Pershing Square Holdings, an investment holding company, released its first half 2024 investor letter. A copy of the same can be downloaded here. It has been a productive year for Pershing Square, despite a slight decline in performance year-to-date through August 13, 2024. The Company’s NAV per share, including dividends, climbed by 5.7% during the first half of 2024 and fell by 2.3% for year-to-date through August 13, 2024, and its share price increased by 14.7% and decreased by 2.9%, respectively. The S&P 500 increased by 15.3% and 14.9% over the same period. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Pershing Square Holdings highlighted stocks like Canadian Pacific Kansas City Limited (NYSE:CP) in the Q2 2024 investor letter. Headquartered in Calgary, Canada, Canadian Pacific Kansas City Limited (NYSE:CP) owns and operates a transcontinental freight railway. The one-month return of Canadian Pacific Kansas City Limited (NYSE:CP) was -1.38%, and its shares gained 2.18% of their value over the last 52 weeks. On August 21, 2024, Canadian Pacific Kansas City Limited (NYSE:CP) stock closed at $79.83 per share with a market capitalization of $74.491 billion.
Pershing Square Holdings stated the following regarding Canadian Pacific Kansas City Limited (NYSE:CP) in its Q2 2024 investor letter:
“In 2023, Canadian Pacific Kansas City Limited’s (NYSE:CP) transformative acquisition of Kansas City Southern established the only railroad with a direct route linking Canada, the United States, and Mexico. The combined network connects shippers to new markets and enables nearshoring in North America while creating significant shareholder value. CPKC celebrated the one-year anniversary of this historic combination in 2024 with strong results, building momentum in the second year of this multi-year growth story.
Volume growth of 6% in the second quarter was well ahead of management’s expectations, driven by synergy wins and solid Canadian grain shipments. CPKC has made considerable progress on realizing revenue synergies despite a challenging freight environment, and now expects to exit 2024 with C$800 million of new business. These wins span a wide variety of end-markets from automotive to corn, demonstrating the unique value proposition of CPKC’s network…” (Click here to read the full text)
A freight train making its way through a majestic mountain range, snow-capped peaks in the distance.
Canadian Pacific Kansas City Limited (NYSE:CP) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held Canadian Pacific Kansas City Limited (NYSE:CP) at the end of the second quarter which was 48 in the previous quarter. While we acknowledge the potential of Canadian Pacific Kansas City Limited (NYSE:CP) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Canadian Pacific Kansas City Limited (NYSE:CP) and shared the list of safe stocks to buy according to billionaire Richard Chilton. In the previous letter, Pershing Square Holdings expressed optimism about the long-term growth of Canadian Pacific Kansas City Limited (NYSE:CP). In addition, please check out our hedge fund investor letters Q2 2024 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.
