<p>对冲基金经营者比尔·阿克曼喜欢进行大额押注。他的 <strong>Pershing Square Capital Management</strong> 基金管理资产达 104 亿美元，集中在仅九个头寸中。</p>
<p>这些都不是小打小闹的操作。几乎所有股票都是大盘股或超大盘股。其最小持股是 <strong>霍华德·休斯控股</strong>（NYSE:HHH），市值 37 亿美元的中盘股。阿克曼追求这些市场巨头的原因是他认为由于巨型机构投资者在公司表现中扮演的角色，这些公司存在机会。</p>
<p>在 2024 年 6 月的股东信中，阿克曼解释了这些 “长期持有者” 使得积极投资者能够利用 “短期、高杠杆投资者” 消耗大量股票流通量所带来的价格波动。即使是最小的盈利遗漏也会 “将企业估值推低至远低于长期内在价值的水平”，Pershing Square 就能抓住机会获利。</p>
<p>自 2004 年成立以来，这只对冲基金累计回报 1933%，年复合回报 15.7%，而标普 500 指数的回报为 630%，年复合回报为 10.1%。</p>
<p>阿克曼的三大持股价值 55 亿美元，占 Pershing Capital 持股的一半以上。</p>
<h2>本文要点：</h2>
<ul>
<li>比尔·阿克曼拥有悠久而成功的职业生涯，他的 <strong>Pershing Square Capital Management</strong> 对冲基金在 20 多年中一直表现优异，远超过广泛市场指数。</li>
<li>他喜欢对股票进行大额押注，以利用定价机会，并将持股集中在仅九家公司中。</li>
<li>如果您正在寻找一些潜力巨大的股票，请务必获取我们全新的 “下一个英伟达” 报告的免费副本。其中包括我们确信具有 10 倍潜力的软件股。</li>
</ul>
<h2>希尔顿全球控股（HLT）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2021/12/imageForEntry22-e8X.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2021/12/imageForEntry22-e8X.jpg"/></p>
<p>圣地亚哥海滨希尔顿酒店</p>
<p>该对冲基金中最大的头寸是酒店运营商 <strong>希尔顿全球控股</strong>（NYSE:HLT），尽管他在过去几个季度不断减持股份。从其 1030 万股的峰值，Pershing Square 现在拥有 895 万股，价值 19.5 亿美元。它占其投资组合的 18.8%。阿克曼的平均买入价略低于每股 87 美元，迄今为止获利 146%。</p>
<p>希尔顿在全球拥有 24 个世界一流品牌，共计近 7800 家物业。其快速增长的 1.95 亿会员希尔顿荣誉计划对酒店业的增长至关重要，因为这些会员高度参与，占所有预订房间夜的三分之二。</p>
<p>希尔顿去年推出了一个中档品牌，名为 “希尔顿之光”，旨在进入高端经济市场；开设了长住连锁酒店 LivSmart Studios；并进行了多项收购以扩大其影响力。</p>
<p>该酒店连锁企业的每间可用客房收入（RevPAR）正在上升，2024 年上半年总收入增长 12%，达 55 亿美元。随着希尔顿受益于旅游市场持续增长，预计 HLT 股票将继续增长。</p>
<h2>Chipotle Mexican Grill（CMG）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2022/07/imageForEntry46-qG3.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2022/07/imageForEntry46-qG3.jpg"/></p>
<p>Chipotle Mexican Grill 店面</p>
<p><strong>Chipotle Mexican Grill</strong>（NYSE:CMG）曾是阿克曼的最大持股，直到他在第二季度抛售了拥有的 22% 股份，即 840 万股。他现在拥有 2880 万股，价值 18 亿美元，比一年前持有的股份少 40%。Chipotle 占 Pershing Square 投资组合的 17.3%。尽管如此，阿克曼以每股 8.82 美元的平均买入价，获利超过 511%。</p>
<p>值得注意的是，阿克曼的交易发生在 Chipotle 进行 50 比 1 的股票拆分和其首席执行官跳槽至 <strong>星巴克</strong>（NASDAQ:SBUX）之前。他在这家墨西哥食品连锁店股价从历史最高点下跌 23% 之前锁定了利润。</p>
<p>然而，他继续将 Chipotle 作为其投资组合的重要组成部分，表明他仍然看到未来有大量增长机会。如果阿克曼将这家餐厅的股价低于其长期内在价值的机会之一，那也就不足为奇了。</p>
<h2>餐厅品牌国际（QSR）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2019/05/imageforentry4-bwk.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2019/05/imageforentry4-bwk.jpg"/></p>
<p>顾客在汉堡王柜台前</p>
<p>阿克曼的第三大头寸是另一家餐厅运营商，<strong>餐厅品牌国际</strong>（NYSE:QSR），拥有汉堡王、波普艾斯路易斯安那厨房、蒂姆霍顿和消防局子。</p>
<p>尽管阿克曼在 RBI 的持股比例基本保持在约 2300 万股左右，但他在第二季度增持了 38.1 万股。这使他的持股总数达到 2350 万股，价值 17.6 亿美元，在 Pershing Square 投资组合中占 16.7% 的比例。</p>
<p>餐厅品牌国际正在大力扭转其汉堡王特许经营业务的局面，这一环节一直是公司的最薄弱环节。今年早些时候，它收购了卡罗尔餐厅集团，之前是汉堡王餐厅最大的特许经营商。它还在 6 月底收购了波普艾斯中国。公司计划将大部分卡罗尔餐厅进行特许经营，并正在寻找中国连锁店的新合作伙伴。</p>
