<p>對沖基金經營者比爾·阿克曼喜歡進行大額押注。他的 <strong>Pershing Square Capital Management</strong> 基金管理資產達 104 億美元，集中在僅九個頭寸中。</p>
<p>這些都不是小打小鬧的操作。幾乎所有股票都是大盤股或超大盤股。其最小持股是 <strong>霍華德·休斯控股</strong>（NYSE:HHH），市值 37 億美元的中盤股。阿克曼追求這些市場巨頭的原因是他認為由於巨型機構投資者在公司表現中扮演的角色，這些公司存在機會。</p>
<p>在 2024 年 6 月的股東信中，阿克曼解釋了這些 “長期持有者” 使得積極投資者能夠利用 “短期、高槓杆投資者” 消耗大量股票流通量所帶來的價格波動。即使是最小的盈利遺漏也會 “將企業估值推低至遠低於長期內在價值的水平”，Pershing Square 就能抓住機會獲利。</p>
<p>自 2004 年成立以來，這隻對沖基金累計回報 1933%，年複合回報 15.7%，而標普 500 指數的回報為 630%，年複合回報為 10.1%。</p>
<p>阿克曼的三大持股價值 55 億美元，佔 Pershing Capital 持股的一半以上。</p>
<h2>本文要點：</h2>
<ul>
<li>比爾·阿克曼擁有悠久而成功的職業生涯，他的 <strong>Pershing Square Capital Management</strong> 對沖基金在 20 多年中一直表現優異，遠超過廣泛市場指數。</li>
<li>他喜歡對股票進行大額押注，以利用定價機會，並將持股集中在僅九家公司中。</li>
<li>如果您正在尋找一些潛力巨大的股票，請務必獲取我們全新的 “下一個英偉達” 報告的免費副本。其中包括我們確信具有 10 倍潛力的軟件股。</li>
</ul>
<h2>希爾頓全球控股（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>聖地亞哥海濱希爾頓酒店</p>
<p>該對沖基金中最大的頭寸是酒店運營商 <strong>希爾頓全球控股</strong>（NYSE:HLT），儘管他在過去幾個季度不斷減持股份。從其 1030 萬股的峯值，Pershing Square 現在擁有 895 萬股，價值 19.5 億美元。它佔其投資組合的 18.8%。阿克曼的平均買入價略低於每股 87 美元，迄今為止獲利 146%。</p>
<p>希爾頓在全球擁有 24 個世界一流品牌，共計近 7800 家物業。其快速增長的 1.95 億會員希爾頓榮譽計劃對酒店業的增長至關重要，因為這些會員高度參與，佔所有預訂房間夜的三分之二。</p>
<p>希爾頓去年推出了一箇中檔品牌，名為 “希爾頓之光”，旨在進入高端經濟市場；開設了長住連鎖酒店 LivSmart Studios；並進行了多項收購以擴大其影響力。</p>
<p>該酒店連鎖企業的每間可用客房收入（RevPAR）正在上升，2024 年上半年總收入增長 12%，達 55 億美元。隨着希爾頓受益於旅遊市場持續增長，預計 HLT 股票將繼續增長。</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，直到他在第二季度拋售了擁有的 22% 股份，即 840 萬股。他現在擁有 2880 萬股，價值 18 億美元，比一年前持有的股份少 40%。Chipotle 佔 Pershing Square 投資組合的 17.3%。儘管如此，阿克曼以每股 8.82 美元的平均買入價，獲利超過 511%。</p>
<p>值得注意的是，阿克曼的交易發生在 Chipotle 進行 50 比 1 的股票拆分和其首席執行官跳槽至 <strong>星巴克</strong>（NASDAQ:SBUX）之前。他在這家墨西哥食品連鎖店股價從歷史最高點下跌 23% 之前鎖定了利潤。</p>
<p>然而，他繼續將 Chipotle 作為其投資組合的重要組成部分，表明他仍然看到未來有大量增長機會。如果阿克曼將這家餐廳的股價低於其長期內在價值的機會之一，那也就不足為奇了。</p>
<h2>餐廳品牌國際（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>顧客在漢堡王櫃枱前</p>
<p>阿克曼的第三大頭寸是另一家餐廳運營商，<strong>餐廳品牌國際</strong>（NYSE:QSR），擁有漢堡王、波普艾斯路易斯安那廚房、蒂姆霍頓和消防局子。</p>
<p>儘管阿克曼在 RBI 的持股比例基本保持在約 2300 萬股左右，但他在第二季度增持了 38.1 萬股。這使他的持股總數達到 2350 萬股，價值 17.6 億美元，在 Pershing Square 投資組合中佔 16.7% 的比例。</p>
<p>餐廳品牌國際正在大力扭轉其漢堡王特許經營業務的局面，這一環節一直是公司的最薄弱環節。今年早些時候，它收購了卡羅爾餐廳集團，之前是漢堡王餐廳最大的特許經營商。它還在 6 月底收購了波普艾斯中國。公司計劃將大部分卡羅爾餐廳進行特許經營，並正在尋找中國連鎖店的新合作伙伴。</p>
