The matter of Bill Ackman’s holdings is not one of breathless speculation, but of sober assessment. The recent filings regarding Pershing Square’s portfolio offer a glimpse, not into genius, but into a strategy of concentrated investment. It is a strategy, one might observe, that is not without its inherent risks, but which, if executed with discipline, can yield a reasonable return. The impending public offering of shares in his fund is, in essence, a mechanism for wider participation in this approach – a participation that will, naturally, come at a cost.
To wait for the formal offering is unnecessary. The publicly available records detail the fund’s current positions, and a careful reading reveals a pattern of investment in established, if not entirely unblemished, companies. Approximately 48% of the managed stock portfolio is currently allocated to just three entities – a concentration that demands scrutiny, but does not necessarily imply recklessness.
1. Brookfield Corp. (17.5%)
Brookfield Corp. is presented as a compelling case, and a cursory examination supports this claim. The company’s expansion into annuities and insurance, styled as Brookfield Wealth Solutions, is a calculated move. It echoes the model of Berkshire Hathaway, though to suggest it will attain the same stature is premature. The stated ambition – to grow invested assets from $120 billion to $600 billion – is ambitious, and one should view such projections with a degree of skepticism. The recent acquisition of Just Group, adding another $60 billion in assets, is a step in that direction, though it is merely a step.
The anticipated increase in carried interest income, stemming from its asset management business, is a more tangible benefit. The delayed recognition of profits, contingent upon the return of capital and a preferred return to shareholders, is a conservative accounting practice, and one that aligns with a long-term investment horizon. The expectation of a 25% increase in distributable earnings, while optimistic, is not entirely unreasonable, given the current market conditions. A price-to-earnings ratio of 18, based on last year’s figures, suggests a reasonable valuation, though it is not a bargain.
2. Uber (15.9%)
The prevailing narrative surrounding Uber – that it is threatened by the advent of self-driving cars – is, in Mr. Ackman’s view, overblown. This is not to say that autonomous vehicles will not disrupt the transportation industry, but rather that Uber is well-positioned to adapt. The company’s partnerships with Alphabet’s Waymo and Amazon’s Zoox are strategic alliances, not signs of desperation. The incremental increase in usage observed when autonomous vehicles are deployed on the platform suggests a mutually beneficial relationship.
The core ridesharing and delivery business remains robust, with a 22% increase in trips year over year. The improvement in EBITDA margin, rising to 4.6%, is a positive sign, though it is not a dramatic transformation. A price-to-earnings ratio of less than 23, based on analysts’ estimates, suggests a fair valuation, but it does not necessarily imply a bargain. The assumption that Uber will play a significant role in the future of autonomous transportation is a calculated risk, and one that may or may not pay off.
3. Alphabet (14.8%)
Alphabet’s position as a beneficiary of the recent advancements in artificial intelligence is undeniable. The integration of AI Overviews into Google Search results has increased engagement, and the monetization rate remains consistent. This is not a revolutionary innovation, but a gradual improvement to an existing product.
The impact of generative AI on its advertising business is also noteworthy. The improved effectiveness of ad targeting, facilitated by Gemini models, is a tangible benefit. The growth in Google Cloud revenue, driven by the demand for compute amid the AI boom, is a more substantial development. A price-to-earnings ratio of 27, however, suggests that the market has already factored in these benefits. The planned capital expenditures of $175 billion to $185 billion for 2026 will weigh on free cash flow, and it is unlikely to significantly alter the company’s trajectory.
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2026-03-15 02:23