1. Pershing Square's 13F portfolio value decreased to ~$10.41B, with the number of positions increasing from 6 to 8. 2. New stakes in Brookfield Corp. and Nike were established, while significant trimming occurred in Alphabet and Chipotle positions. 3. Pershing Square Holdings trades at a discount to NAV and has a huge stake in Universal Music Group, valued at ~$5.5B.