Bill Ackman just showed what's inside his $5B fund
Retail investors have spent decades watching Bill Ackman make concentrated bets from the outside, The Motley Fool noted, piecing together his moves through quarterly filings that arrive months after the trades close.
That dynamic changed when Pershing Square USA (PSUS) began trading on the New York Stock Exchange on April 29, giving ordinary investors a direct seat alongside the billionaire's team for the first time.
The $5 billion closed-end fund is the largest of its kind ever launched in the United States, and its core structural advantage is permanent capital that eliminates redemption pressure.
Now, roughly seven weeks after the initial public offering, Ackman has voluntarily disclosed eight of the 12 stocks in the fund, offering the clearest picture yet of where he sees long-term value.
Eight names reveal Ackman's concentrated portfolio thesis
The disclosed positions include Amazon, Microsoft, Meta Platforms, Uber Technologies, Brookfield, Restaurant Brands International, Fannie Mae, and Freddie Mac, according to Ackman's June 15 post on X (the former Twitter), which was filed with the SEC as a Rule 497AD communication.
The first-quarter 2026 13F filing for Pershing Square Capital Management showed 11 total holdings valued at approximately $13.7 billion, with Brookfield, Amazon, and Uber as the top three positions, according to Pershing Square's Form 13F-HR filed May 15, 2026.
The top five holdings accounted for about 78% of the entire portfolio, reflecting Ackman's long-held preference for a small number of concentrated, high-conviction positions.
Ackman frames big tech as overlooked among Wall Street favorites
Ackman has publicly argued that Amazon, Microsoft, and Meta have become underappreciated mega-caps, describing them as "old-fashioned" tech bargains at a recent All-In Liquidity Summit with NYSE, Benzinga confirmed.
Bill Ackman, founder and CEO of Pershing Square, said the company entered Microsoft at 21 times forward earnings, CNBC reported.
We were able to establish our position at a valuation of 21 times forward earnings, broadly in line with the market multiple and well below Microsoft's trading average over the last few years.
The Microsoft stake was the first position Ackman disclosed ahead of the broader 13F filing, valued at $2.09 billion at the end of the first quarter based on a stake of 5.65 million shares.
He also sharply reduced his Alphabet's stock in favor of Microsoft, signaling a deliberate reallocation within the large-cap tech space rather than a broad sector bet.
Restaurant Brands and Brookfield trade at discount tied to index exclusion
Restaurant Brands International and Brookfield are both Canadian-domiciled companies ineligible for inclusion in the S&P 500, and Ackman has argued that this exclusion suppresses their valuations relative to comparable peers.
Restaurant Brands, the parent company of Burger King, Tim Hortons, and Popeyes, trades at a lower earnings multiple than McDonald's, despite operating a similar global franchise model, Ackman has noted in investor communications.
Fannie Mae, Freddie Mac remain Ackman's boldest positions
Pershing Square has held positions in both government-sponsored enterprises for more than a decade, and its inclusion in the new fund underscores how central this thesis remains to Ackman's strategy.
In March, Ackman wrote on X that the stocks were "stupidly cheap" and could deliver tenfold returns, with the conservatorship in place since the 2008 financial crisis.
Fund manager buys and sells:
- Warren Buffett's Berkshire triples stake in newspaper giant
- Cathie Wood sells $16M of surging semiconductor stock
- Bill Ackman discloses new $2.09 billion stake in megacap tech stock
That post triggered an intraday surge of more than 50% in Fannie Mae shares on March 30, though prices have since pulled back substantially.
Fannie Mae closed at $6.34 on June 3, leaving the stock down roughly 40% year to date, according to Macrotrends' historical data.
Wedbush analyst Henry Coffey cut Fannie Mae's price target to $8 from $13 and Freddie Mac's to $12 from $13.35 in a March 13 research note, citing expectations that release from conservatorship will be delayed past the November midterm elections, American Banker reported.
PSUS carries a 2% fee and a persistent NAV discount
PSUS charges a 2% annual management fee with no performance fee, which still represents a meaningful drag on long-term compounding compared to owning individual stocks directly, the fund's prospectus supplement disclosed.
Jefferies analyst Matthew Hose initiated coverage of the fund with a buy rating in May, citing a strong performance track record and attractive valuation at current discount levels, a May 18 Seeking Alpha report on the initiation noted.
The persistent discount to net asset value is both the fund's primary risk and its potential opportunity, as investors are effectively buying Ackman's portfolio at roughly 80 cents on the dollar, given the roughly 20% NAV discount he cited in his June 15 X post.
Pershing Square USA has lagged its own NAV since its trading debut
PSUS shares have traded roughly 17% below the $50 IPO price since debut, with Pershing Square Holdings, the manager's London-listed fund, also reporting a 5.4% NAV decline in the first six weeks of 2026.
That followed a strong 2025, when Pershing Square Holdings delivered a 20.9% net asset value gain and a 33.9% total shareholder return.
"We believe PSUS and its portfolio holdings represent an extremely attractive bargain at today's share price, and we have put our money where our mouth is," Pershing Square said in a June 15 social media post filed with the SEC under Rule 497.
Four undisclosed holdings leave room for surprises
Ackman confirmed that the fund holds 12 positions and that Pershing Square funds have recently added four new companies, according to The Motley Fool, with those identities set to appear in the second-quarter report.
Pershing Square's quarterly 13F filings continue to disclose individual positions, while PSUS shareholders also gain exposure to the fund's hedging strategy and reduced performance-fee structure.
Seeking Alpha contributors have maintained a hold view on the fund, contrasting with Jefferies' buy initiation and reflecting persistent uncertainty about how closed-end fund discounts may behave.
Related: Billionaire Bill Ackman's new IPO lands with a thud
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This story was originally published June 23, 2026 at 9:37 AM.