Key Takeaways
- • Bill Ackman launched Pershing Square USA (PSUS), a $5 billion closed-end fund in April 2026, and has voluntarily disclosed eight of twelve portfolio holdings approximately seven weeks post-IPO.
- • The fund's top five holdings as of March 31, 2026 are Brookfield Corp (17.62%), Amazon (17.39%), Uber Technologies (15.71%), Microsoft (15.26%), and Restaurant Brands International (12.20%), reflecting concentration in large-cap growth and technology exposure.
- • Pershing Square USA operates as a closed-end fund with permanent capital structure, enabling Ackman to execute long-term investment strategies without managing liquidity pressures from investor redemptions or cash flows.
- • Ackman has positioned the fund with significant exposure to AI-related equities, doubling down on technology holdings including multiple "Magnificent Seven" stocks within a $14.6 billion Pershing Square Capital Management portfolio.
- • The fund utilized a conversion mechanism at launch, offering one Pershing Square (PS) share for every five PSUS shares purchased to incentivize investor participation in the IPO structure.
Summary
Bill Ackman launched Pershing Square USA, a newly structured $5 billion closed-end fund, in April 2026, designed to provide U.S. investors direct access to his long-term investment strategy. Approximately seven weeks after the initial public offering, Ackman made a voluntary disclosure of eight of the fund's twelve equity positions, offering institutional investors their first detailed view of the fund's composition and strategic direction.
The disclosed portfolio reflects Ackman's concentration in large-capitalization growth companies. As of March 31, 2026, the fund's top five holdings include Brookfield Corp at 17.62% of assets, Amazon at 17.39%, Uber Technologies at 15.71%, Microsoft at 15.26%, and Restaurant Brands International at 12.20%. This positioning indicates substantial exposure to technology and innovation-driven sectors, with particular emphasis on artificial intelligence-adjacent holdings. The fund's larger parent entity, Pershing Square Capital Management, maintains approximately $14.6 billion in assets under management, with AI exposure representing roughly 48% of total portfolio concentration.
The closed-end fund structure provides Ackman a strategic advantage over traditional open-ended vehicles: permanent capital allows him to execute multi-year investment theses without managing continuous liquidity demands from shareholder redemptions or inflows. This structural permanence enables a focus on long-term value creation rather than short-term performance management. At launch, Ackman incentivized participation through a conversion mechanism offering one PS share per five PSUS shares purchased, supporting the fund's capital-raising objectives.
Ackman has characterized the current market environment as a "great" time to invest despite elevated equity valuations, positioning Pershing Square USA as a vehicle for sophisticated investors seeking exposure to his contrarian stock-picking methodology applied to undervalued or underperforming large-cap growth equities.
The disclosed portfolio reflects Ackman's concentration in large-capitalization growth companies. As of March 31, 2026, the fund's top five holdings include Brookfield Corp at 17.62% of assets, Amazon at 17.39%, Uber Technologies at 15.71%, Microsoft at 15.26%, and Restaurant Brands International at 12.20%. This positioning indicates substantial exposure to technology and innovation-driven sectors, with particular emphasis on artificial intelligence-adjacent holdings. The fund's larger parent entity, Pershing Square Capital Management, maintains approximately $14.6 billion in assets under management, with AI exposure representing roughly 48% of total portfolio concentration.
The closed-end fund structure provides Ackman a strategic advantage over traditional open-ended vehicles: permanent capital allows him to execute multi-year investment theses without managing continuous liquidity demands from shareholder redemptions or inflows. This structural permanence enables a focus on long-term value creation rather than short-term performance management. At launch, Ackman incentivized participation through a conversion mechanism offering one PS share per five PSUS shares purchased, supporting the fund's capital-raising objectives.
Ackman has characterized the current market environment as a "great" time to invest despite elevated equity valuations, positioning Pershing Square USA as a vehicle for sophisticated investors seeking exposure to his contrarian stock-picking methodology applied to undervalued or underperforming large-cap growth equities.
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