Ackman's Pershing Square Funds Gain 1% In April
May 03 2012 - 12:24PM
Dow Jones News
Bill Ackman's $11 billion Pershing Square Capital Management
L.P. posted a nearly 1% gain for its funds last month, despite
choppy equity market conditions.
The $4.8 billion Pershing Square LP fund and the $6.5 billion
Pershing Square International fund both returned 0.9% in April,
bringing year-to-date gains to over 10%, according to the hedge
fund manager's letter to investors. The Standard & Poor's 500
index declined by 0.7% in April but was up 11.2% since the start of
the year.
The April gains likely included profits from selling down Family
Dollar Stores Inc. (FDO) and Fortune Brands Home & Security
Inc. (FBHS). Pershing Square sold its entire stakes in the two
companies in April, according to a filing to the Securities &
Exchanges Commission.
Ackman still owns shares in eight other companies, according to
its quarterly fund holdings filing for the period ended Dec. 31,
including Citigroup Inc. (C), Kraft Foods Inc. (KFT) and Canadian
Pacific Railway Ltd. (CP).
The activist hedge fund manager is currently engrossed in a
bitter proxy fight with Canadian Pacific Railway in a bid to elect
seven new directors to the company's 16-person board and install
Hunter Harrison as the rail company's chief executive.
He was quoted by the Globe and Mail earlier Thursday as saying
he's willing to review candidates other than his favored choice to
lead the railway.
-By Amy Or, Dow Jones Newswires, +1 212 416 3142,
amy.or@dowjones.com
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