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Concentration, in portfolio management, means putting most of a fund's capital into a small number of positions rather than spreading it across many names.
Pershing Square has organized its holdings that way, with its revamped portfolio now centered on Uber (UBER), Brookfield, and Microsoft (MSFT). Three positions is a narrow anchor for a fund.
The approach reflects a conviction trade: the managers are betting that these specific names will produce better results than broader diversification would.
It also means Pershing Square's performance tracks closely with how Uber, Brookfield, and Microsoft move. The three holdings sit in different parts of the market.
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