Bill AckmanandPershing Square Capital(NYSE:PS) have unveiled their portfolio for the second quarter, which includes several new stocks added. The quarter also included major changes to Ackman's growing bets on the Magnificent Seven stocks.
Bill Ackman和Pershing Square Capital（紐約證券交易所代碼：PS）公佈了其第二季度投資組合，其中包括多隻新增股票。本季度還包括對Ackman在「美股七巨頭」（Magnificent Seven）股票上不斷加大的押注進行的重大調整。
Bill Ackman Keeps Betting on Magnificent Seven
Bill Ackman繼續押注美股七巨頭
Since 2023, thePershing Square USA(NYSE:PSUS) investment portfolio, now publicly traded under the ticker PSUS, has been adding Magnificent Seven stocks to its investment ideas.
自2023年以來，Pershing Square USA（紐約證券交易所代碼：PSUS）的投資組合——目前已以PSUS為交易代碼公開上市——一直在將其投資理念擴展至美股七巨頭股票。
This started withAlphabet Inc(NASDAQ:GOOGL)(NASDAQ:GOOGL) in 2023, withAmazon.com Inc(NASDAQ:AMZN) added in early 2025,Meta Platforms(NASDAQ:META) added in late 2025 andMicrosoft Corporation(NASDAQ:MSFT) stock bought in early 2026.
這一佈局始於2023年買入Alphabet Inc（納斯達克代碼：GOOGL）（納斯達克代碼：GOOGL），隨後於2025年初增持亞馬遜公司（納斯達克代碼：AMZN），2025年底加入Meta Platforms（納斯達克代碼：META），並於2026年初購入微軟公司（納斯達克代碼：MSFT）股票。
Over time, Ackman's bets have shifted in order and preference, and the latest 13F filing shows some profit-taking and new upsized bets being made.
隨著時間推移，阿克曼（Ackman）的押注順序和偏好發生了變化，最新的13F檔案顯示其部分頭寸已獲利了結，並新增了更大規模的押注。
Ackman sold out of Alphabet stock completely in the second quarter, following cuts to positions in both Class A and Class C shares in recent quarters.
Ackman在第二季度完全清倉了Alphabet股票，此前幾個季度已陸續減持其A類和C類股票。
The hedge funder also cut its position in Amazon stock by 25% in the second quarter, after the position had increased by 19% in the first quarter. The position was increased by 65% in the fourth quarter of 2025.
這位避險基金經理還在第二季度將其亞馬遜股票頭寸削減了25%，而該頭寸在第一季度曾增加19%，並在2025年第四季度大幅增持65%。
The newest Magnificent Seven positions saw the biggest increases in the second quarter. The Meta position grew by 20.1%, while the Microsoft position grew by 9.8%.
最新加入美股七巨頭的持倉在第二季度增幅最大。Meta頭寸增長了20.1%，而微軟頭寸增長了9.8%。
At the end of the quarter, three of the Magnificent Seven stocks were in the top 10:
截至本季度末，美股七巨頭中有三隻股票位列前十大持倉：
- Microsoft: $2.32 billion, third by assets
- Amazon: $2.04 billion, fourth by assets
- Meta: $1.80 billion, seventh by assets
微軟：$23.2億，按資產規模排名第三
- 亞馬遜：$20.4億，按資產規模排名第四
- Meta：$18億，按資產規模排名第七
While these were the top 10 rankings by asset sizes, investors could also get a sense of Ackman's rankings of the stocks by recent moves, which would look something more like:
儘管以上是按資產規模排名的前十名，但投資者也可以從近期交易動向中瞭解Ackman對這些股票的排名，其排序可能更接近如下情況：
Microsoft
- Meta
- Amazon
微軟
- Meta
- 亞馬遜
This comes with Amazon being sold in the recent quarter, with Microsoft and Meta seeing sizable increases in their bet sizes.
這源於亞馬遜在最近一個季度被減持，而微軟和Meta的持倉規模則顯著增加。
Read Also:Bill Ackman Wants To Follow Buffett, Build The Next Berkshire Hathaway: 'It's Something I've Always Wanted To Do'
延伸閱讀：Bill Ackman希望效仿巴菲特，打造下一個波克夏：「這是我一直以來都想做的事」
Ackman's Belief in Magnificent Seven Stocks
Ackman對「美股七巨頭」股票的信心
Over the last three years, some of the biggest bets by Pershing Square have been Magnificent Seven stocks. The recent sale of Alphabet stock comes with the stock being the top-performing stock of the group in 2025 and with shares up 9% year-to-date in 2026.
