Bill Ackman's Pershing Square Has Delivered a 15.9% Annualized Return Since 2004, Beating the S&P 500 by Over 5 Points a Year. Can It Continue?

The article argues that Bill Ackman’s Pershing Square has maintained strong long-term outperformance by concentrating on high-quality, cash-generating businesses, but its current edge increasingly depends on megacap tech. The fund has largely exited Alphabet and built large positions in Meta, Amazon, Microsoft, and continues to hold Uber, which together made up the majority of its $13.7 billion portfolio in the latest 13F. The piece says these holdings still look reasonably valued given strong revenue growth, AI-driven demand, and improving earnings, with Meta revenue up 28%, Amazon revenue up 16%, Microsoft revenue up 18%, and Uber gross bookings up 24% and adjusted earnings up 35%. The main risk is that heavy AI infrastructure spending fails to produce durable profit growth. Overall, the article is cautiously positive on Pershing Square’s positioning and suggests its tech-heavy portfolio could keep beating the market if AI monetization continues to improve.