Bill Ackman's Pershing Square opened a giant new position in Alphabet during the first quarter.
Bill Ackman's Pershing Square Capital Management opened a new position in Alphabet totaling nearly $1.1 billion during the first quarter, according to securities filings released Monday. The hedge fund bought more than 10 million shares — about 2.2 million class A and 8.
1 million class C — of the Google search engine parent as the company benefited from artificial intelligence tailwinds and investors deeming tech giants as defensive stalwarts. Alphabet shares have gained 32% year-to-date. Elsewhere, Ackman trimmed his positions in Lowe's Companies , Hilton Worldwide and Chipotle Mexican Grill . The hedge fund maintained its stake in Restaurant Brands International and made only a nominal change in Canadian Pacific .
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