Billionaire investor Bill Ackman recently made headlines after Pershing Square Holdings' (PSHZF) second-quarter 2026 13F filing revealed that the fund bought a stake in Netflix (NFLX). This marks the second time Ackman has bet on the streamer after having previously sold the stock at a loss in 2022. Ackman runs a concentrated portfolio and makes bold calls. One of his biggest claims to fame was the $27 million bet on credit default swaps in March 2020, which has gone down in history as one of the most iconic trades of all time, as the tiny bet soared to a whopping $2.6 billion within a month.

Although Ackman — a self-described "Warren Buffett devotee" — frequently rejigs the portfolio, he has held some stocks for over a decade. That includes Restaurant Brands International (QSR). Ackman first invested in the parent company of Burger King in 2012 and has continued to hold a stake since Restaurant Brands International was formed in its present form in late 2014, when Burger King and Tim Hortons merged. In 2017, Restaurant Brands added Popeye's to the fold, then acquired Firehouse Subs in 2021. Pershing Square is the second-biggest shareholder of QSR stock and holds about a 7.4% stake in the company.

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Bill Ackman's View of QSR Stock

In a recent shareholder letter, Ackman pointed to QSR stock's 2026 price action and wrote, "We believe investors are beginning to better appreciate the durability of its growth and its improved capital return program." Incidentally, in an article last year, I noted that QSR looked cheap after underperformance and could fit into the portfolios of defensive investors. The stock is up by double digits since then and has outperformed peers including McDonald's (MCD).

Ackman referred to the 7% same-store growth that Burger King delivered in the first half of the year, which came in well ahead of peers. He believes that at a price-to-earnings (P/E) multiple of 17 times, QSR stock trades at a "material discount to peers and our view of intrinsic value."

Finally, Ackman supports the company's $500 million share buyback plan for the year. Notably, returning capital to shareholders through a mix of dividends and share repurchases is Restaurant Brands' key capital allocation priority. The company targets a dividend payout ratio between 40% and 60% over the long term, although there can be aberrations, as in 2025 when it overshot that target due to a fall in earnings.