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Ackman's **$12B** seven-name book prioritizes operational leverage and pricing power over duration—Canadian Pacific up **17.5%**, restaurants **26%** of AUM.
$12 billion
equity book for Q2 2026
8%
of assets—while market participants rotated toward duration and tech
$1.9 billion
and Restaurant Brands International at
$1.4 billion
Healthcare exposure centers on Regeneron Pharmaceuticals (
Bill Ackman's Pershing Square Capital disclosed a $12 billion equity book for Q2 2026, holding seven core positions across infrastructure, healthcare, and select industrials. The fund maintained its signature concentration strategy—no position below 8% of assets—while market participants rotated toward duration and tech.
The portfolio shows Canadian Pacific Kansas City as the largest single holding at $2.1 billion (17.5% of AUM), followed by Chipotle Mexican Grill at $1.9 billion and Restaurant Brands International at $1.4 billion. Healthcare exposure centers on Regeneron Pharmaceuticals ($1.6 billion) and Hilton Worldwide Holdings ($1.3 billion). The disclosed holdings reflect positions as of June 30, 2026, filed under 13F requirements with the SEC on August 14.
The composition matters because Pershing Square doubled its railroad exposure while the S&P 500 shed 4.2% in Q2. Canadian Pacific Kansas City trades at 18x forward earnings, a discount to Union Pacific's 21x, suggesting Ackman is buying operational leverage in North American freight consolidation rather than chasing momentum. The company completed its Kansas City Southern integration in Q1 2026, unlocking $1 billion in synergies by 2028. Restaurant Brands International—parent of Burger King, Popeyes, and Tim Hortons—trades at 23x earnings with same-store sales growth accelerating to 5.8% in Q1 2026, outpacing McDonald's 3.1%. Ackman is positioning for pricing power in consumer staples, not growth.
Regenelon's presence in the book signals conviction in GLP-1 adjacencies. The company's Eylea HD franchise generated $2.3 billion in Q1 2026 revenue, up 19% year-over-year, while its obesity pipeline candidate showed 12% weight loss in Phase 2 trials disclosed in May. Hilton's $1.3 billion position reflects demand for asset-light revenue models—the company operates 7,300 properties with 95% franchised or managed, generating 22% EBITDA margins.
The fund exited no major positions and added no new names in Q2, a departure from the three-position rotation seen in Q1. That stillness suggests Ackman views current valuations as offering limited asymmetry. His concentrated book historically precedes either activist campaigns or five-year holds—Chipotle entered the portfolio in Q3 2021 at $1,850 per share; it closed Q2 2026 at $3,420.
Operators should track Canadian Pacific Kansas City's August 22 earnings call for updated intermodal volume guidance and Restaurant Brands International's September franchise development conference for international unit economics. Regeneron's Phase 3 obesity trial readout is expected in Q4 2026. Hilton's RevPAR growth in Asia-Pacific—up 8.2% in Q1—will indicate whether the thesis holds through slowing Chinese consumption. Family offices watching Pershing Square's 14.8% net return in 2025 should note the fund closed to new capital in March 2026 at $18 billion AUM.
Ackman's book reflects a view that inflation persistence, not disinflationary collapse, drives the next 18 months. The railroad, restaurant, and hotel positions all benefit from wage-price pass-through. The disclosed positions represent 87% of Pershing Square's total equity portfolio; the remainder sits in private holdings not subject to 13F disclosure, likely including the fund's $600 million stake in X Holdings Corp., formerly Twitter.
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Watch Ackman's railroad-heavy positioning as a signal for North American freight consolidation premium—Canadian Pacific trades 18x forward versus sector 21x.
Named-account overlay tilts 8% toward Canadian Pacific Kansas City and Restaurant Brands International on Ackman's $3.3B combined conviction—entry on next 4% pullback.
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