Bill Ackman made $2 billion shorting the market and then went long. Here's what he's buying

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

This story is for CNBC Pro subscribers only. 

Bill Ackman's Pershing Square Capital plowed much of its profits from a big short against the market in March back into its core holdings and ended the first quarter with four equity positions worth at least $900 million, according to a securities filing released Friday. 

More In Pro News and Analysis

CNBC ProWorried about stagflation? Strategists say these stocks typically outperform
CNBC ProGoldman, Morgan Stanley update their top stock picks as green investing booms
CNBC ProChart analysts see momentum building for a year-end rally