William Ackman's Pershing Square Capital Management LP exited
its stock position in consumer products giant Procter & Gamble
Co. (PG) during the first quarter, according to a filing
Thursday.
Pershing Square had been trimming its stock in recent quarters
and the exit comes less than two years after Mr. Ackman first took
the stake and began agitating for new management. In early 2013,
P&G removed its chief executive, Robert McDonald, who had been
under fire from Wall Street analysts when Mr. Ackman first appeared
in July 2012. The company brought back former chief executive A.G.
Lafley, who Mr. Ackman has supported.
Since Pershing Square's position was made public in July 2012,
P&G shares were up 31% through the first quarter.
Meanwhile, the filing also confirmed Pershing Square's exit from
mall operator General Growth Properties Inc. (GGP), the firm's most
profitable investment ever. Mr. Ackman had told investors at a
dinner in February he had sold the remainder of that stake. A
presentation said Pershing Square's investment went up 256% in
General Growth Properties.
Pershing Square bought General Growth Properties in November
2008 as the company was struggling with its bond payments. General
Growth Properties would declare bankruptcy months later. Pershing
Square held on to the stock and rode it back to massive gains.
Thursday's filing, which shows the firm's holdings as of March
31, includes only a small portion of a $4 billion investment
Pershing Square has made in Botox-maker Allergan Inc. (AGN). Last
month, Mr. Ackman revealed that investment, his biggest ever, and a
campaign in which he has teamed with Canadian drug maker Valeant
Pharmaceuticals International Inc. (VRX).
The filing also revealed new stakes in two real-estate
investment trusts in the multi-family space, Apartment Investment
& Management Co. (AIV) and Home Properties Inc. (HME). The
position in Apartment Investment & Management is worth about
$116 million as of Thursday's close, while the Home Properties is
worth nearly $30 million.
The securities filing, known as a 13F, is a quarterly update on
the holdings of the firm, a requirement for all investment firms
who manage $100 million or more. Pershing Square manages about $13
billion in total assets.
Write to David Benoit at David.Benoit@wsj.com
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