<p>由於 RBI 有太多變數，股價在 2024 年下跌了 12%。然而，公司已經聘請了前 <strong>達美樂</strong>（NYSE:DPZ）首席執行官帕特里克·多伊爾擔任董事長，並提供他的專業知識。正是多伊爾改變了這家披薩店的方向，並將其打造成今天的強大企業。餐廳品牌國際希望他能在漢堡店發揮同樣的魔力。</p>
<h2><strong>參加退休測驗，立即與顧問匹配（贊助）</strong></h2>
<p>你準備好退休了嗎？規劃退休可能會讓人感到不知所措，這就是為什麼今天與一位受託人理財顧問討論你的目標可能是個好主意。</p>
<p>從 SmartAsset 開始，通過參加這個退休測驗，你將在 5 分鐘內與多達 3 位為你所在地區及更遠地區提供服務的理財顧問匹配。Smart Asset 現在每月為超過 5 萬人提供匹配。</p>
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<p>Bill Ackman 投資組合中有 53% 的資金投資在這 3 只股票中。</p>

希爾頓全球

<p>對沖基金經理比爾·阿克曼（Bill Ackman）顯著地將其 Pershing Square Capital Management 投資組合中 53%（價值 44 億美元）的資金配置在三家主要股票上：希爾頓全球（HLT）、Chipotle（CMG）和摯文集團（QSR）。希爾頓仍然是他最大的持倉，佔據了投資組合的 18.8%，其次是 Chipotle，佔比為 17.3%。阿克曼的策略側重於利用短期投資者造成的波動，同時瞄準大市值股票中的長期價值，導致自 2004 年以來累計回報率達到 1,933%，明顯優於標普 500 指數</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>對沖基金經營者比爾·阿克曼喜歡進行大額押注。他的 <strong>Pershing Square Capital Management</strong> 基金管理資產達 104 億美元，集中在僅九個頭寸中。</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>這些都不是小打小鬧的操作。幾乎所有股票都是大盤股或超大盤股。其最小持股是 <strong>霍華德·休斯控股</strong>（NYSE:HHH），市值 37 億美元的中盤股。阿克曼追求這些市場巨頭的原因是他認為由於巨型機構投資者在公司表現中扮演的角色，這些公司存在機會。</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 月的股東信中，阿克曼解釋了這些 “長期持有者” 使得積極投資者能夠利用 “短期、高槓杆投資者” 消耗大量股票流通量所帶來的價格波動。即使是最小的盈利遺漏也會 “將企業估值推低至遠低於長期內在價值的水平”，Pershing Square 就能抓住機會獲利。</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 年成立以來，這隻對沖基金累計回報 1933%，年複合回報 15.7%，而標普 500 指數的回報為 630%，年複合回報為 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>阿克曼的三大持股價值 55 億美元，佔 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>本文要點：</h2>
<ul>
<li>比爾·阿克曼擁有悠久而成功的職業生涯，他的 <strong>Pershing Square Capital Management</strong> 對沖基金在 20 多年中一直表現優異，遠超過廣泛市場指數。</li>
<li>他喜歡對股票進行大額押注，以利用定價機會，並將持股集中在僅九家公司中。</li>
<li>如果您正在尋找一些潛力巨大的股票，請務必獲取我們全新的 “下一個英偉達” 報告的免費副本。其中包括我們確信具有 10 倍潛力的軟件股。</li>
</ul>
</div><h2>Hilton Worldwide Holdings (HLT)</h2>
<div class="lb-trans"><h2>希爾頓全球控股（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>聖地亞哥海濱希爾頓酒店</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>該對沖基金中最大的頭寸是酒店運營商 <strong>希爾頓全球控股</strong>（NYSE:HLT），儘管他在過去幾個季度不斷減持股份。從其 1030 萬股的峯值，Pershing Square 現在擁有 895 萬股，價值 19.5 億美元。它佔其投資組合的 18.8%。阿克曼的平均買入價略低於每股 87 美元，迄今為止獲利 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>希爾頓在全球擁有 24 個世界一流品牌，共計近 7800 家物業。其快速增長的 1.95 億會員希爾頓榮譽計劃對酒店業的增長至關重要，因為這些會員高度參與，佔所有預訂房間夜的三分之二。