- The report discusses the early and modern history of quantitative theory, highlighting key figures and their contributions, such as Thales, Fibonacci, Cardano, Pascal, Fermat, Bernoulli, Bachelier, Kolmogorov, Ito, Markowitz, Tobin, Sharpe, Fama, Ross, Vasicek, Kahneman, and Tversky[11][12][17] - The development of quantitative strategies in the new century is driven by advancements in computing, cloud computing, big data, and machine learning technologies, including decision trees, random forests, SVM, and deep learning models[13] - The report highlights the growth of global hedge fund management, particularly in North America, and the increasing adoption of AI strategies by fund managers to improve operational efficiency and returns[13] - The report reviews the development of domestic public quantitative funds, noting the slow growth before 2010 and the significant impact of the 2008 financial crisis and the introduction of margin trading and stock index futures in 2010[19][20] - The report discusses the future prospects of domestic public quantitative funds, emphasizing the continued growth of ETFs and passive products, the potential of Smart Beta, and the importance of index enhancement products[27][28] - The report highlights the importance of developing intelligent investment advisory and diversified asset allocation to improve investor experience using quantitative methods and tools[28] - Multi-Strategy, 12M AUM Weighted: 13.59%, Mean: 10.02%, Median: 11.24%[16] - Equity L/S, 12M AUM Weighted: 13.45%, Mean: 12.13%, Median: 11.21%[16] - Long biased, 12M AUM Weighted: 10.60%, Mean: 11.08%, Median: 9.74%[16] - Event, 12M AUM Weighted: 10.27%, Mean: 9.10%, Median: 8.40%[16] - Credit, 12M AUM Weighted: 9.76%, Mean: 9.75%, Median: 9.11%[16] - Macro, 12M AUM Weighted: 9.64%, Mean: 7.92%, Median: 7.58%[16] - Quant, 12M AUM Weighted: 8.72%, Mean: 6.55%, Median: 6.74%[16] - Arbitrage, 12M AUM Weighted: 5.87%, Mean: 3.79%, Median: 6.88%[16] - HF Composite, 12M AUM Weighted: 11.29%, Mean: 10.33%, Median: 9.33%[16]

Core Viewpoint - Uber Technologies has transformed from a cash-burning company to a profitable entity, attracting significant investment interest, particularly from billionaire investor Bill Ackman, who has made Uber his largest holding [1][2][3]. Financial Performance - In Q1 2025, Uber reported a revenue increase of 14% year-over-year to $11.5 billion, with adjusted EBITDA rising 35% to $1.9 billion and net income reaching $1.8 billion [5][6]. - Over the trailing 12 months, Uber generated nearly $8 billion in free cash flow and ended the quarter with $6.0 billion in cash and short-term investments [6]. Business Segments - Uber's revenue from mobility (ride-hailing) was $21.2 billion, while delivery revenue (primarily from Uber Eats) was $20.4 billion, with gross bookings for mobility and delivery rising 20% and 18% year-over-year, respectively [7][8]. Investment Confidence - Bill Ackman purchased 30.3 million shares of Uber, worth around $2 billion, representing 18.5% of his investment firm's U.S.-traded equity assets, indicating strong confidence in Uber's management and business model [9][10]. Strategic Partnerships - Uber has shifted its strategy regarding autonomous vehicles, opting for partnerships with companies like Waymo and Aurora instead of developing its own technology, which reduces costs and risks while tapping into a potentially lucrative market [11][12]. Market Position - Uber's platform-first model in the autonomous vehicle space could provide a competitive advantage, allowing it to be the primary platform for consumers to access self-driving vehicles without needing to own the technology [13]. Long-term Outlook - Ackman's significant investment signals confidence in Uber's future growth potential, suggesting that despite a 200% stock surge over the last three years, there may still be room for further appreciation [14][15].

