Bill Ackman Has 45% of His New Hedge Fund's Portfolio Invested in Just 3 Incredible Growth Stocks
Bill Ackman is known for managing a highly concentrated portfolio with just a handful of high-conviction stock picks. So, when he launched a new closed-end fund earlier this year, it was a safe bet to think he would buy stocks that mostly match the portfolio held by Pershing Square 's (NYSE: PS) other fund, Pershing Square Holdings . Investors got their first glimpse at Ackman's purchases for Pershing Square USA (NYSE: PSUS) last month in his first letter to shareholders since launching the fund. Ackman says the timing of the launch worked out well, as the market provided an opportunity to buy into some of the most promising businesses right now. He quickly deployed nearly all of the capital raised in the fund's IPO, and three of the purchases now account for roughly 45% of the portfolio based on last month's update. Image source: Getty Images. Continue reading