Bill Ackman

Bill Ackman

Last Update: 03-14-2017

Number of Stocks: 8
Number of New Stocks: 0

Total Value: $5,913 Mil
Q/Q Turnover: 15%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Bill Ackman' s Profile & Performance

Profile

William Ackman, co-investment manager for hedge-fund group Gotham Partners LP, formed Pershing Square in November 2003 with $54 million raised from three investors. Ackman got his start in the real estate business, where he worked for his father prior to starting Gotham.

Investing Philosophy

Bill Ackman is an activist investor. He buys the common stocks of public companies, and pushes for changes so that the market can realize the values of the companies. Ackman buys stocks trading at a discount, and sells when the companies reach their appraised value.

Total Holding History

Performance of Pershing Square, L.P.

YearReturn (%)S&P500 (%)Excess Gain (%)
2015-16.21.38-17.6
201436.913.6923.2
20139.732.39-22.7
3-Year Cumulative25.9 (8%/year)52.6 (15.1%/year)-26.7 (-7.1%/year)
201213.316-2.7
2011-1.12.11-3.2
5-Year Cumulative41 (7.1%/year)80.7 (12.6%/year)-39.7 (-5.5%/year)
201029.715.0614.6
200940.626.4614.1
2008-13-3724.0
2007225.4916.5
200622.515.796.7
10-Year Cumulative234.4 (12.8%/year)102.4 (7.3%/year)132 (5.5%/year)
200539.94.9135.0
200442.610.8831.7

Top Ranked Articles

Bill Ackman Asks Charlie Munger to Be Nicer About Valeant New documents show correspondence between Ackman, Munger and Buffett
Some correspondence between Bill Ackman (Trades, Portfolio), a major Valeant (NYSE:VRX) shareholder, Warren Buffett (Trades, Portfolio) and Charlie Munger (Trades, Portfolio) surfaced this week in a slew of documents the U.S. Senate committee investigating drug price gouging has released. Read more...
Bill Ackman Has Had Enough Precipitous Declines for One Stock, Sells Valeant Pershing Square lets go of 18 million Valeant shares
After preparing everyone for a different sell by filing a prospectus to unload Chipotle (NYSE:CMG) last week, Bill Ackman (Trades, Portfolio) exited his entire stake in Valeant Pharmaceuticals (NYSE:VRX), a stock that has haunted his returns and contributed to the worst year in his fund’s history. Read more...
The Other Top Investors Who Love & Hate Bill Ackman's Next Target, Chipotle Gurus bounced in and out as the food poisoning story unfolded
Bill Ackman (Trades, Portfolio) purchased a 9.9% stake in Chipotle (NYSE:CMG) last week with intent to push for changes. While the investing world has largely bemoaned his involvement after a string of misadventures with stocks such as Valeant Pharmaceuticals (NYSE:VRX), some other managers of big funds hopped in and out of the Chipotle boat last quarter after its widespread food poisoning scare. Read more...
Warren Buffett's Financial Engineering For decades Buffett used borrowed money and this strategy to crush the market
Investors often overlook the financial engineering that Warren Buffett (Trades, Portfolio) has employed throughout the years that helped build his personal fortune and the book value of Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B). Read more...
Learn from Bill Ackman’s Mistakes The poor performance of Bill Ackman's Pershing Square Holdings exhibits common mistakes displayed by investors.
Learn from Bill Ackman (Trades, Portfolio)’s Mistakes Read more...
» More Bill Ackman Articles

Commentaries and Stories

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Assessing Cultural Risk in Micro-Caps Micro-cap investing can be risky; assessing cultural risk is just one way to reduce uncertainty Bill Ackman - Assessing Cultural Risk In Micro-Caps
Value investing involves finding securities that have been mispriced by the market. More often than not, the quest to find mispriced securities leads you into the small-cap arena of the market, and for good reason; small-cap stocks are generally volatile and uncovered by Wall Street, which means most investors avoid these companies. Because they are generally avoided by the rest of the investment world, value investors need to be prepared to invest in these unloved companies. More...

