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Ackman’s Pershing Square Bets Big on Amazon, Sells Out of Canadian Pacific

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Billionaire investor Bill Ackman has added Amazon to his Pershing Square Capital Management portfolio, marking a major move into the e-commerce and cloud giant. The decision comes as Trump-era tariffs appear less damaging than initially feared and Amazon’s valuation offered an attractive entry point after market turbulence in April.

Key Takeaways:

  • Amazon Stake: Pershing Square initiated a new position in Amazon, with Chief Investment Officer Ryan Israel saying the stock became affordable after a tariff-driven market selloff. The hedge fund believes Amazon’s earnings growth remains robust, and CEO Andrew Jassy’s leadership will help expand margins amid strong revenue growth.

  • Tariff Impact Minimal: Ackman’s team downplayed concerns over Trump’s import tariffs, suggesting Amazon’s retail earnings won’t be materially affected, and the cloud division (AWS) can weather any slowdown.

  • Strategic Portfolio Shift: To fund the Amazon investment, Pershing Square exited Canadian Pacific, one of Ackman’s historically profitable holdings. The move was made “with regret,” as Ackman remains bullish on the rail company’s long-term potential.

  • Other Changes:

    • New Positions: Stakes were also added in Hertz and Uber, broadening exposure to transport and mobility sectors.

    • Trims: Positions in Chipotle, Hilton, and Universal Music Group were reduced.

    • Nike Adjustment: Equity holdings in Nike were converted into deep-in-the-money call options, allowing continued exposure with less capital deployed.

Strategic Outlook:

Ackman’s Amazon bet signals growing confidence in tech and e-commerce resilience, particularly as U.S. trade policy evolves and inflation moderates. Meanwhile, the exit from Canadian Pacific—despite long-term optimism—reflects the need to rebalance capital toward higher-growth opportunities.

The move into Uber and Hertz also aligns with trends in urban mobility and travel rebound, while trimming strong performers like Chipotle and Hilton frees up capital amid rising valuations.