle persing Square because Amman is always a very concentrated investor takes really big bets and 100% of the portfolio right now is in just seven stocks so that's really shocking concentration the biggest three Holdings account for nearly 60% of the portfolio so I'm going to go through all of the numbers that have been publicly reported and show what Amman is seeing in the market because there's some broad trends that we can outline here my name is Travis hyam thanks for watching asymmetric investing Please Subscribe here on YouTube for all my content and thanks to this video sponsor the mle fool check out fool.com ym for their top 10 stocks to buy right now I'm going to start by showing the portfolio overall because here you can see the $10.8 billion portfolio allocated to just seven stocks those top 10 Holdings the percentage is 100% that's not very common among a lot of investors we talk a lot about divers iers ification but with persing square this is a hedge fund so Amman is making money not only by owning part of the fund himself but also um the gains from the fund so does a lot of research in these names and then allocates to a very big position oftentimes agitating for changes of some sort at management whether that's changes in management them or actually selling off pieces so let's go through a few of these because I think these are really interesting to see the correlation and the first two are restaurant companies which I always think is fascinating the first is Chipotle I'll show just show the numbers here you can see that this stake really was built in 2016 so a relatively long holding for Amman and this is about 20% of the portfolio and has been for quite some time now not coincidental that this was I don't think it's coincidental that this huge stake was taken when Chipotle was kind of down and out because of that ecoli outbreak that happened so you saw a drop in the company I's sales on a per restaurant basis which is really how we need to measure restaurants is how much volume how much sales do they have going through each one of those restaurants and Amman saw a lot of upside there the stock was down very opportunistic by and has been holding this for quite a while out and generating very strong gains the one that I think is really surprising is the restaurant brand stake ticker symbol here is qsr you can see that this stake also goes back a very long time about 10% of the portfolio going far as far back as 2014 that has been volatile over times but is but that was but this stake was in increased basically as soon as the pandemic hit in Q2 2020 and I think it's worth going through just what restaurant Brands International owns because this may not be quite as simple to understand as companies like Chipotle this is a look at some of the Holdings for restaurant Brands International you can see that the big four Tim Hortons Burger King Popeyes and Fire house subs and there are not only owned restaurants which is something that chipotle does they own all of their restaurants but they also franchise some of these restaurants and so franchises can be a really phenomenal way to generate returns as a company you do all the branding you pick out the food you set up the supplier relationships and then franchisees actually pay you to be a franchisee and then there's ongoing fees like licensing so it's a very high margin business if you can build a big business I wouldn't call these quite the same power houses that chipotle is not quite the same Big Brand Burger King I don't think that Burger King you would say is really a hot restaurant but obviously acman sees a lot of potential in these companies and the general takeaway here is that he's very bullish on the restaurant industry thanks to our friends at the monly fool for sponsoring this video visit fool.com ym for the top 10 stocks to buy right now now some of these other companies we can start to get a general trend of what acman is thinking about the market lows accounts for 17.6% of the portfolio you can see here that that low stake has been held for a number of years now back going back to 2018 and Lowe's I think is just a solid is just a company that has solid returns they continue to buy back stock return money to shareholders so there's not a lot to read in here except for the fact that Lowe's is a really well-run company and it's very shareholder friendly that's something that a lot of investors can like about this stock Hilton worldwide is an interesting one to me this is really more of a brand company it's a hotel company but they're doing more of The Branding and the technology behind these hotels they're not actually running independent hotels so much more of that franchise model like we talked about with restaurants and you can see that the holding has has fluctuated over time increased in 2020 when we did have that pandemic and you had a lot of downturn in the hotel industry and then has been reducing that exposure to Hilton over the last couple of years but still obviously a very big allocation to the Hilton brand kind of tied to this and an interesting holding I thought was Howard Hughes Holdings now this is marked as hhc it should actually be HHH is the stock that acman holds but this is one that has been built up basically since the pandemic just allocating a huge amount of money to this company and what exactly did they do they are a developer of all kinds of real estate assets asss so they have assets all over the country and they're building all kinds of different things Master planning homes offices retails Community I think of this as just giant developments master plan developments and this is obviously something that Amman has been very bullish on you can you can get the sense why especially housing is something that has just increased in value because there's a ton of demand especially for areas where you're going to want where you're going to have a concentration of people and businesses that's the kind of thing that Howard Hughes Holdings develops so there's a lot of potential upside there if we just go to the key facts that they have for investors there's also a lot of option optionality for development 36,000 acres in in the land that they could develop and historically a 9% yield on cost so when borrowing money is four or 5% generating a 9% yield on real estate is pretty attractive returns lots of multif family units lots of retail units lots of office space and here's another reinforcement of why Amman is excited about at 21% historical return on Equity so you can see why he likes that company and the final position is two stocks but actually one company that is alphabet and Amman own both tickers goog and go in total they make up a little bit less than 15% of the portfolio but these are actually the newest positions in the portfolio akan has been buying these over the last couple of quarters so I think this is again another telling position about where Amman is seeing growth and opportunity from investment perspective this alphabet is actually a stock I've been buying as well because it's one of the cheapest big tech companies and I think has one of the bigger mes out there they've obviously got the search business but there's also a lot of optionality we've seen improvements in their artificial intelligence products that they've launched just in the last couple of weeks you have whmo there's a ton of optionality with YouTube where you're watching this here and Creator and content from other creators aggregating that together providing advertising against it but then also becoming a go-to platform for bigger media companies they have a deal with the NFL now we have the and we have the NBA media rights coming up next year I think alphabet and YouTube could play a role in that so a lot of growth opportunities I think alphabet is arguably one of the best tech stocks to buy right now and Amman seems to agree with that but looking at this portfolio overall only six companies and seven stocks in the portfolio of over 10 billion ion really big allocation to restaurants with Chipotle and restaurants International Lowe's and Hilton are two companies that he's held for a very long period of time and then you have Holdings like Howard Hughes Holdings and alphabet these are newer Holdings in the portfolio but you can see why those might be attractive so I think it's interesting to look at amman's portfolio because he makes such high conviction bets but what did you take away from this love to hear your comments about persing Square's portfolio and what Amman is thinking leave those in the comment section below don't forget to subscribe don't forget to subscribe to asymmetric investing thanks for watching everybody see you here next time
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