Pershing Square Annual Investor Letter says it took new investments in Hertz (HTZ), Amazon (AMZN) and Meta (META) over the last 12 months

• Exited investments in Chipotle (CMG), CPKC, and Nike (NKE) in 2025, as well as Hilton (HLT) in 2026.

The Pershing Square Annual Investor Letter highlights new positions in Hertz, Amazon, and Meta, signaling a strategic pivot toward companies with strong growth potential. This move may reflect confidence in the consumer discretionary and tech sectors, which could influence market sentiment towards these stocks and their peers, especially given the context of recent exits from other investments like Chipotle and Nike.