<p>由于 RBI 有太多变数，股价在 2024 年下跌了 12%。然而，公司已经聘请了前 <strong>达美乐</strong>（NYSE:DPZ）首席执行官帕特里克·多伊尔担任董事长，并提供他的专业知识。正是多伊尔改变了这家披萨店的方向，并将其打造成今天的强大企业。餐厅品牌国际希望他能在汉堡店发挥同样的魔力。</p>
<h2><strong>参加退休测验，立即与顾问匹配（赞助）</strong></h2>
<p>你准备好退休了吗？规划退休可能会让人感到不知所措，这就是为什么今天与一位受托人理财顾问讨论你的目标可能是个好主意。</p>
<p>从 SmartAsset 开始，通过参加这个退休测验，你将在 5 分钟内与多达 3 位为你所在地区及更远地区提供服务的理财顾问匹配。Smart Asset 现在每月为超过 5 万人提供匹配。</p>
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<p>Bill Ackman 投资组合中有 53% 的资金投资在这 3 只股票中。</p>

希尔顿全球

<p>对冲基金经理比尔·阿克曼（Bill Ackman）显著地将其 Pershing Square Capital Management 投资组合中 53%（价值 44 亿美元）的资金配置在三家主要股票上：希尔顿全球（HLT）、Chipotle（CMG）和挚文集团（QSR）。希尔顿仍然是他最大的持仓，占据了投资组合的 18.8%，其次是 Chipotle，占比为 17.3%。阿克曼的策略侧重于利用短期投资者造成的波动，同时瞄准大市值股票中的长期价值，导致自 2004 年以来累计回报率达到 1,933%，明显优于标普 500 指数</p>

<p>Hedge fund operator Bill Ackman likes to make big bets. His <strong>Pershing Square Capital Management</strong> fund has $10.4 billion in assets under management and it is concentrated in just nine positions.</p>
<div class="lb-trans"><p>对冲基金经营者比尔·阿克曼喜欢进行大额押注。他的 <strong>Pershing Square Capital Management</strong> 基金管理资产达 104 亿美元，集中在仅九个头寸中。</p>
</div><p>These are no fly-by-night operations either. Almost all are large-cap or mega-cap stocks. Its smallest holding is <strong>Howard Hughes Holdings</strong> (NYSE:HHH), a mid-cap stock worth $3.7 billion. The reason Ackman pursues these market giants is he believes there is opportunity in their companies because of the role giant institutional investors are playing in their performance.</p>
<div class="lb-trans"><p>这些都不是小打小闹的操作。几乎所有股票都是大盘股或超大盘股。其最小持股是 <strong>霍华德·休斯控股</strong>（NYSE:HHH），市值 37 亿美元的中盘股。阿克曼追求这些市场巨头的原因是他认为由于巨型机构投资者在公司表现中扮演的角色，这些公司存在机会。</p>
</div><p>In his June 2024 shareholder letter, Ackman explained these “permanent owners” allow active investors to take advantage of the price volatility created by “short-term, highly leveraged investors” consuming a large percentage of a stock’s float. When even the smallest earnings misses “drive business valuations to levels well below long-term intrinsic value,” Pershing Square can pounce and benefit from the opportunity.</p>
<div class="lb-trans"><p>在 2024 年 6 月的股东信中，阿克曼解释了这些 “长期持有者” 使得积极投资者能够利用 “短期、高杠杆投资者” 消耗大量股票流通量所带来的价格波动。即使是最小的盈利遗漏也会 “将企业估值推低至远低于长期内在价值的水平”，Pershing Square 就能抓住机会获利。</p>
</div><p>Since its inception in 2004, the hedge fund has had a cumulative return of 1,933%, or a compound annual return of 15.7%, compared to a 630% return, or 10.1% CAGR by the S&amp;P 500.</p>
<div class="lb-trans"><p>自 2004 年成立以来，这只对冲基金累计回报 1933%，年复合回报 15.7%，而标普 500 指数的回报为 630%，年复合回报为 10.1%。</p>
</div><p>Ackman’s three largest holdings are worth $5.5 billion and represent over half of Pershing Capital’s holdings.</p>
<div class="lb-trans"><p>阿克曼的三大持股价值 55 亿美元，占 Pershing Capital 持股的一半以上。</p>
