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  5. QSR: Hello, I learned recently that Bill Ackman has a position in QSR. [Restaurant Brands International Inc.]
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Investment Q&A

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Q: Hello, I learned recently that Bill Ackman has a position in QSR. If so, can you confirm how much of QSR he owns and when he acquired this position. Could we see this go the way of CP Rail previously where he pushed for changes and the stock appreciated significantly. Also, what are your thoughts on this company. Do you feel it is undervalued currently and will eventually reward those patient investors who buy now and hold for a longer duration? Debt seems somewhat high and should this be a concern? Thanks for the great service that you provide.
Asked by Anthony on September 04, 2025
5i Research Answer:

Mr. Ackman's funds first purchased QSR in Q4 2024. He owns 23M shares or 7.02% of the company. Certainly he is not buying to lose money, and we would expect him to exert some pressure at some point if stock performance does not improve. He has patience, but not an unlimited amount. We think it has potential, and may be undervalued. It does need to execute better, and it is a tough environment for the sector right now. Debt is high, but earnings growth (forecasted) does look good. We are fairly comfortable with the stock and do think that long term investors will be rewarded here.