Core Viewpoint - Bill Ackman's Pershing Square fund is transforming Howard Hughes Holdings into a diversified holding company, similar to Berkshire Hathaway, presenting an investment opportunity for those looking to leverage Ackman's expertise [2][16]. Group 1: Investment Portfolio Overview - Pershing Square's equity portfolio is valued at $13.6 billion, with over half invested in three key stocks: Uber Technologies, Brookfield, and Howard Hughes Holdings [3]. Group 2: Uber Technologies - Uber represents 19% of Pershing Square's equity portfolio, with an investment of approximately $2.3 billion, now valued at around $2.6 billion [5]. - Ackman believes concerns regarding autonomous vehicles negatively impacting Uber's value are unfounded, as Uber's extensive network of over 170 million users is valuable for self-driving car companies [6]. - Uber's EBITDA increased by 35% last quarter, supported by a 14% rise in gross bookings, with expectations for similar growth in the upcoming quarter [7]. - The company generated $2.3 billion in free cash flow last quarter, a 66% year-over-year increase, with a goal to convert over 90% of EBITDA into free cash flow in the next three years [8]. - Uber's stock trades at an enterprise value-to-EBITDA ratio of about 25, which is considered attractive given its 30% annual EBITDA growth [9]. Group 3: Brookfield - Brookfield accounts for 17% of the portfolio, with a total investment value of about $2.4 billion after acquiring an additional 6.1 million shares [10]. - The company has a unique corporate structure with several publicly traded subsidiaries, including Brookfield Asset Management, which owns 73% of its shares [11]. - Distributable earnings rose by 27% year-over-year in the first quarter, with management projecting a cash flow growth rate exceeding 20% annually through 2029 [12]. - Brookfield's shares trade at 13.8 times trailing distributable earnings, with Ackman suggesting a valuation multiple of at least 16 [13]. Group 4: Howard Hughes Holdings - Howard Hughes Holdings makes up 14% of the portfolio, with Ackman acquiring a 47% stake worth about $1.9 billion [14]. - The company's assets are valued at $5.9 billion, indicating the stock is trading at a discount [15]. - Management anticipates net operating income growth of up to 4% in 2025, with long-term projections indicating a 37% increase from 2024 levels [15]. - Ackman plans to diversify Howard Hughes by adding an insurance business, which would provide capital for further investments [16]. - The new structure incurs a quarterly fee of $3.75 million to Pershing Square, along with a 0.375% incentive fee, but may offer investors a direct way to invest in Ackman's strategies [17].

Core Viewpoint - Bill Ackman has successfully negotiated a deal with Howard Hughes Holdings to create a diversified holding company, akin to a modern-day Berkshire Hathaway, with a significant investment from Pershing Square [1][10]. Investment Details - Pershing Square will invest $900 million in newly created shares, purchasing 9 million shares at a price of $100 each, resulting in a 46.9% stake in Howard Hughes [3][4]. - The investment will enable the company to build a portfolio of controlling stakes in high-quality public and private operating companies while continuing to grow its core real estate business [4]. Management Structure - Ackman will assume the role of executive chairman, while the current leadership team, including CEO David O'Reilly, will remain in place [5]. - A new position of chief investment officer will be created, to be filled by Pershing Square's CIO, Ryan Israel [5]. Fee Structure Changes - The management fee structure has been revised to a base fee of $3.75 million paid quarterly, approximately 0.4% of the current market cap annually, which aligns management incentives with shareholder success [6][7][8]. - Additionally, a quarterly management fee of 0.375% will be applied only to any increase in the company's market cap above a threshold of approximately $3.9 billion, adjusted for inflation [7]. Future Prospects - Ackman indicated that acquiring or building an insurance company may be part of the business strategy, similar to Berkshire Hathaway's model [11]. - The transaction does not require further shareholder approvals and was finalized on May 5, following the board's approval [11].

Bill Ackman, Pershing Square Capital Management CEO, speaking at the Delivering Alpha conference in New York City on Sept. 28, 2023.Bill Ackman's Pershing Square has agreed to invest $900 million in real estate company Howard Hughes, the companies announced Monday, as the billionaire hedge fund manager looks to follow in the footsteps of Warren Buffett.The deal involves Pershing Square buying 9 million newly issued shares of Howard Hughes for a total cost of $900 million. The purchase price is 48% above whe ...