Pershing Square Holdings, the £3bn listed fund run by renowned activist investor Bill Ackman, has invested 8% to 9.5% of its money in a new, undisclosed position — and shareholders will hope for something “stirring” to improve the market’s view of the stock, one analyst said.

Ackman confirmed the new holding on an investor call late on November 4, saying: “Our next largest investment is an undisclosed investment, and we are not going to provide detail on that yet.