智通财经获悉，对冲基金大佬比尔·阿克曼旗下的潘兴广场资本管理公司公布了截至2025年9月30日的第三季度持仓报告(13F)。统计数据显示，潘兴广场第三 季度持仓总市值为146亿美元，上一季度总市值为137亿美元，环比增长6.6%。潘兴广场在第三季度的持仓组合中，没有新增、增持个股，同样也没有清仓 个股，减持了4只个股。其中，前十大持仓标的占总市值的99.29%。 值得注意的是，虽然，潘兴广场13F 披露中并无大幅买入，但该基金聚焦于集中型策略。它持续持有保险公司Brookfield、房企Howard Hughes等大仓，被认 为是阿克曼打造"现代伯克希尔"的长期战略。 | 2025-09-30 | | 2025-09-30 | | | | --- | --- | --- | --- | --- | | Top Buys (13F) | | Top Sells (13F) | | | | BY CHANGE IN % PORTFOLIO | BY LARGEST VALUE | BY CHANGE IN % PORTFOLIO | BY LARGEST VALUE | | | Name | % Change | ...

Core Viewpoint - Bill Ackman sees significant upside potential in his investments, particularly in Uber, Brookfield Corporation, and Alphabet, among others, due to their strong fundamentals and growth prospects [1][2]. Investment Strategy - Ackman focuses on high-quality businesses with strong cash flow and limited downside risk, often taking activist positions to unlock shareholder value [2][3]. Portfolio Overview - Pershing Square Capital Management holds shares in 15 large-cap companies, with 75% of its $15 billion stock portfolio concentrated in five key holdings [3]. Key Holdings - **Uber Technologies (19.6%)**: Ackman appreciates Uber's strong network effects, management quality, operational performance, and cash flow, expecting earnings per share to grow over 30% annually [4][5]. - **Brookfield Corporation (17.7%)**: Added to the portfolio in 2024, Brookfield is positioned for growth due to AI infrastructure demand and an aging population, potentially quadrupling its wealth solutions asset base to $600 billion [6][8]. - **Alphabet (14.4%)**: Ackman has invested in Alphabet due to its rapid AI integration and strong financial performance, including $100 billion in revenue and a 33% year-over-year profit growth [9][11]. - **Howard Hughes Holdings (13.4%)**: Ackman aims to transform Howard Hughes into a diversified holding company, increasing its stake to 47% and focusing on unlocking value from real estate assets [12][13]. - **Restaurant Brands (10.6%)**: The company is valued for its capital-light business model and plans to enhance sales through investments in Burger King and expansion in Tim Hortons [14][17].

Core Insights - Pershing Square Capital Management, led by Bill Ackman, made several small adjustments to its portfolio in the third quarter, with no new positions taken [1][2]. New and Exited Positions - The fund did not acquire any new stakes in companies during the third quarter [2]. - The fund reduced its stake in Alphabet Class A shares by 10%, bringing the total to 4,843,973 shares [4]. - Small portions of holdings in three other companies were sold, each representing less than 1% of the respective stakes [4]. Changes to Positions - No increases in stakes were made in any positions during the third quarter [5]. - The reduction in Alphabet Class A shares coincided with a new position taken by Warren Buffett and Berkshire Hathaway in the same shares [4]. Top Holdings - As of the end of the third quarter, the top holdings in the fund included: - Uber Technologies: 20% - Brookfield: 19% - Howard Hughes Holdings: 11% - Alphabet Class C: 11% - Restaurant Brands: 10% - Amazon.com: 8.7% - Alphabet Class A: 8.0% - Chipotle Mexican Grill: 5.8% - Hilton Worldwide Holdings: 5.4% - Seaport Entertainment Group: 0.8% [9].

