PS
Ackman’s portfolio just shuffled the deck
Bill Ackman’s latest quarterly filing reads like a ranking of the Magnificent Seven — with a few names getting the cold shoulder. Pershing Square USA’s portfolio showed him fully exiting Alphabet, cutting Amazon, and boosting Meta and Microsoft.
The winners: Meta and Microsoft
The biggest winner here is Microsoft, which grew to a $2.32 billion position and now sits near the top of the portfolio. Meta also got a meaningful bump, rising 20.1% to $1.8 billion. In other words, Ackman’s not just buying the headline AI story — he’s picking the names he thinks still have room to run.
The exits and trims tell the real story
Alphabet was the one he dumped completely after earlier cuts to both share classes. Amazon got trimmed 25%, even after a strong run of additions and increases in prior quarters. That’s the kind of move that says, “nice trade, but I’m not married to it.”
Big picture: the Mag 7 isn’t a monolith
The takeaway for investors is pretty simple: the Magnificent Seven may travel as a herd in market lore, but on Ackman’s spreadsheet they’re all very different animals. He’s still avoiding Apple, Nvidia, and Tesla, while making Meta and Microsoft look like the long-haul favorites. Big picture: when a billionaire starts rotating this hard, he’s usually telling you where he thinks the next chunk of upside lives.