Billionaire Bill Ackman’s hedge fund, Pershing Square Capital, has reportedly exited a position that previously accounted for 8.7% of the firm’s holdings.
Pershing Square has sold $1.039 billion worth of shares in the railway company Canadian Pacific (CP.TO), reports Reuters.
Ackman says he sold the Canadian Pacific position “with regret,” after rebuying the stock in 2022. He also says he has a “a very strong belief in the long-term future of the business.”
But Ackman made the portfolio change to free up cash to pour into online retail giant Amazon (AMZN).
Says Ryan Israel, Pershing Square’s chief investment officer, in an investor conference call,
“We felt that the company would be able to work through any slowdown in the cloud computing division Amazon Web Services and we did not judge that tariffs would have a material impact on the earnings in the retail business.”
Ackman and his team say Amazon CEO Andrew Jassy has the business acumen to put the retail giant in a position to witness “more profit margin expansion at a high rate of revenue growth.”
Pershing Square also gobbled up shares in car rental company Hertz (HTZ.O) and transport giant Uber (UBER.N).
AMZN stock closed Friday’s trading session at $200.99, down more than 1% on the day.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
