MicroStockHub/iStock via Getty Images The fund posted returns of 5.11% (Institutional shares) and 5.12% (Investor A shares, without sales charge) for the fourth quarter of 2025. The largest contributors to relative performance were investment decisions in the financials, consumer discretionary, and consumer staples sectors. The largest detractor was stock selection in the communication services, i...
MicroStockHub/iStock via Getty Images The fund posted returns of 5.11% (Institutional shares) and 5.12% (Investor A shares, without sales charge) for the fourth quarter of 2025. The largest contributors to relative performance were investment decisions in the financials, consumer discretionary, and consumer staples sectors. The largest detractor was stock selection in the communication services, information technology ( IT ), and industrials sectors. The largest exposures were in the financials, health care, and industrials sectors. During the quarter, the fund increased its allocations to the materials and industrials sectors, and reduced its exposures to the IT and health care sectors. Contributors Stock selection in the financials sector, particularly in the banks industry, was the largest contributor to relative performance. Investment decisions in the consumer discretionary sector, notably in the specialty retail industry, added value. Selection decisions in the consumer staples sector, especially in the consumer staples distribution & retail industry, also had a positive impact. Detractors The largest detractor was security selection in the communication services sector, particularly in the interactive media & services industry. Security selection in the IT sector, especially in the semiconductors & semiconductor equipment industry, weighed on relative performance. Stock selection in the industrials sector, notably in the machinery industry, also had a negative impact. Further insight After a standout year for U.S. equities in 2025, we enter 2026 constructive but more cautious. Exuberance driven by artificial intelligence ( AI ) and narrow leadership raises questions about durability, and we think investor enthusiasm may be overlooking attractive opportunities beyond AI. At the same time, we see upside risks to inflation from sticky services, tight labor markets, potential energy and commodity volatility, tariff and reshoring pressures, and large-scale AI-rela...
Alphabet Inc. (NASDAQ:GOOGL) is included in our list of the 9 best stocks to buy according to billionaire Bill Ackman, representing 13.83% of the total portfolio (including both Class A and C shares). Bill Ackman Bullish on Alphabet Inc. (GOOGL) Despite Massive Cut in Stake While keeping a sizable holding in Alphabet Inc. (NASDAQ:GOOGL), Bill Ackman's hedge fund reduced its exposure to the digital...
Alphabet Inc. (NASDAQ:GOOGL) is included in our list of the 9 best stocks to buy according to billionaire Bill Ackman, representing 13.83% of the total portfolio (including both Class A and C shares). Bill Ackman Bullish on Alphabet Inc. (GOOGL) Despite Massive Cut in Stake While keeping a sizable holding in Alphabet Inc. (NASDAQ:GOOGL), Bill Ackman's hedge fund reduced its exposure to the digital giant. Ackman sold about 4.33 million shares of the company during the fourth quarter of 2025, leaving him with over 6.84 million shares (both classes of shares included) by the end of the quarter. The fund's ongoing faith in the company's long-term potential is evident from its remaining investment of over $2.15 billion. In his Letter to Shareholders from February 2026, Ackman cited Alphabet Inc. (NASDAQ:GOOGL)’s growing leadership in AI as a key growth driver. He emphasized how Google is deploying AI solutions worldwide by utilizing its scale in data, infrastructure, and distribution. He highlighted AI Overviews as a prime example, which currently reaches over two billion people in 200 countries, boosting search engagement and query growth, especially among younger groups. Alphabet Inc. (NASDAQ:GOOGL)'s AI innovation pipeline, which includes work from its research arm Google DeepMind, was highlighted by Ackman, who remains confident in the integration of Gemini models into the larger Google ecosystem. With a $70 billion sales run-rate and growing profitability, the company's cloud division is another key growth engine, according to the firm. Analyst sentiment remains strong as of March 5, 2026, mirroring the fund’s expectations. While no significant insider trading activity has been disclosed recently, Alphabet Inc. (NASDAQ:GOOGL) enjoys a bullish stance of nearly 90% of covering analysts, with a consensus price target of $385.00, suggesting a 30% upside. Alphabet Inc. (NASDAQ:GOOGL) operates as a technology holding company that runs Google Services, Google Cloud, and Ot...
