Alternatives to Pershing Square Capital Management
There are other funds that can be bought on U.S. stock exchanges, but few are in the same sweet spot Pershing Square Capital Management occupies. With an estimated market cap of more than $10 billion and $15 billion in AUM, Pershing Square Capital Management is on the smaller end of (soon-to-be) traded hedge funds. Other options to consider include some much bigger players.
Berkshire Hathaway
Berkshire Hathaway (BRK.A +0.03%)(BRK.B +0.08%), formerly managed by famed investor Warren Buffett, approaches investing very differently from Pershing Square Capital Management. It's not an activist investor, but does hold a few very large positions, as well as companies that it simply owns outright and are not figured into its assets under management calculation. It's mostly in the financials and energy sectors, and tends to hold a lot of cash on the side. Over the last 10 years, the stock price has grown by 215%, and is up 1.08% year to date. It's a massive company with many large assets, giving it a market cap of over $1 trillion, but it does not pay a dividend.
Brookfield Asset Management
Brookfield Asset Management (BAM +2.28%) is a company that services other companies, including sovereign wealth funds and pension managers, and acts as an operator for things like utilities and office buildings. Unlike Pershing Square Capital Management, Brookfield Asset Management has thousands of investments across the globe, whereas Pershing only has about a dozen carefully chosen holdings at any one time. Since it went public in 2022, Brookfield stock is up 52%, but had fallen 6% through early 2026. It has a market cap of $80 billion and pays a dividend of $1.82 per share (currently a 3.73% dividend yield).
Icahn Enterprises
Icahn Enterprises (IEP +1.20%), run by activist investor Carl Icahn, seeks out large stakes in a few undervalued companies. Icahn Enterprises then attempts to inject more value into these companies. Over the last 10 years, its stock has dropped by 85%. Shares had risen 6.23% during the first month of 2026, but still are walking off a massive decline since 2023. Icahn Enterprises is about half the size of Pershing Square in valuation at just under $5 billion and pays a dividend of $2 per share (a 25% yield).
