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 Restaurant Brands International Inc. (NYSE:QSR). Restaurant Brands International Inc. (NYSE:QSR) is a quick-service restaurant company that operates through Tim Hortons, Burger King, Popeyes Louisiana Kitchen, Firehouse Subs, International, and Restaurant Holdings segments. The one-month return of Restaurant Brands International Inc. (NYSE:QSR) was -3.13%, and its shares lost 6.95% of their value over the last 52 weeks. On September 05, 2025, Restaurant Brands International Inc. (NYSE:QSR) stock closed at $63.10 per share, with a market capitalization of $28.756 billion.

Pershing Square Holdings stated the following regarding Restaurant Brands International Inc. (NYSE:QSR) in its second quarter 2025 investor letter:

"Restaurant Brands International Inc.'s (NYSE:QSR) franchised business model is a high-quality, capital-light, growing annuity that generates high-margin brand royalty fees from its four leading brands: Tim Hortons, Burger King, Popeyes, and Firehouse Subs.

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Restaurant Brands International Inc. (QSR): Jim Cramer Pulls Back — “It’s Not the Kind of Stock I’d Buy Right Now”

Restaurant Brands International Inc. (NYSE:QSR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Restaurant Brands International Inc. (NYSE:QSR) at the end of the second quarter, which was 32 in the previous quarter. While we acknowledge the potential of Restaurant Brands International Inc. (NYSE:QSR) 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 Restaurant Brands International Inc. (NYSE:QSR) and shared the list of best consumer cyclical stocks to buy according to hedge funds. 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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