Bill Ackman doesn’t make casual investments. When the founder and CEO of Pershing Square Capital Management commits capital, he does so with deep conviction, a long time horizon, and a clear thesis for value creation.
Since launching Pershing Square in 2004, Ackman has built a reputation as one of the world’s most successful activist investors, delivering compound annual returns of roughly 20% since 2017. One of his highest-conviction bets today sits right here on the Toronto Stock Exchange (TSX) — and recent weakness has made it particularly interesting for long-term investors.
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Ackman’s high-conviction Canadian holding
Restaurant Brands International (TSX: QSR) is Pershing Square’s fifth-largest holding, representing roughly 10% of the fund’s portfolio. Ackman has long viewed the company not simply as a collection of fast-food brands, but as a global franchising platform with durable cash flows, pricing power, and capital-light growth potential.
His involvement goes back more than a decade. In 2012, Pershing Square invested approximately US$1.4 billion for a 29% stake in Burger King as it returned to public markets through a blank-cheque company. That investment laid the foundation for what would later become Restaurant Brands International in 2014, following Burger King’s merger with Tim Hortons. Since then, Ackman has remained a core shareholder, occasionally trimming or adding shares, but consistently maintaining a large position.
As of the third quarter of 2025, Pershing Square owned about 22.9 million shares of QSR, worth roughly US$1.58 billion, or close to CAD$2.2 billion today. Importantly for today’s investors, Ackman last added meaningfully to his position in April 2024, purchasing 3.94 million shares at an average price of around US$73.07.
Pullbacks create opportunities
At writing, shares of Restaurant Brands trade below US$69 (CAD$96) — notably lower than Ackman’s most recent buying price. While Ackman’s cost base is far lower overall due to his early involvement, this pullback gives new investors a chance to buy alongside a proven capital allocator at a more attractive valuation.
Investors are also paid to wait. The stock currently offers a dividend yield near 3.6%, supported by growing earnings and steady free cash flow. For income-focused Canadians, particularly those investing within a TFSA or RRSP, that combination of yield and long-term growth potential is compelling.
A multi-year turnaround with global reach
Restaurant Brands is in the midst of a significant, multi-year operational reset. At the heart of it is Burger King’s “Reclaim the Flame” strategy, which includes the “Royal Reset” initiative — up to US$550 million invested in restaurant remodels, kitchen upgrades, and technology to modernize stores and improve customer experience.
In addition, the company committed up to US$150 million toward advertising and digital initiatives, largely completed by late 2024, aimed at driving traffic and strengthening brand relevance.
Across all banners — Burger King, Tim Hortons, Popeyes, and Firehouse Subs — management continues to expand digital ordering, loyalty programs, and international footprints. Capital spending on remodels and technology is expected to continue through 2028, positioning the business for improved efficiency and sustained global growth.
Investor takeaway
Bill Ackman’s long-standing investment in Restaurant Brands International underscores his belief in its franchising model, brand portfolio, and cash-generating power. With shares now trading below recent institutional buying levels and offering a decent dividend, QSR looks like a good opportunity to buy a solid TSX stock during a temporary pullback. For patient, long-term investors, this may be a deal worth taking seriously.
