Yahoo Finance
Billionaire investorBill Ackmanhas been busy putting billions of dollars to work after completing one of the biggest milestones in the history of Pershing Square.
In its second-quarter update, Pershing Square highlighted the $5 billion initial public offering of PSUS, theNew York Stock Exchangelisting of Pershing Square USA, Ltd.
(PSUS), and the deployment of the new fund's capital.
"In summary, it was a highly productive few months since ourIPO," Ackman said in ashareholder letter.
Pershing Square has deployed more than 95% of PSUS's capital across 14 investments.
That includessix new positions: Visa (V), Mastercard (MA), Intercontinental Exchange (ICE), Netflix (NFLX), Alcon (ALC), and S&P Global (SPGI).
"They are simple, predictable, and free cash flow-generative, with strong competitive positions, minimal financial leverage and capital markets dependency, and are run by excellent management teams," Ackman said about the companies he invested in.
Uber Technologies (UBER) | 12.72% | $2,476.98 million Brookfield Corporation (BN) | 12.58% | $2,448.12 million Microsoft (MSFT) | 11.89% | $2,315.23 million Amazon (AMZN) | 10.49% | $2,041.11 million Howard Hughes Holdings (HHH) | 10.23% | $1,991.14 million Restaurant Brands International (QSR) | 9.62% | $1,872.30 million Meta Platforms (META) | 9.25% | $1,800.31 million Mastercard (MA) | 5.61% | $1,091.22 million S&P Global (SPGI) | 5.43% | $1,056.09 million Pershing Square USA (PSUS) | 0.77% | $149.52 million Seaport Entertainment Group (SEG) | 0.69% | $133.63 million Hertz Global Holdings (HTZ) | 0.17% | $33.96 million Ackman also pointed to an increasingly concentrated stock market as a source of investment opportunities.
TheS&P 500gained roughly 10% during the first six months of the year, but Ackman noted that nearly 85% of those gains came from just two sectors: semiconductors and technology hardware and equipment.
Related: Cathie Wood buys $16.2 million of popular semiconductor stock Those two sectors represent about 22% of the S&P 500's market capitalization but only 8% of its companies.
Meanwhile, Ackman noted more than 90% of S&P 500 companies collectively accounted for less than 2% of the index's overall return, according toPershing Square.
Nearly 40% of the companies in the index posted negative share-price performance.
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