Bahrain’s main energy company, which operates the island nation’s only oil refinery, declared force majeure on operations that have been impacted by the ongoing war in the Middle East. Bapco Energies said local market needs are being met, according to a statement. The company said last week the 90 year-old refinery was damaged in an attack. It recently boosted capacity at the plant to about 400,00...
Bahrain’s main energy company, which operates the island nation’s only oil refinery, declared force majeure on operations that have been impacted by the ongoing war in the Middle East. Bapco Energies said local market needs are being met, according to a statement. The company said last week the 90 year-old refinery was damaged in an attack. It recently boosted capacity at the plant to about 400,000 barrels a day and modernized units capable of producing more jet fuel and diesel. Read: Bahrain Says Refinery Catches Fire After Iran Missile Strike The announcement of force majeure, a contractual clause that allows a company to interrupt shipments, follows similar declarations by QatarEnergy for shipments from the world’s biggest liquefied natural gas plant and Kuwait for oil sales after it started output cuts at its fields and refineries. Persian Gulf producers Iraq and the United Arab Emirates have also been forced to cut output .
BING-JHEN HONG/iStock Editorial via Getty Images Billionaire investor Leo KoGuan said he doubled his stake in Nvidia ( NVDA ) to 2M shares, adding to his position in the chipmaker as global markets face heightened volatility linked to the conflict in the Middle East. “As promised, I bought additional 1 million shares of NVDA today,” KoGuan wrote early Saturday on X, days after disclosing his initi...
BING-JHEN HONG/iStock Editorial via Getty Images Billionaire investor Leo KoGuan said he doubled his stake in Nvidia ( NVDA ) to 2M shares, adding to his position in the chipmaker as global markets face heightened volatility linked to the conflict in the Middle East. “As promised, I bought additional 1 million shares of NVDA today,” KoGuan wrote early Saturday on X, days after disclosing his initial purchase . The investment marks a notable shift for KoGuan, whose wealth has long been heavily tied to shares of Tesla ( TSLA ). It comes as global markets have weakened since the U.S. and Israel launched military operations against Iran last month, sparking a broad selloff across assets from bonds to equities and raising concerns that markets could fall further if the conflict drags on. Shares of Nvidia ( NVDA ) are down about 5% this year through Friday’s close, while Tesla ( TSLA ) has fallen nearly 12% , compared with a decline of less than 2% for the S&P 500. KoGuan is estimated to have spent roughly $350M on his Nvidia ( NVDA ) holdings based on recent closing prices. Aside from announcing the purchase, he said only that he hoped the move could “contribute a little to calm the nervous market.” More on Nvidia, Tesla Nvidia: The Market Is Wrong AI Agents Ignite Nvidia's Next Growth Wave Nvidia: AI GPU Leadership Supports The Generational Lead Premium Notable analyst calls this week: MongoDB, Marvell and Southern Co among top picks US agency denies report of draft rules for AI chip export permits
BING-JHEN HONG/iStock Editorial via Getty Images Billionaire investor Leo KoGuan said he doubled his stake in Nvidia ( NVDA ) to 2M shares, adding to his position in the chipmaker as global markets face heightened volatility linked to the conflict in the Middle East. “As promised, I bought additional 1 million shares of NVDA today,” KoGuan wrote early Saturday on X, days after disclosing his initi...
