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 Brookfield Corporation (NYSE:BN). Brookfield Corporation (NYSE:BN) is an alternative asset manager and REIT/Real Estate Investment Manager firm. The one-month return of Brookfield Corporation (NYSE:BN) was 0.68%, and its shares gained 38.55% of their value over the last 52 weeks. On September 03, 2025, Brookfield Corporation (NYSE:BN) stock closed at $65.34 per share, with a market capitalization of $97.83 billion.
Pershing Square Holdings stated the following regarding Brookfield Corporation (NYSE:BN) in its second quarter 2025 investor letter:
“Brookfield Corporation (NYSE:BN) is a high-quality, asset-rich, rapidly growing business that has a long-term track record of excellent capital allocation. We initiated a position in Brookfield last year as we believed BN’s stock was undervalued in light of its high and accelerating rate of growth in its earnings per share over the medium term. In recent quarters, the company has advanced several important strategic initiatives which we believe will help the company grow earnings while simultaneously simplifying the business and garnering recognition from investors.
BN continues to make progress growing its important annuity and insurance business (Brookfield Wealth Solutions, or “BWS”), which now manages $135 billion in insurance assets. The company also continues to improve its communication regarding the strategic importance and value of this fast-growing funding source. This quarter, the company announced its intention to refocus BN to an “investment-led insurance organization,” with capital increasingly funded by individual investors’ insurance float. We believe this business evolution remains underappreciated by investors and has strong strategic and financial logic. Critically, Brookfield already manages a $1 trillion portfolio of real assets (including real estate, infrastructure and power), which are ideally suited for annuity capital given their highly contracted cash flows and inflation indexation. Building on this evolution, BWS recently announced the acquisition of Just Group, a U.K. annuity and pension provider. This will increase BWS’s annuity portfolio by ~30% and firmly position Brookfield as a major player in the attractive U.K. market where BN is already one of the largest real estate and infrastructure investors. We believe Brookfield is at the inception of a broader evolution which will drive substantial earnings growth and value creation over the coming years.…” (Click here to read the full text)
Brookfield Corporation (NYSE:BN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Brookfield Corporation (NYSE:BN) at the end of the second quarter, which was 40 in the previous quarter. While we acknowledge the risk and potential Brookfield Corporation (NYSE:BN) 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 Brookfield Corporation (NYSE:BN) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Brookfield Corporation (NYSE:BN) and shared top stock picks from Bill Ackman stock portfolio. 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.