</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>希爾頓去年推出了一箇中檔品牌，名為 “希爾頓之光”，旨在進入高端經濟市場；開設了長住連鎖酒店 LivSmart Studios；並進行了多項收購以擴大其影響力。</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>該酒店連鎖企業的每間可用客房收入（RevPAR）正在上升，2024 年上半年總收入增長 12%，達 55 億美元。隨着希爾頓受益於旅遊市場持續增長，預計 HLT 股票將繼續增長。</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，直到他在第二季度拋售了擁有的 22% 股份，即 840 萬股。他現在擁有 2880 萬股，價值 18 億美元，比一年前持有的股份少 40%。Chipotle 佔 Pershing Square 投資組合的 17.3%。儘管如此，阿克曼以每股 8.82 美元的平均買入價，獲利超過 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，阿克曼的交易發生在 Chipotle 進行 50 比 1 的股票拆分和其首席執行官跳槽至 <strong>星巴克</strong>（NASDAQ:SBUX）之前。他在這家墨西哥食品連鎖店股價從歷史最高點下跌 23% 之前鎖定了利潤。</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，他繼續將 Chipotle 作為其投資組合的重要組成部分，表明他仍然看到未來有大量增長機會。如果阿克曼將這家餐廳的股價低於其長期內在價值的機會之一，那也就不足為奇了。</p>
</div><h2>Restaurant Brands International (QSR)</h2>
<div class="lb-trans"><h2>餐廳品牌國際（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>顧客在漢堡王櫃枱前</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>阿克曼的第三大頭寸是另一家餐廳運營商，<strong>餐廳品牌國際</strong>（NYSE:QSR），擁有漢堡王、波普艾斯路易斯安那廚房、蒂姆霍頓和消防局子。</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>儘管阿克曼在 RBI 的持股比例基本保持在約 2300 萬股左右，但他在第二季度增持了 38.1 萬股。這使他的持股總數達到 2350 萬股，價值 17.6 億美元，在 Pershing Square 投資組合中佔 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>餐廳品牌國際正在大力扭轉其漢堡王特許經營業務的局面，這一環節一直是公司的最薄弱環節。今年早些時候，它收購了卡羅爾餐廳集團，之前是漢堡王餐廳最大的特許經營商。它還在 6 月底收購了波普艾斯中國。公司計劃將大部分卡羅爾餐廳進行特許經營，並正在尋找中國連鎖店的新合作伙伴。</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>由於 RBI 有太多變數，股價在 2024 年下跌了 12%。然而，公司已經聘請了前 <strong>達美樂</strong>（NYSE:DPZ）首席執行官帕特里克·多伊爾擔任董事長，並提供他的專業知識。正是多伊爾改變了這家披薩店的方向，並將其打造成今天的強大企業。餐廳品牌國際希望他能在漢堡店發揮同樣的魔力。</p>
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<div class="lb-trans"><h2><strong>參加退休測驗，立即與顧問匹配（贊助）</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>你準備好退休了嗎？規劃退休可能會讓人感到不知所措，這就是為什麼今天與一位受託人理財顧問討論你的目標可能是個好主意。</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>從 SmartAsset 開始，通過參加這個退休測驗，你將在 5 分鐘內與多達 3 位為你所在地區及更遠地區提供服務的理財顧問匹配。Smart Asset 現在每月為超過 5 萬人提供匹配。</p>
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</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 投資組合中有 53% 的資金投資在這 3 只股票中。</p>
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比爾·阿克曼的投資組合中有 53% 的資金集中在這三隻股票上