BING-JHEN HONG/iStock Editorial via Getty Images Billionaire investor Leo KoGuan said he doubled his stake in Nvidia ( NVDA ) to 2M shares, adding to his position in the chipmaker as global markets face heightened volatility linked to the conflict in the Middle East. “As promised, I bought additional 1 million shares of NVDA today,” KoGuan wrote early Saturday on X, days after disclosing his initial purchase . The investment marks a notable shift for KoGuan, whose wealth has long been heavily tied to shares of Tesla ( TSLA ). It comes as global markets have weakened since the U.S. and Israel launched military operations against Iran last month, sparking a broad selloff across assets from bonds to equities and raising concerns that markets could fall further if the conflict drags on. Shares of Nvidia ( NVDA ) are down about 5% this year through Friday’s close, while Tesla ( TSLA ) has fallen nearly 12% , compared with a decline of less than 2% for the S&P 500. KoGuan is estimated to have spent roughly $350M on his Nvidia ( NVDA ) holdings based on recent closing prices. Aside from announcing the purchase, he said only that he hoped the move could “contribute a little to calm the nervous market.” More on Nvidia, Tesla Nvidia: The Market Is Wrong AI Agents Ignite Nvidia's Next Growth Wave Nvidia: AI GPU Leadership Supports The Generational Lead Premium Notable analyst calls this week: MongoDB, Marvell and Southern Co among top picks US agency denies report of draft rules for AI chip export permits
Meta Platforms, Inc. (NASDAQ:META) is included in our list of the 9 best stocks to buy according to billionaire Bill Ackman, accounting for 11.37% of the total portfolio. Bill Ackman's Eyes Meta Platforms, Inc. (META) Amid Cheap Valuation One of the biggest additions to Pershing Square's portfolio at the end of the fourth quarter of 2025 was Meta Platforms, Inc. (NASDAQ:META), with Bill Ackman acq...
Meta Platforms, Inc. (NASDAQ:META) is included in our list of the 9 best stocks to buy according to billionaire Bill Ackman, accounting for 11.37% of the total portfolio. Bill Ackman's Eyes Meta Platforms, Inc. (META) Amid Cheap Valuation One of the biggest additions to Pershing Square's portfolio at the end of the fourth quarter of 2025 was Meta Platforms, Inc. (NASDAQ:META), with Bill Ackman acquiring 2.67 million shares, valued at over $1.76 billion. After Meta Platforms, Inc. (NASDAQ:META) released its third-quarter 2025 results in October last year, Pershing Square took a position in the stock. The firm cited the 20% share price plunge following the release, where management laid out its plans to dramatically boost spending on AI projects in 2026. Since it initiated the position in November (exact date unknown), the stock has rallied as much as 14% in between but has since given up those gains and been flat as of March 5. That said, Ackman saw the pullback as a desirable opportunity to acquire a stake in the stock, which was trading at just 20x earnings per share. Citing apps like Facebook, Instagram, and WhatsApp, which make up Meta's "Family of Apps," Ackman stated that these apps together boast over 3.5 billion daily active users worldwide, driving the firm’s positive outlook on Meta. The investment firm believes breakthroughs in AI will improve content recommendations, increase engagement, and improve ad targeting. This would strengthen Meta Platforms, Inc. (NASDAQ:META)'s ecosystem, as the amount of time spent watching videos on Instagram has already grown by almost 30% year-over-year, Ackman stated in his Q4 2025 Letter to Shareholders from February 2026. At the same time, hedge fund sentiment regarding Meta Platforms, Inc. (NASDAQ:META) weakened during the fourth quarter amid ongoing concerns surrounding its massive AI-related spending. Collectively, the total hedge fund stake in the stock decreased to $44 billion from $61.30 billion, and the number of b...
Meta Platforms, Inc. (NASDAQ:META) is included in our list of the 9 best stocks to buy according to billionaire Bill Ackman, accounting for 11.37% of the total portfolio. Bill Ackman's Eyes Meta Platforms, Inc. (META) Amid Cheap Valuation One of the biggest additions to Pershing Square's portfolio at the end of the fourth quarter of 2025 was Meta Platforms, Inc. (NASDAQ:META), with Bill Ackman acq...