Strategic Transaction - Pershing Square invested $900 million in Howard Hughes Holdings Inc (HHH) to transform it into a diversified holding company[12] - Pershing Square purchased 9 million newly issued HHH shares for $100 per share, representing a 48% premium[13] - Pershing Square's beneficial ownership increased to approximately 469%, with voting power capped at 40% and beneficial ownership limited to 47%[13] - HHH will pay Pershing Square a quarterly fee of $375 million plus an incentive fee equal to 0375% of the growth in HHH's equity market capitalization[13] Portfolio Highlights - HHC's portfolio includes 72 million square feet of office space, 26 million square feet of retail space, 5,855 multifamily units, and 3,046 condos closed[23] - HHC has 7 communities and 34,000 acres of raw land[23] - Master Planned Communities (MPC) segment generated $349 million in 2024 EBT[25] - Operating Assets segment generated $257 million in 2024 NOI[30] - Strategic Developments segment generated $211 million in 2024 Adjusted Condo Gross Profit[27] Financial Performance - The company anticipates stabilized adjusted operating cash flow between $955 million and $1 billion, compared to $440 million in 2025[56] - The company's 2025 Adjusted Operating Cash Flow is comprised of $717 million Operating Assets NOI, $450 million MPC EBT, $0 million Condo Profit, ($196 million) Interest Expense, and ($81 million) Cash G&A[53, 56] - MPC Gross Asset Value increased from $37 billion in 2017 to $44 billion in 2025[49]

Group 1: Earnings Performance - MarketAxess reported quarterly earnings of $1.84 per share, exceeding the Zacks Consensus Estimate of $1.69 per share, but down from $1.90 per share a year ago, representing an earnings surprise of +8.88% [1] - The company posted revenues of $208.82 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.17%, compared to $206.71 million in the same quarter last year [2] Group 2: Stock Performance and Outlook - MarketAxess shares have declined approximately 26.7% since the beginning of the year, contrasting with the S&P 500's gain of 14.3% [3] - The current consensus EPS estimate for the upcoming quarter is $1.75 on revenues of $214.94 million, and for the current fiscal year, it is $7.24 on revenues of $852.89 million [7] Group 3: Industry Context - The Financial - Investment Bank industry, to which MarketAxess belongs, is currently ranked in the top 11% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Core Insights - Cherry Hill Mortgage (CHMI) reported quarterly earnings of $0.09 per share, missing the Zacks Consensus Estimate of $0.11 per share, representing an earnings surprise of -18.18% [1] - The company posted revenues of $3.3 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 22.22% [2] - Cherry Hill shares have declined approximately 11% year-to-date, contrasting with the S&P 500's gain of 15.6% [3] Earnings Performance - Over the last four quarters, Cherry Hill has exceeded consensus EPS estimates only once [2] - The current consensus EPS estimate for the upcoming quarter is $0.12 on $3 million in revenues, and $0.50 on $10.4 million in revenues for the current fiscal year [7] Market Outlook - The company's stock performance in the near term will largely depend on management's commentary during the earnings call [3] - The Zacks Rank for Cherry Hill is currently 3 (Hold), indicating expected performance in line with the market [6] - The REIT and Equity Trust industry, to which Cherry Hill belongs, is currently in the top 37% of Zacks industries, suggesting a favorable industry outlook [8]

Core Insights - Pershing Square Capital Management, led by hedge fund manager Bill Ackman, reported a total market value of $13.7 billion for its Q2 2025 holdings, reflecting a 15% increase from the previous quarter's $11.9 billion [1][2]. Holdings Summary - The firm added 1 new stock, increased holdings in 4 stocks, sold out of 1 stock, and did not reduce any holdings during the second quarter [1][2]. - The top 10 holdings accounted for 99.32% of the total market value [2]. Top Holdings - Uber (UBER.US) is the largest holding with approximately 30.3 million shares valued at about $2.8 billion, representing 19.66% of the portfolio [3][4]. - Brookfield (BN.US) is the second largest holding with around 41.2 million shares valued at $2.5 billion, making up 17.70% of the portfolio, with a slight increase of 0.38% in shares held [3][4]. - Howard Hughes Holding (HHH.US) ranks third with approximately 27.9 million shares valued at $1.9 billion, a significant increase of 47.74% in shares held [3][4]. - Restaurant Brands International (QSR.US) is fourth with about 23 million shares valued at $1.5 billion, maintaining the same number of shares as the previous quarter [3][4]. - Amazon (AMZN.US) is the fifth largest holding with approximately 5.8 million shares valued at $1.3 billion, marking a new position in the portfolio [3][4]. Changes in Holdings - The top purchases by percentage change in the portfolio include Amazon (AMZN) with a 9.31% increase, Alphabet (GOOGL) with a 1.13% increase, and Brookfield (BN) with a 0.53% increase [5][6]. - The firm completely exited its position in Canadian Pacific Railway (CP.US) [4][5].

