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 the alternative asset management firm Brookfield Corporation, reports The Motley Fool.
That represents an increase in the Pershing’s Brookfield stake by about 378%.
The move makes Brookfield one of the largest holdings in its portfolio, behind its stakes in Alphabet Class A and Class C.
Ackman also added 13.2 million shares of Nike, significantly boosting the firm’s position in the apparel giant.
In total, Ackman’s new investments in the pair of dividend stocks are worth approximately $2.3 billion.
Although Brookfield has shown strong growth this year, Nike has struggled with declining revenue and earnings.
Nike’s stock dropped 30% in the last year and is now about 60% below an all-time high of $171.71 set in 2021.
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 about $18.3 billion in total assets under management as of the end of April.
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