Pershing Square Capital Management, L.P. 13F holdings and portfolio analysis

已就緒Pershing Square Capital Management, L.P. · Bill Ackman

登錄後可基於當前選中的策略克隆一個新分支，繼續在新分支裏調整參數與權重。

官方策略
用户分支
返回基金列表

Baseline

分析消息
分支：
Baselinetested
策略問答參考3 條參考問答

基於這隻基金最新一期數據預生成的問答，可直接作為對話上下文使用。

baseline13FChat AI
What does directly following the disclosed baseline portfolio expose an investor to?

Directly following the baseline means accepting an extremely top-heavy 13F clone with meaningful stock-specific risk. In the baseline strategy artifact, the top 5 holdings account for 89.03% of assets and the top 4 alone are Uber 21.48%, Howard Hughes 19.32%, Amazon 19.29%, and Meta 15.36%. Sector exposure is concentrated in Consumer Discretionary at 40.44%, Industrials at 22.17%, Real Estate at 20.19%, and Communication Services at 17.20%. The payoff is a 10.46% annualized return and 160.1% total return with beta 0.75, but the trade-off is a -37.16% max drawdown and dependence on a small number of names after a reporting lag.

↳Can you quantify how much of the baseline’s historical return came from the top 4 positions versus the rest of the book?
baseline13FChat AI
Which recent baseline periods best explain the risk-return trade-off?

The recent baseline periods that best explain the trade-off are the strong but uneven quarters in 2024 and the weaker, high-turnover stretch in 2025. The best recent period was 2024-06-30, when optimizedReturn was 12.87% versus benchmarkReturn 9.83% for 3.04% excess with only 8.41 turnover. But that strength was followed by 2024-09-30 at -0.44% versus 2.76% and 2024-12-31 at -7.10% versus -3.63%, showing how concentrated exposures can reverse. In 2025-03-31, turnover jumped to 56.39 with six trades, yet return was only 1.60% versus SPY at 9.22%, which highlights the lag and execution risk of trying to track a concentrated 13F.

↳Can you summarize the baseline’s best and worst excess-return quarters and connect them to turnover and holdings changes?
baseline13FChat AI
What should a user inspect next before deciding whether the baseline is acceptable?

Before accepting the baseline, a user should inspect three things: concentration, period-level consistency, and execution friction. First, the baseline top 5 concentration is 89.03%, so investors need comfort with a few names dominating outcomes. Second, periodPerformance shows a mixed pattern, with strong quarters like 2024-06-30 (+12.87%, 3.04% excess) but weak ones like 2025-03-31 (+1.60%, -7.62% excess) and 2024-12-31 (-7.10%, -3.47% excess). Third, the strategy uses 227 historical transactions and totalEstimatedCost of 2.1957, so users should ask whether delayed filing-based implementation still fits their horizon and trading tolerance.

↳Can you build a baseline acceptance checklist using concentration, quarter-level excess returns, and implementation costs?
登錄後即可基於上方策略與右側數據，直接與 AI 對話分析。
登錄後開始對話…
可參考左欄策略與右欄數據。