William Ackman Pershing Square Capital Management Buys more City
August 24, 2010 by admin · Leave a Comment
On Tuesday August 24, 2010, 9:00 am
William Ackman is well-known as the man behind hedge fund Pershing Square Capital Management, a fund that often makes headlines for its big stakes in and activist stances towards well-known brands.
In the past these brands have included McDonald’s (NYSE: MCD – News), Target (NYSE: TGT – News), and Kraft Foods (NYSE: KFT – News).
Looking at Pershing’s U.S.-listed, equity holdings from the end of Q2, Ackman has continued to maintain a narrowly-focused long portfolio. During the quarter, Pershing opened new stakes in bank Citigroup (NYSE: C – News) and payroll processing firm Automatic Data Processing (NASDAQ: ADP – News).
Ackman also upped his stake in Kraft. Elsewhere, he was trimming his positions in Yum Brands (NYSE: YUM – News) and Target. Ackman famously established a fund that bet exclusively on Target, only to see it drop by nearly -90% in 2008. The fund rebounded somewhat, but Ackman has for the most part been slowly unwinding his Target stake.
Pershing held steady with stakes in book retailer Borders Group (NYSE: BGP – News) and David Einhorn-controlled reinsurer Greenlight Capital Re (NASDAQ: GLRE – News).
