European Shorting
Number of Stocks: 10
Number of New Stocks: 1
Total Value: $10,068 Mil
Q/Q Turnover: 2%
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Honolulu-based Alexander & Baldwin (ALEX), a Bill Ackman holding, has separated into two stand-alone, publicly traded companies, as tends to happen with Ackman’s holdings. 
Bill Ackman has disclosed a large stake in Burger King Corp. (BKW), the world’s second-largest fast food chain, according to GuruFocus Real Time Picks. Ackman, founder of hedge fund Pershing Square and activist investor, owns 41,922,908 shares, or 12% of the company, which just returned to trading on the New York Stock Exchange on June 21, 2012. 
Bill Ackman’s goals for J.C. Penney and Canadian Pacific Railway are big, and not enough progress has been made yet to clearly see whether his plans will work and his fighting for change offers a worthwhile competitive advantage. This week, the founder of Pershing Square Capital Management and activist investor issued a letter outlining the state of his current deals, including J.C. Penney (JCP) and Canadian Pacific Railway (CP), which are now almost 40 percent of his highly concentrated portfolio.
This is the first quarter client letter of Bill Ackman, the hedge fund guru who runs Pershing Square. His funds trailed the S&P500 slightly in the first quarter, but have ourperformed significantly since inception.
I’ve been following the transformation at J.C. Penney (JCP) very closely. It’s an interesting example of a variety of market biases. There are the sentiment changes that have caused huge swings in the stock price. It also shows the short term-nature of Wall Street and the disregard for expense cutting by investors. Retail investors focus on same-store sales and have totally disregarded what in my opinion seem to be very logical expected results coming next year. Even if these results don’t come, there is ample downside protection from the cost cutting already done. 
Bill Ackman, billionaire activist investor at hedge fund Pershing Square, bought no new stocks in the first quarter and added to four of his holdings: Alex & Baldwin (ALEX), J.C. Penney (JCP), Canadian Pacific Railway (CP) and Citigroup Inc. (C). 
Leadership failures, outdated business models, a tired image and many other factors have weighed on JC Penney (JCP)'s stock price. Billionaire investor Bill Ackman believes he is the man with the plan to turn things around at the retailer. In the presentation below, he takes investors through the history of the company's mistakes and gives his vision of what it will take to fix them: Bill Ackman discusses his investments in Barnes and Noble (BKS) and Burger King:
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