VALUE, VALUE INVESTING, MICRO CAPS, SMALL CAPS


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Bill Ackman Comments on Zoetis Guru stock highlight
On November 9, 2016, we sold our last shares of Zoetis (NYSE:ZTS), about two years after we publicly announced an 8.5% ownership stake. Despite the high quality nature of the business and its strong management team, we sold to redeploy the capital in certain new investments. We purchased our stake in Zoetis at an average cost of approximately $37 per share. Shortly thereafter, we met with the Zoetis management to discuss our views on potential initiatives to create shareholder value. On February 4, 2015, Zoetis agreed to add then-Pershing Square investment team member (and healthcare industry veteran) Bill Doyle and Actavis Executive Chairman Paul Bisaro to the board on April 13, 2015. Over the course of our ownership, ZTS developed and implemented a number of value-enhancing initiatives including restructuring its supply chain, pursuing organic revenue growth opportunities while reducing costs, and setting a goal of increasing operating margins from ~25% in 2014 to ~34% by 2017. Zoetis outperformed each of these objectives during our ownership. During our more than two-year ownership, Zoetis generated a total shareholder return, including dividends, of 57.9%. From Bill Ackman (Trades, Portfolio)'s Pershing Square 2016 annual report. More...

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Bill Ackman Comments on Canadian Pacific Railway Limited Guru stock highlight
In our August 26, 2016 Investor letter, we reported the sale of our remaining 9.8 million shares of CP on August 4, 2016, approximately five years from the inception of the investment. During the course of our investment, CP (NYSE:CP)’s share price increased four times, its operating performance went from worst to nearly tied for first with Canadian National, and its credit rating improved from a weak Baa-/BBB- to a strong Baa+/BBB+. While critics often accuse activists of being short-term investors focused primarily on stock buybacks and dividends, CP is a paradigmatic example of the long- term sustainable business performance enhancements and shareholder value creation we have achieved in our core activist holdings. During our period of ownership, Canadian Pacific’s total shareholder return, including dividends, was 318.9%. From Bill Ackman (Trades, Portfolio)'s Pershing Square 2016 annual report. More...

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Bill Ackman Comments on Restaurant Brands International Guru stock highlight
QSR (NYSE:QSR)’s franchised business model is best described as a capital-light, high-growth annuity. The company earns high-margin, brand royalty franchise fees (4% to 5% of unit sales) from Burger King and Tim Hortons franchisee operated stores which are relatively insulated from economic cycles. As a result of the business’ structure and the market in which it operates, significant unit growth requires no capital from QSR. The company’s controlling shareholder 3G is an ideal operating partner and sponsor. It has installed an excellent management team and created a unique and impactful performance culture, compensation system, and business processes. We believe 3G’s highly scalable and replicable operating strategy can be applied to potential future acquisition opportunities. QSR’s intrinsic value meaningfully increased in 2016, as the company continued to deliver strong financial performance: 16% organic EBITDA growth and 45% EPS growth. The high rate of EBITDA growth was driven by 2% Same-Store Sales (SSS) growth at Burger King and 3% at Tim Hortons, 5% net unit growth at both concepts, and continued cost reduction at Tim Hortons. QSR improved Tim Hortons’ EBITDA margins by 500 basis points in 2016, due to margin improvement in both the franchise and distribution businesses and a 12% reduction in overhead costs. QSR’s reported EBITDA grew 13%, including a 3% headwind from foreign exchange. As a result of the positive business momentum, the total return for Restaurant Brands’ shares was 29.2% in 2016. In February 2017, QSR announced the acquisition of Popeyes Louisiana Kitchen. We believe QSR will be able to meaningfully improve Popeye’s cost structure and significantly accelerate its growth in new units, which will further increase Restaurant Brands’ future earnings growth and intrinsic value. From Bill Ackman (Trades, Portfolio)'s Pershing Square 2016 annual report. More...

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Bill Ackman Comments on Platform Specialty Products Guru stock highlight
2016 was a year of stabilization and progress for Platform (NYSE:PAH). The company solidified its core leadership team, as key new hires, including CEO Rakesh Sachdev and Ag President Diego Casanello started in early 2016. Platform returned to positive organic growth despite continued softness in its end markets, delivered on synergy commitments from its recent acquisitions, and improved its capital structure through a $400 million equity issuance and a $3 billion debt refinancing that lowered the interest rate and extended the maturity of the company’s debt. PAH’s underlying EBITDA (adjusted for currency effects) grew 6% in 2016, due to improved results in both the Performance Solutions and Agricultural Solutions businesses. Underlying EBITDA in Performance Solutions division grew 9% due to strong performance in the Asian electronics and industrial markets and cost synergies from the recent acquisition of Alent, while Agricultural Solutions grew 3% due to strength in the European and Latin America regions and continued cost synergies. Overall, PAH’s EBITDA grew 4% in 2016 reflecting a modest headwind from foreign exchange. Despite positive progress, Platform’s share price declined 23.5% in 2016. However, in the first two months of 2017, Platform’s share price appreciated 34%, more than offsetting the decline in 2016. Platform continues to trade at a discount to its publicly traded segment peers and private-market transaction values. From Bill Ackman (Trades, Portfolio)'s Pershing Square 2016 annual report. More...

