Billionaire investor Bill Ackman’s hedge fund Pershing Square Capital Management recently established a new position in technology company Amazon.com (AMZN-Q), an executive at the firm said on Thursday.

Chief Investment Officer Ryan Israel told Pershing Square investors that the firm has long admired Amazon and established the position after the company’s stock price took a dive after the Trump administration announced tariffs in April.

The firm also sold out of railroad Canadian Pacific (CP-T), Ackman said, noting that it is a position the firm sold “with regret” while stressing that he thinks highly of the company’s management team.

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