Recent weeks have seen significant fluctuations in the portfolio of Pershing Square Holdings, led by renowned billionaire Bill Ackman. According to investor reports, the portfolio experienced a nearly 14% decline by April 8. This drop, driven by a sharp global market downturn, largely reflects the reaction to plans by the Trump administration to impose high tariffs on nearly all U.S. trading partners. Although the latest recovery in the markets, following a 90‑day pause on most tariffs, brought some gains, the overall sentiment remains cautious.