Billionaire hedge fund manager Bill Ackman is making major changes to Pershing Square Capital Management’s portfolio.
Pershing Square just purchased 25.9 million shares of alternative asset manager Brookfield Corporation. reports The motley fool.
That means an increase in Pershing’s Brookfield stake of about 378%.
The move makes Brookfield one of the largest holdings in its portfolio, behind its holdings in Alphabet Class A and Class C.
Ackman also added 13.2 million shares of Nike stock, significantly strengthening the company’s position in the apparel giant.
In total, Ackman’s new investments in the pair of dividend stocks are worth about $2.3 billion.
Although Brookfield has shown strong growth this year, Nike is struggling with declining sales and profits.
Shares of Nike are down 30% over the past year and are now about 60% below their 2021 all-time high of $171.71.
As of the third quarter of this year, Pershing Square’s other holdings include Chipotle Mexican Grill (CMG), Restaurant Brands International (QSR), Hilton Worldwide Holdings (HLT), Canadian Pacific Railway (CP), Howard Hughes Corporation (HHC) and Universal . Music group (UMG).
Pershing Square has approximately $18.3 billion in total assets under management at the end of April.
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