</div><h2>Key Points About This Article:</h2>
<ul>
<li>Bill Ackman has enjoyed a long, successful career and his P <strong>ershing Square Capital Management</strong> hedge fund has handily outperformed the broad market index for over 20 years.</li>
<li>He likes to make big bets on stocks to capitalize on pricing opportunities, and he concentrates his holdings in just nine companies.</li>
<li>If you’re looking for some stocks with huge potential, make sure to grab a free copy of our brand-new “The Next NVIDIA” report. It features a software stock we’re confident has 10X potential.</li>
</ul>
<div class="lb-trans"><h2>本文要点：</h2>
<ul>
<li>比尔·阿克曼拥有悠久而成功的职业生涯，他的 <strong>Pershing Square Capital Management</strong> 对冲基金在 20 多年中一直表现优异，远超过广泛市场指数。</li>
<li>他喜欢对股票进行大额押注，以利用定价机会，并将持股集中在仅九家公司中。</li>
<li>如果您正在寻找一些潜力巨大的股票，请务必获取我们全新的 “下一个英伟达” 报告的免费副本。其中包括我们确信具有 10 倍潜力的软件股。</li>
</ul>
</div><h2>Hilton Worldwide Holdings (HLT)</h2>
<div class="lb-trans"><h2>希尔顿全球控股（HLT）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2021/12/imageForEntry22-e8X.jpg" alt="" original-src="https://247wallst.com/wp-content/uploads/2021/12/imageForEntry22-e8X.jpg"/></p>
<p>San Diego Bayfront Hilton hotel</p>
<div class="lb-trans"><p>圣地亚哥海滨希尔顿酒店</p>
</div><p>The largest position in the hedge fund is hotel operator <strong>Hilton Worldwide Holdings</strong> (NYSE:HLT), even though he has been selling shares over the past few quarters. From its peak of 10.3 million shares, Pershing Square now owns 8.95 million shares valued at $1.95 billion. It represents 18.8% of his portfolio. Ackman’s average buy price is just under $87 per share, giving him a 146% return so far.</p>
<div class="lb-trans"><p>该对冲基金中最大的头寸是酒店运营商 <strong>希尔顿全球控股</strong>（NYSE:HLT），尽管他在过去几个季度不断减持股份。从其 1030 万股的峰值，Pershing Square 现在拥有 895 万股，价值 19.5 亿美元。它占其投资组合的 18.8%。阿克曼的平均买入价略低于每股 87 美元，迄今为止获利 146%。</p>
</div><p>Hilton has a global luxury brand presence with 24 world-class brands comprising nearly 7,800 properties. Its fast-growing 195 million member Hilton Honors loyalty program is an important part of the hotelier’s growth as they are highly engaged and account for two-thirds of all room nights booked.</p>
<div class="lb-trans"><p>希尔顿在全球拥有 24 个世界一流品牌，共计近 7800 家物业。其快速增长的 1.95 亿会员希尔顿荣誉计划对酒店业的增长至关重要，因为这些会员高度参与，占所有预订房间夜的三分之二。</p>
</div><p>Hilton launched a mid-tier brand last year called Spark by Hilton that seeks to access the premium economy market; opened an extended stay chain, LivSmart Studios; and has made several acquisitions to give it extended reach.</p>
<div class="lb-trans"><p>希尔顿去年推出了一个中档品牌，名为 “希尔顿之光”，旨在进入高端经济市场；开设了长住连锁酒店 LivSmart Studios；并进行了多项收购以扩大其影响力。</p>