Meta Platforms, Inc. (NASDAQ:META) is included in our list of the 9 best stocks to buy according to billionaire Bill Ackman, accounting for 11.37% of the total portfolio. Bill Ackman's Eyes Meta Platforms, Inc. (META) Amid Cheap Valuation One of the biggest additions to Pershing Square's portfolio at the end of the fourth quarter of 2025 was Meta Platforms, Inc. (NASDAQ:META), with Bill Ackman acquiring 2.67 million shares, valued at over $1.76 billion. After Meta Platforms, Inc. (NASDAQ:META) released its third-quarter 2025 results in October last year, Pershing Square took a position in the stock. The firm cited the 20% share price plunge following the release, where management laid out its plans to dramatically boost spending on AI projects in 2026. Since it initiated the position in November (exact date unknown), the stock has rallied as much as 14% in between but has since given up those gains and been flat as of March 5. That said, Ackman saw the pullback as a desirable opportunity to acquire a stake in the stock, which was trading at just 20x earnings per share. Citing apps like Facebook, Instagram, and WhatsApp, which make up Meta's "Family of Apps," Ackman stated that these apps together boast over 3.5 billion daily active users worldwide, driving the firm’s positive outlook on Meta. The investment firm believes breakthroughs in AI will improve content recommendations, increase engagement, and improve ad targeting. This would strengthen Meta Platforms, Inc. (NASDAQ:META)'s ecosystem, as the amount of time spent watching videos on Instagram has already grown by almost 30% year-over-year, Ackman stated in his Q4 2025 Letter to Shareholders from February 2026. At the same time, hedge fund sentiment regarding Meta Platforms, Inc. (NASDAQ:META) weakened during the fourth quarter amid ongoing concerns surrounding its massive AI-related spending. Collectively, the total hedge fund stake in the stock decreased to $44 billion from $61.30 billion, and the number of b...
Meta Platforms, Inc. (NASDAQ:META) is included in our list of the 9 best stocks to buy according to billionaire Bill Ackman, accounting for 11.37% of the total portfolio. Bill Ackman's Eyes Meta Platforms, Inc. (META) Amid Cheap Valuation One of the biggest additions to Pershing Square's portfolio at the end of the fourth quarter of 2025 was Meta Platforms, Inc. (NASDAQ:META), with Bill Ackman acq...
Meta Platforms, Inc. (NASDAQ:META) is included in our list of the 9 best stocks to buy according to billionaire Bill Ackman, accounting for 11.37% of the total portfolio. Bill Ackman's Eyes Meta Platforms, Inc. (META) Amid Cheap Valuation One of the biggest additions to Pershing Square's portfolio at the end of the fourth quarter of 2025 was Meta Platforms, Inc. (NASDAQ:META), with Bill Ackman acquiring 2.67 million shares, valued at over $1.76 billion. After Meta Platforms, Inc. (NASDAQ:META) released its third-quarter 2025 results in October last year, Pershing Square took a position in the stock. The firm cited the 20% share price plunge following the release, where management laid out its plans to dramatically boost spending on AI projects in 2026. Since it initiated the position in November (exact date unknown), the stock has rallied as much as 14% in between but has since given up those gains and been flat as of March 5. That said, Ackman saw the pullback as a desirable opportunity to acquire a stake in the stock, which was trading at just 20x earnings per share. Citing apps like Facebook, Instagram, and WhatsApp, which make up Meta's "Family of Apps," Ackman stated that these apps together boast over 3.5 billion daily active users worldwide, driving the firm’s positive outlook on Meta. The investment firm believes breakthroughs in AI will improve content recommendations, increase engagement, and improve ad targeting. This would strengthen Meta Platforms, Inc. (NASDAQ:META)'s ecosystem, as the amount of time spent watching videos on Instagram has already grown by almost 30% year-over-year, Ackman stated in his Q4 2025 Letter to Shareholders from February 2026. At the same time, hedge fund sentiment regarding Meta Platforms, Inc. (NASDAQ:META) weakened during the fourth quarter amid ongoing concerns surrounding its massive AI-related spending. Collectively, the total hedge fund stake in the stock decreased to $44 billion from $61.30 billion, and the number of b...
