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 Canadian Pacific Kansas City Limited (NYSE:CP). 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 2.83%, and its shares lost 9.46% of their value over the last 52 weeks. On September 05, 2025, Canadian Pacific Kansas City Limited (NYSE:CP) stock closed at $76.63 per share, with a market capitalization of $70.47 billion.

Pershing Square Holdings stated the following regarding Canadian Pacific Kansas City Limited (NYSE:CP) in its second quarter 2025 investor letter:

"The Investment Manager exited its investment in Canadian Pacific Kansas City Limited (NYSE:CP) which it continues to believe is a fantastic business but one that is more sensitive to tariffs and other macroeconomic factors relative to the rest of the portfolio."Joby Aviation (JOBY) Jumps to New High on $125-Million Acquisition of Air Mobility Platform

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Canadian Pacific Kansas City Limited (NYSE:CP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held Canadian Pacific Kansas City Limited (NYSE:CP) at the end of the second quarter, which was 65 in the previous quarter. While we acknowledge the potential of Canadian Pacific Kansas City Limited (NYSE:CP) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

In another article, we covered Canadian Pacific Kansas City Limited (NYSE:CP) and shared the list of best railroad stocks to buy. 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.

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