Strategic Transaction & Company Overview - Pershing Square invested $900 million in HHH, purchasing 9 million newly issued shares at $100 per share, representing a 48% premium[12] - Pershing Square's beneficial ownership increased to approximately 469%, with voting power capped at 40% and beneficial ownership limited to 47%[12] - Howard Hughes is transforming into a diversified holding company seeking controlling stakes in high-quality, durable growth companies while continuing to invest and grow the core real estate development business[12] - Howard Hughes has 34,000 acres of raw land[16] Financial Performance - The company's 2024 Master Planned Communities (MPC) Earnings Before Tax (EBT) was $349 million[18] - The company's 2024 Adjusted Condo Gross Profit was $211 million[20] - The company's 2024 Operating Assets Net Operating Income (NOI) was $257 million[23] - The company's Adjusted Operating Cash Flow for 2025 is projected to be $410 million[42] Operating Assets - Operating Assets In-Place NOI is $265 million with $353 million expected at stabilization[100]

Core Insights - LGI Homes reported quarterly earnings of $1.36 per share, exceeding the Zacks Consensus Estimate of $1.21 per share, but down from $2.48 per share a year ago [1] - The earnings surprise was +12.40%, while the previous quarter saw a significant miss with actual earnings of $0.46 compared to an expected $0.75, resulting in a surprise of -38.67% [2] - The company generated revenues of $483.49 million for the quarter, surpassing the Zacks Consensus Estimate by 1.14%, but down from $602.5 million year-over-year [3] Earnings Outlook - The future performance of LGI Homes' stock will largely depend on management's commentary during the earnings call and the sustainability of the recent price movements [4] - The stock has underperformed the market, losing about 38.9% year-to-date compared to the S&P 500's gain of 7.6% [4] - Current consensus EPS estimate for the upcoming quarter is $2.06 on revenues of $630.67 million, and for the current fiscal year, it is $5.83 on revenues of $2.16 billion [8] Industry Context - The Real Estate - Development industry, to which LGI Homes belongs, is currently ranked in the top 28% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [9] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [6] - The unfavorable trend in estimate revisions prior to the earnings release has resulted in a Zacks Rank 5 (Strong Sell) for LGI Homes, indicating expected underperformance in the near future [7]

分组1 - Forestar Group reported quarterly earnings of $0.65 per share, missing the Zacks Consensus Estimate of $0.78 per share, and down from $0.76 per share a year ago, representing an earnings surprise of -16.67% [1] - The company posted revenues of $390.5 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 2.38%, and up from $318.4 million year-over-year [2] - Over the last four quarters, Forestar Group has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2] 分组2 - Forestar Group shares have declined approximately 14.8% since the beginning of the year, contrasting with the S&P 500's gain of 7.2% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to those expectations [4] - The current consensus EPS estimate for the upcoming quarter is $1.24 on revenues of $540 million, and for the current fiscal year, it is $2.96 on revenues of $1.54 billion [7] 分组3 - The Zacks Industry Rank indicates that the Real Estate - Development sector is currently in the top 25% of over 250 Zacks industries, suggesting a favorable outlook for stocks in this sector [8] - The estimate revisions trend for Forestar Group was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6]