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Bill Ackman Comments on Nomad Guru stock highlight
Nomad (NYSE:NOMD) has built the leading branded frozen food business in Europe with its acquisitions of Iglo and the non-UK assets of Findus. The frozen food business is generally stable, and Nomad enjoys high margins and strong cash-flow generation with low capital expenditure requirements and modest cash taxes. Nomad’s recent results have been disappointing as revenue trends have been weak. The new management team believes this has been caused by legacy strategic decisions to focus on new product development at the expense of the company’s core offerings. As a result, they have redirected their resources behind the company’s core offerings, or Must Win Battles. While this strategy shift will take time to have full effect recent, initial results have been encouraging. Following significant declines in 2015, bottoming in Q3 2015, Nomad’s team has produced four straight quarters of sequential improvement in like-for-like sales declines through Q3 2016. Moreover, the management team has highlighted positive results in the Must Win Battle categories and countries where they have thus far activated their strategy. While top-line trends are improving, Nomad’s management team continues to control and reduce costs while extracting synergies from its Findus acquisition, allowing it to maintain profitability levels despite negative top-line growth. For 2016, Nomad has provided guidance that EBITDA will be broadly flat with last year at €332 million and levered free cash flow will be approximately €200 million before restructuring and other one-time items. The stock currently trades at about 9.5x times this free cash flow guidance, a valuation we find attractive. Nomad remains focused on stabilizing its base business, integrating Findus and delivering the significant synergies it has identified. Over time, Nomad intends to create value as a consolidator in the packaged foods sector. Nomad’s share price declined 18.9% in 2016, and currently it is up slightly since our investment in mid-2015. From Bill Ackman (Trades, Portfolio)'s Pershing Square 2016 annual report. More...

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Bill Ackman Comments on Mondelez Guru stock highlight
Mondelez (NASDAQ:MDLZ) was created out of the breakup of Kraft Foods in 2012, and today is one of the largest global snacks companies with 2016 revenues of $26 billion. Branded biscuits, chocolate, and confectionary businesses are wonderful businesses because of their high category margins, large economic moats, high returns on capital, and attractive long-term global growth potential. Mondelez has the most attractive stable of sweet snack brands of any publicly traded food company with seven brands that each generate over $1 billion in annual sales, many of which have been building brand equity with consumers for over one hundred years. Despite owning some of the best brands in the industry, Mondelez has among the lowest profit margins in large cap packaged food, presenting a meaningful opportunity to increase efficiency that management is currently addressing. More...

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Bill Ackman Comments on The Howard Hughes Corporation Guru stock highlight
The Howard Hughes Corporation (NYSE:HHC) was formed in November 2010 as a tax-free spinoff from General Growth Properties, with a collection of disparate real estate holdings designed to receive appropriate management attention and recognition in the public markets. Pershing Square helped orchestrate the spinoff, hired the management team, and has been the largest investor in HHC since its inception. Management has done a superb job growing asset value, yet, the company has not received the recognition it deserves, i.e., an appropriate valuation in the public markets. Despite a more than three-fold increase over the last six years, it remains undervalued in our view. More...

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Bill Ackman Comments on Herbalife Guru stock highlight
On July 15, 2016 the FTC filed a damning Complaint against Herbalife (NYSE:HLF) and simultaneously entered into a Stipulation to Entry of Order for Permanent Injunction and Monetary Judgment (the “Permanent Injunction”). The FTC alleged that Herbalife operates illegally and alleged violations of Section 5(a) of the FTC Act. Notably, the findings of the FTC substantially agree with our long held assertion that Herbalife operates as a pyramid scheme. Select assertions by the FTC include that: More...

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Bill Ackman Comments on Fannie Mae, Freddie Mac Guru stock highlight
The 30-yr fixed rate mortgage is a unique feature of the US mortgage market that significantly improves affordability and is vital to maintaining current home values. Fannie and Freddie have historically been, and continue to be, essential to allowing for widespread access to the 30-year fixed rate mortgage at a reasonable cost. More...

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Bill Ackman Comments on Chipotle Mexican Grill Guru stock highlight
On September 6, 2016, we announced a 9.9% stake in Chipotle Mexican Grill (NYSE:CMG) which we purchased at an average price of $405 per share. Chipotle has built a superb brand pioneering the “fast casual” restaurant industry with the success of its outstanding product offering, unique culture, and powerful economic model. We have followed the business for years, noting how it has disrupted the fast food industry with its high quality, delicious and customizable hot meals that are prepared quickly and sold at affordable prices. The company has been significantly negatively impacted by food safety issues beginning in the fourth quarter of 2015 which caused a peak decline in average unit sales of 36%. In response, the company has implemented enhanced food safety protocols over the past year, and worked to win back lost customers. While traffic and sales have begun to recover, average unit volumes were still 19% below peak levels as of the fourth quarter of 2016. More...

