Bill Ackman just made a killing off of Starbucks. Here's what he's betting on next

Bill Ackman, founder and CEO of Pershing Square Capital Management.
Adam Jeffery | CNBC

Investor Bill Ackman just made a killing from his stake in Starbucks. Here's what he's betting on next to continue his winning streak.

Ackman's firm, Pershing Square, made a 73% return from its 19-month bet on the world's largest coffee chain.

Pershing exited its position citing "prospective returns" that have become "more modest," according to a presentation released Wednesday.

2019 was a strong year for Pershing, with a total shareholder return of 51.2%, while the S&P 500 gained more than 28%. The 2019 gains may have helped attract flows back into Ackman's fund, which has suffered a string of losses in recent years. In early 2018, the fund's assets were down by about half from their $20 billion peak in 2015. Pershing Square's net asset value dropped by 4% in 2017 while the S&P 500 rose nearly 20% that year.

The firm — with about $8.6 billion in assets under management — is back at it again, with some big stock picks in 2020.