Craig Munns has a large model of a T rex on his desk. He got it with a magazine subscription two decades ago. One day, a few years ago, he was sitting in his study, which was dense with books and yellow sticky notes and posters charting evolution from single cells upward, and he thought, “What am I going to do next in my life?” And his eyes lit upon the T rex. Munns had recently taken on a job at ...
Craig Munns has a large model of a T rex on his desk. He got it with a magazine subscription two decades ago. One day, a few years ago, he was sitting in his study, which was dense with books and yellow sticky notes and posters charting evolution from single cells upward, and he thought, “What am I going to do next in my life?” And his eyes lit upon the T rex. Munns had recently taken on a job at the public library in Canberra, but it had always rankled with him that he had not studied for a degree, starting instead as an electronics trainee after he left school in Sydney, Australia. So he decided to enrol as a part-time student. He graduated at 62, with honours in palaeontology from the University of New England in Armidale, NSW. Now 65, Munns works at Geoscience Australia, a government agency that conducts geoscientific research. His main task is monitoring mineral deposits, but he sounds most animated when he talks about a palaeontology paper he is working on, about two drill cores – long tubes of rock – which were extracted east of Alice Springs in a search for minerals in the late 90s, and have since lain dormant in storage. “I’m interested in the animals that are in there,” he says. “What I’m doing is looking at the biostratigraphy – the biology found at each strata, the progress of specimens or species through the strata.” He explains his methodology: “You chop the core up so it splits along lines where you might see a fossil.” Despite the model T rex, dinosaurs are not Munns’ passion. “I’m more of an invertebrate sort of guy,” he says. “Worms, insects, lobsters …” View image in fullscreen Munns with a trilobite fossil. Photograph: Hilary Wardhaugh/The Guardian We are speaking on a video call, and Munns holds up to the camera what looks like a lump of grey rock, but is actually a 500m-year-old trilobite that used to roll up into a ball to defend itself. “This one has got about 30 legs, and eyes on the top of its head. It lived in the mud and could see out. Th...
Kurds Do Not 'Trust' US To Use Them As Proxy Force Against Iran This should be obvious to any observer of Middle East history and US foreign policy over the last half-century, but a new Axios report cited Kurdish officials who say they don't 'trust' the United States , especially in wake of recent reports suggesting the Kurds will be used as proxy ground forces against Iran. Iraq's Kurds have alre...
Kurds Do Not 'Trust' US To Use Them As Proxy Force Against Iran This should be obvious to any observer of Middle East history and US foreign policy over the last half-century, but a new Axios report cited Kurdish officials who say they don't 'trust' the United States , especially in wake of recent reports suggesting the Kurds will be used as proxy ground forces against Iran. Iraq's Kurds have already made clear they oppose joining the US-Israeli attacks on Iran and warn they could face severe Iranian retaliation without ground or air defense support , Axios reported Saturday. Source: Intrepid Times An earlier CNN report claimed the CIA began working to arm Kurdish forces hostile to the Islamic Republic of Iran after the United States and Israel launched Operation Epic Fury. Initially, President Trump openly voiced support for Kurdish involvement in the conflict but then soon reversed that position on Saturday. "The Kurds must not be the tip of the spear in this conflict," Axios reported, citing a senior official from the Kurdistan Regional Government (KRG), which is the semi-autonomous region in northeastern Iraq. The Iraqi Kurds are "staying neutral" because "there is no clarity" on whether Washington seeks full regime change in Iran or only a "change in personnel" - the KRG official said. Trump has stated the United States will be involved in deciding who leads Iran in the future but has not explained how that would really work in the end. The war objectives have seemed to shift rapidly, especially when it comes to daily public facing White House interactions with reporters. Some military analysts and Middle East pundits online recently attempted to count the number of times the Kurds were effectively "thrown under the bus" in their total history of working with Washington, and concluded that it's been at least nine times . The last 'betrayal' was merely months ago - when the Pentagon quickly withdrew from northern Syria and simply told the Kurdish-led Syrian Demo...