在過去三年中，Pershing Square的一些最大押注集中在「美股七巨頭」股票上。近期對Alphabet股票的減持發生於該股成為該群體在2025年表現最佳的股票之後，且其股價在2026年迄今已上漲9%。
While Ackman has traded four of the Magnificent Seven stocks in recent years, he has avoided investing inNvidia Corporation(NASDAQ:NVDA),Tesla Inc(NASDAQ:TSLA) andApple Inc(NASDAQ:AAPL).
儘管Ackman近年來交易過「美股七巨頭」中的四隻股票，但他一直避免投資輝達公司（納斯達克：NVDA）、特斯拉公司（納斯達克：TSLA）和蘋果公司（納斯達克：AAPL）。
The positions in Meta and Microsoft could continue to grow and be longer-term bets by Ackman, based on the reasons he cited when unveiling the new purchases.
基於Ackman在公佈新持倉時所陳述的理由，他對Meta和微軟的持倉可能會繼續增加，併成為其長期押注。
"We believe Meta's current share price underappreciates the company's long-term upside potential from AI and represents a deeply discounted valuation for one of the world's greatest businesses," Pershing Square said in an investment presentation last year. Meta is a "leader in the fast-growing digital advertising space and one of the clearest beneficiaries of AI integration," it added.
Pershing Square去年在一份投資演示材料中表示：「我們認為Meta當前的股價低估了該公司在人工智慧領域的長期上行潛力，對於全球最傑出的企業之一而言，其估值存在大幅折價。」該材料還補充道，Meta是「快速增長的數字廣告領域的領導者，也是人工智慧整合最明確的受益者之一。」
The presentation highlighted Meta's 3.5 billion daily active users and a growing user base. An experienced leadership team and the company's stock multiples are also highlighted as reasons to be bullish going forward.
該演示材料強調了Meta擁有35億的日活躍用戶數以及不斷增長的用戶基礎。此外，經驗豐富的管理團隊以及公司股票的估值倍數也被列為未來看漲的理由。
Ackman called Microsoft a "core holding" when it was added to the Pershing Square investment portfolio earlier this year.
Ackman今年早些時候將微軟納入Pershing Square投資組合時，稱其為「核心持倉」。
"Microsoft operates two of the most valuable franchises in enterprise technology, which account for approximately 70% of the company's overall profits: M365 and Azure."
「微軟在企業技術領域擁有兩個最具價值的業務類股，即M365和Azure，這兩項業務約佔公司整體利潤的70%。」
Ackman highlighted the large customer base of 450 million people who use Word, Excel, PowerPoint, Outlook, and Teams on a daily basis, all units of M365. For Azure, Ackman said the unit is the world's second-largest hyperscaler cloud platform, trailing only Amazon.com's AWS.
Ackman強調了M365旗下產品（包括Word、Excel、PowerPoint、Outlook和Teams）擁有4.5億人的龐大日常用戶群。關於Azure，Ackman表示，該業務是全球第二大超大規模雲平台，僅次於亞馬遜的AWS。
"Both M365 and Azure are underpinned by Microsoft's unparalleled enterprise distribution and the security, compliance, and identity infrastructure it has built and refined over decades."
「M365和Azure均依託於微軟無與倫比的企業級分銷網絡，以及其數十年來打造並不斷完善的安全部署、合規性和身份基礎設施。」
The investor also believes that Microsoft's stock price may not reflect the company's estimated 27% ownership stake in OpenAI, which Ackman estimates is worth $200 billion based on recent valuations.
該投資者還認為，微軟股價可能尚未反映其持有的約27%的OpenAI股權，Ackman根據近期估值估計該部分價值為$2,000億。
For both Meta and Microsoft, the bets were done based on several reasons, but also from a valuation standpoint.
對Meta Platforms和微軟的投資決策基於多種因素，但也從估值角度進行了考量。
Microsoft stock is up 2.5% year-to-date in 2026, while Meta stock is down 10.8% year-to-date in 2026.
截至2026年，微軟股價年內已上漲2.5%，而Meta Platforms股價則下跌了10.8%。
Ackman is likely to keep these stakes and potentially double down until they turn around and produce stronger returns going forward.
阿克曼很可能會繼續持有這些頭寸，並可能進一步加倉，直至它們實現反轉並在未來產生更高的回報。
Amazon remains the wild card: will Ackman keep cutting slowly, exit the position completely, or maintain shares as a potential smaller Magnificent Seven bet going forward?
亞馬遜仍是變數：Ackman會繼續緩慢減持、徹底退出倉位，還是會保留股份，將其作為未來潛在的較小規模的Magnificent Seven押注？ (Benzinga)