Pershing Square Holdings, an investment holding company, released its first half 2025 investor letter. A copy of the same can be downloaded here. In the first half of 2025, the company’s NAV per share increased by 15.5% and 17.7% year-to-date through August 19, 2025. The company’s share price rose by 9.9% and 16.5% during these periods, while the S&P 500 increased by 6.2% and 9.9%, respectively. The first half of 2025 was characterized by complex macroeconomic and geopolitical dynamics, contributing to broad uncertainty. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its second-quarter 2025 investor letter, Pershing Square Holdings highlighted stocks such as Restaurant Brands International Inc. (NYSE:QSR). Restaurant Brands International Inc. (NYSE:QSR) is a quick-service restaurant company that operates through Tim Hortons, Burger King, Popeyes Louisiana Kitchen, Firehouse Subs, International, and Restaurant Holdings segments. The one-month return of Restaurant Brands International Inc. (NYSE:QSR) was -3.13%, and its shares lost 6.95% of their value over the last 52 weeks. On September 05, 2025, Restaurant Brands International Inc. (NYSE:QSR) stock closed at $63.10 per share, with a market capitalization of $28.756 billion.
Pershing Square Holdings stated the following regarding Restaurant Brands International Inc. (NYSE:QSR) in its second quarter 2025 investor letter:
“Restaurant Brands International Inc.’s (NYSE:QSR) franchised business model is a high-quality, capital-light, growing annuity that generates high-margin brand royalty fees from its four leading brands: Tim Hortons, Burger King, Popeyes, and Firehouse Subs.
The company’s two largest profit drivers, Tim Hortons and Burger King International, which together account for roughly 70% of profits, continue to perform well and lead QSR’s growth. At Tim Hortons, same-store sales increased 4% in the most recent quarter, marking the 17th consecutive quarter of positive same-store sales growth, which was driven by balanced growth in both higher traffic and average check. We believe Tim Hortons can continue its strong growth by expanding its presence in the food category and by growing its cold beverage business. Burger King International also delivered impressive results, with same-store sales up 4%, outperforming McDonald’s in current momentum and cumulatively since the pandemic. We expect Burger King’s localized menu innovation, targeted value promotions, and ongoing digital adoption to continue to drive strong results
In the U.S., Burger King continues to make progress in modernizing the system and returning the business to sustainable growth. The recently acquired Carrols restaurants grew same-store sales by nearly 3%, outpacing the broader system and showcasing the early benefits of remodels and improved operations. The company has already begun refranchising efforts and is actively signing candidates for its “Crown Your Career” program, which supports high-potential internal talent becoming franchise owners. We expect the company’s multi-year efforts to remodel its restaurants and improve operations should continue to drive sales momentum..…” (Click here to read the full text)
Restaurant Brands International Inc. (NYSE:QSR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Restaurant Brands International Inc. (NYSE:QSR) at the end of the second quarter, which was 32 in the previous quarter. While we acknowledge the risk and potential Restaurant Brands International Inc. (NYSE:QSR) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Restaurant Brands International Inc. (NYSE:QSR) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Restaurant Brands International Inc. (NYSE:QSR) and shared the list of best consumer cyclical stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q2 2025 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
