By Amy Or Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Bill Ackman's Pershing Square Capital Management L.P. reported a significantly reduced stake in Kraft Foods Inc. (KFT), while keeping his other holdings largely unchanged. Ackman, a value investor who often accumulates sizeable stakes in companies to push for management and operational changes, reported a concentrated portfolio of 10 stocks with a total value of $8.07 billion as of March 31. That's up 3.7% from $7.78 billion as of Dec. 31. Ackman made the disclosure in a quarterly 13F filing of big stockholders. Pershing Square held 15.5 million shares in Kraft at the end of the first quarter, down about 27% from 21.2 million at the end of the previous quarter. The shares would have a market value of $601.7 million based on the company's closing price of $38.82 a share on Tuesday. The 13F filing also showed that Pershing Square held stakes in Family Dollar Stores Inc. (FDO) and Fortune Brands Home and Security Inc. (FBHS) The firm subsequently said in late April it had disposed of both holdings. Pershing Square has also bought more Canadian Pacific Railway Ltd. (CP) shares, according to a separate filing. Pershing is involved in a proxy fight with the railway, in which it owns 14.1%, and is trying to get a seven-person slate of directors elected to the firm's board. The firm also wants to install Hunter Harrison as chief executive. Pershing Square's other holdings include JC Penny Inc. (JCP), Citigroup Inc. (C) and Beam Inc. (BEAM) - Amy Or, Dow Jones Newswires; +1 212 416 3142; amy.or@dowjones.com