</div><p>The hotel chain is experiencing rising revenue per available room (revPAR) with total revenue up 12% in the first half of 2024 to $5.5 billion. With Hilton benefiting from the ongoing growth in the travel and tourism markets, expect HLT stock to continue growing.</p>
<div class="lb-trans"><p>该酒店连锁企业的每间可用客房收入（RevPAR）正在上升，2024 年上半年总收入增长 12%，达 55 亿美元。随着希尔顿受益于旅游市场持续增长，预计 HLT 股票将继续增长。</p>
</div><h2>Chipotle Mexican Grill (CMG)</h2>
<div class="lb-trans"><h2>Chipotle Mexican Grill（CMG）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2022/07/imageForEntry46-qG3.jpg" alt="" original-src="https://247wallst.com/wp-content/uploads/2022/07/imageForEntry46-qG3.jpg"/></p>
<p>Chipotle Mexican Grill storefront</p>
<div class="lb-trans"><p>Chipotle Mexican Grill 店面</p>
</div><p><strong>Chipotle Mexican Grill</strong> (NYSE: CMG) was previously Ackman’s biggest holding until he sold off 22% of the stock he owned, or 8.4 million shares, in the second quarter. He now owns 28.8 million shares valued at $1.8 billion, or 40% fewer shares than he held a year ago. Chipotle represents 17.3% of Pershing Square’s portfolio. Still, with an average buy price of just $8.82 per share, Ackman is sitting on a better than 511% gain.</p>
<div class="lb-trans"><p><strong>Chipotle Mexican Grill</strong>（NYSE:CMG）曾是阿克曼的最大持股，直到他在第二季度抛售了拥有的 22% 股份，即 840 万股。他现在拥有 2880 万股，价值 18 亿美元，比一年前持有的股份少 40%。Chipotle 占 Pershing Square 投资组合的 17.3%。尽管如此，阿克曼以每股 8.82 美元的平均买入价，获利超过 511%。</p>
</div><p>It’s noteworthy that Ackman’s transactions occurred before Chipotle’s massive 50-for-1 stock split and its CEO jumped ship for <strong>Starbucks</strong> (NASDAQ:SBUX). He was able to lock in profits before the Mexican food chain saw its stock tumble 23% from its all-time high.</p>
<div class="lb-trans"><p>值得注意的是，阿克曼的交易发生在 Chipotle 进行 50 比 1 的股票拆分和其首席执行官跳槽至 <strong>星巴克</strong>（NASDAQ:SBUX）之前。他在这家墨西哥食品连锁店股价从历史最高点下跌 23% 之前锁定了利润。</p>
</div><p>Yet the fact he continues to make Chipotle such a large part of his portfolio indicates he still sees plenty of growth on the horizon. It wouldn’t be surprising if Ackman views the restaurant’s depressed stock as one of those opportunities where shares were driven below their long-term intrinsic value.</p>
<div class="lb-trans"><p>然而，他继续将 Chipotle 作为其投资组合的重要组成部分，表明他仍然看到未来有大量增长机会。如果阿克曼将这家餐厅的股价低于其长期内在价值的机会之一，那也就不足为奇了。</p>
</div><h2>Restaurant Brands International (QSR)</h2>
<div class="lb-trans"><h2>餐厅品牌国际（QSR）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2019/05/imageforentry4-bwk.jpg" alt="" original-src="https://247wallst.com/wp-content/uploads/2019/05/imageforentry4-bwk.jpg"/></p>
<p>Customers standing at Burger King counter</p>
<div class="lb-trans"><p>顾客在汉堡王柜台前</p>
</div><p>Ackman’s third largest position is another restaurant operator, <strong>Restaurant Brands International</strong> (NYSE:QSR), the owner of Burger King, Popeyes Louisiana Kitchen, Tim Hortons, and Firehouse Subs.</p>