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Bill Ackman Comments on Air Products and Chemicals Guru stock highlight
During 2016, Air Products and Chemicals, Inc. (NYSE:APD) continued to make substantial progress on its transformation under its CEO Seifi Ghasemi. Management has restructured the company into a decentralized organization with greater accountability while transforming the culture and aligning pay with improvements in regional operating results. More...

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Bill Ackman Provides Annual Portfolio Update Pershing's commentary on portfolio holdings Bill Ackman - Bill Ackman Provides Annual Portfolio Update
PORTFOLIO UPDATE More...

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Bill Ackman Releases Annual Letter, Apologizes for Losing All That Money Ackman publishes investment commentary and Valeant mea culpa in annual report Bill Ackman - Bill Ackman Releases Annual Letter, Apologizes For Losing All That Money
Dear Pershing Square Investor, More...

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Behind the Bill Ackman Controversies The man, company and investing philosophy that have made Ackman and Pershing Capital No. 3 on the GuruFocus Score Board for 10-year performance Bill Ackman,David Tepper,Prem Watsa,Seth Klarman,W - Behind The Bill Ackman Controversies
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GURUS, INVESTING GURUS, BILL ACKMAN, PERSHING SQUARE, INVESTMENT PHILOSOPHY, VALUE INVESTING, VALUE INVESTOR, HERBALIFE, VALEANT, CANADIAN PACIFIC, HIGH-QUALITY BUSINESSES, LONG, SHORT


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Bill Ackman Finally Pukes: Beware of False Narratives Without a compelling narrative, other investors won’t flock to your stock and bid up prices Bill Ackman - Bill Ackman Finally Pukes: Beware Of False Narratives
A year ago we wrote about why Bill Ackman (Trades, Portfolio) should learn a bit of technical analysis. We were not suggesting he become an Elliott Wave nut or anything, but that he should adopt the risk-management philosophy of a technician. Technical analysis clearly defines when to exit a trade. And with this clarity comes superb risk control — our number one job as traders. More...

Ackman,Pershing Square, Valeant


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9 Stocks Mario Gabelli Continues to Buy The guru's largest purchases of the 3rd and 4th quarters Mario Gabelli,Bill Ackman,Larry Robbins,John Griff - 9 Stocks Mario Gabelli Continues To Buy
Mario Gabelli (Trades, Portfolio) is the founder, chairman and CEO of Gabelli Asset Management Co. Investors (GAMCO Investors) a $30 billion global investment firm headquartered in Rye, New York. He manages a portfolio composed of 816 stocks with a total value of $15.827 billion. In the third and fourth quarters of 2016 the guru bought shares in the following stocks: More...

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Bill Ackman Vs. Herbalife Documentary Opens in Theaters March 17 See the trailer of 'Betting on Zero' Bill Ackman - Bill Ackman Vs. Herbalife Documentary Opens In Theaters March 17
The Wall Street movie documenting Bill Ackman (Trades, Portfolio)'s crusade against multi-level marketing company Herbalife (NYSE:HLF) and Carl Icahn (Trades, Portfolio)'s opposing position has been making its way around film festivals and opens in theaters Friday, March 17. More...

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Did Ackman Make the Right Decision to Sell Valeant? He should have abandoned ship long ago Bill Ackman - Did Ackman Make The Right Decision To Sell Valeant?
Bill Ackman (Trades, Portfolio)'s decision to sell his long-standing stake in Valeant Pharmaceuticals (NYSE:VRX) has attracted plenty of attention over the past week. His decision to throw in the towel may have come as a surprise to many considering his previous comments, and it is fair to say he has attracted lots of criticism both while in the position and after exiting. More...

BILL ACKMAN, VALEANT


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Oakmark: The Psychology of Ownership and Investing Exploring why investors get stuck on investments Bill Ackman - Oakmark: The Psychology Of Ownership And Investing
Lauren Harvey is a product specialist across all of the firm’s investment strategies. Before joining Harris Associates in 2016, Lauren spent nine years at UBS Asset Management, most recently as a fundamental, value-oriented equity specialist. Prior to UBS, she worked in financial reporting at a Chicago-based bank holding company. Lauren has an MBA from the University of Chicago Booth School of Business (2011) and completed her undergraduate studies at Southern Methodist University (2005). More...

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