<div class="lb-trans"><p>阿克曼的第三大头寸是另一家餐厅运营商，<strong>餐厅品牌国际</strong>（NYSE:QSR），拥有汉堡王、波普艾斯路易斯安那厨房、蒂姆霍顿和消防局子。</p>
</div><p>While Ackman’s ownership position in RBI has remained largely unchanged at around 23 million shares or so, he did pick up an additional 381,000 shares in the second quarter. That brings his holdings total to 23.5 million shares, which are valued at $1.76 billion, good for a 16.7% position in Pershing Square’s portfolio.</p>
<div class="lb-trans"><p>尽管阿克曼在 RBI 的持股比例基本保持在约 2300 万股左右，但他在第二季度增持了 38.1 万股。这使他的持股总数达到 2350 万股，价值 17.6 亿美元，在 Pershing Square 投资组合中占 16.7% 的比例。</p>
</div><p>Restaurant Brands International is betting big on being able to turnaround its Burger King franchise, which has been the weakest link in the company. Earlier this year, it acquired Carroll’s Restaurant Group, previously the largest franchisee of Burger King restaurants. It also acquired Popeyes China at the end of June. It plans to refranchise most of the Carroll’s restaurants and is looking for a new partner for the China chain.</p>
<div class="lb-trans"><p>餐厅品牌国际正在大力扭转其汉堡王特许经营业务的局面，这一环节一直是公司的最薄弱环节。今年早些时候，它收购了卡罗尔餐厅集团，之前是汉堡王餐厅最大的特许经营商。它还在 6 月底收购了波普艾斯中国。公司计划将大部分卡罗尔餐厅进行特许经营，并正在寻找中国连锁店的新合作伙伴。</p>
</div><p>With so many moving parts to RBI, the stock is down 12% in 2024. Yet it has brought on former <strong>Domino’s</strong> (NYSE:DPZ) CEO Patrick Doyle to serve as chairman and lend his expertise. It was Doyle who changed the pizza shop’s direction and turned it into the powerhouse it is today. Restaurant Brands International is hoping he can work the same magic at the burger joint.</p>
<div class="lb-trans"><p>由于 RBI 有太多变数，股价在 2024 年下跌了 12%。然而，公司已经聘请了前 <strong>达美乐</strong>（NYSE:DPZ）首席执行官帕特里克·多伊尔担任董事长，并提供他的专业知识。正是多伊尔改变了这家披萨店的方向，并将其打造成今天的强大企业。餐厅品牌国际希望他能在汉堡店发挥同样的魔力。</p>
</div><h2><strong>Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)</strong></h2>
<div class="lb-trans"><h2><strong>参加退休测验，立即与顾问匹配（赞助）</strong></h2>
</div><p>Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.</p>
<div class="lb-trans"><p>你准备好退休了吗？规划退休可能会让人感到不知所措，这就是为什么今天与一位受托人理财顾问讨论你的目标可能是个好主意。</p>
</div><p>Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.</p>
<div class="lb-trans"><p>从 SmartAsset 开始，通过参加这个退休测验，你将在 5 分钟内与多达 3 位为你所在地区及更远地区提供服务的理财顾问匹配。Smart Asset 现在每月为超过 5 万人提供匹配。</p>
</div><p>Click here now to get started.</p>
<div class="lb-trans"><p>立即点击这里开始。</p>
</div><p>The post Bill Ackman Has 53% of His Portfolio in These 3 Stocks appeared first on 24/7 Wall St..</p>
<div class="lb-trans"><p>Bill Ackman 投资组合中有 53% 的资金投资在这 3 只股票中。</p>
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比尔·阿克曼的投资组合中有 53% 的资金集中在这三只股票上