Bill Ackman

Bill Ackman

Last Update: 02-12-2016

Number of Stocks: 8
Number of New Stocks: 1

Total Value: $13,950 Mil
Q/Q Turnover: 13%

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 (%)
201436.913.6923.2
20139.732.39-22.7
201213.316-2.7
3-Year Cumulative70.2 (19.4%/year)74.6 (20.4%/year)-4.4 (-1%/year)
2011-1.12.11-3.2
201029.715.0614.6
5-Year Cumulative118.3 (16.9%/year)105.1 (15.5%/year)13.2 (1.4%/year)
200940.626.4614.1
2008-13-3724.0
2007225.4916.5
200622.515.796.7
200539.94.9135.0
10-Year Cumulative458.2 (18.8%/year)109.4 (7.7%/year)348.8 (11.1%/year)
200442.610.8831.7

Top Ranked Articles

Valeant's Share Price Continues to Decline Though the price is falling, there are strong drivers to analyze
Valeant Pharmaceuticals Inc. (NYSE:VRX), one of the best specialty drugmakers, has been trading down since September 2015 when the last rally was seen. Since then, the stock plunged to less than half of its value. Read more...
So, Bill Ackman Makes Some Good Points on the Index Bubble… Comment on Bill Ackman's view on index funds
He’s often controversial, and usually pretty brash. But Pershing Square’s Bill Ackman is also usually quite insightful. He’s been at this game a long time, and he’s had his share of big wins, and big losses. Ackman has an ego on him. (What hedge fund manager doesn’t?) But he’s also his own biggest critics, and like all good investors he learns from his mistakes. Read more...
Bill Ackman’s Fund Falls by Double Digits Again in January All of the investor's long positions declined in the new year
The 12 positions in Bill Ackman (Trades, Portfolio)’s portfolio at his hedge fund Pershing Square Holdings declined a further 11.1% in 2016, extending his dismal 20% drop last year. Read more...
Bill Ackman Comments on Valeant Guru stock highlight
When we purchased Valeant at an average price of $196, we bought the company at a modest discount to intrinsic value as represented by the company’s existing portfolio of products and businesses, but at a very substantial discount to fair value in light of its acquisition track record, the large number of potential targets, and its competitive advantages which include its low-cost operating model and favorable tax structure. When the stock price rose this summer to the mid-$200s per share, we did not sell as we believed it was probable the company would likely complete additional transactions that would meaningfully increase intrinsic value. In retrospect, this was a very costly mistake. Read more...
Bill Ackman Comments on Canadian Pacific Guru stock highlight
We made a similar error in not trimming our Canadian Pacific (NYSE:CP) position when it reached ~C$240 per share. While we still believed CP was trading at a discount to intrinsic value at that price and there was the potential for CP to complete an industry-transforming, value-creating merger, in light of the size of the position as a percentage of the portfolio, and concerns we had about the Chinese economy, it would have been prudent to sell a portion of our investment. Read more...
» More Bill Ackman Articles

Commentaries and Stories

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Bill Ackman Reports Owning Stake in Euro Food Company Nomad Nomad shares have fallen considerably year to date Bill Ackman - Bill Ackman Reports Owning Stake In Euro Food Company Nomad
Bill Ackman (Trades, Portfolio), the investor whose Pershing Square has suffered double-digit losses over the past year, has owned a large chunk of Nomad Foods Ltd. (NYSE:NOMD), he reported today. More...

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So, Bill Ackman Makes Some Good Points on the Index Bubble… Comment on Bill Ackman's view on index funds Bill Ackman - So, Bill Ackman Makes Some Good Points On The Index Bubble…
He’s often controversial, and usually pretty brash. But Pershing Square’s Bill Ackman is also usually quite insightful. He’s been at this game a long time, and he’s had his share of big wins, and big losses. Ackman has an ego on him. (What hedge fund manager doesn’t?) But he’s also his own biggest critics, and like all good investors he learns from his mistakes. More...

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Valeant's Share Price Continues to Decline Though the price is falling, there are strong drivers to analyze Bill Ackman, John Paulson, Ken Fisher - Valeant's Share Price Continues To Decline
Valeant Pharmaceuticals Inc. (NYSE:VRX), one of the best specialty drugmakers, has been trading down since September 2015 when the last rally was seen. Since then, the stock plunged to less than half of its value. More...

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Bill Ackman’s Fund Falls by Double Digits Again in January All of the investor's long positions declined in the new year Bill Ackman - Bill Ackman’s Fund Falls By Double Digits Again In January
The 12 positions in Bill Ackman (Trades, Portfolio)’s portfolio at his hedge fund Pershing Square Holdings declined a further 11.1% in 2016, extending his dismal 20% drop last year. More...

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Rating: 3.0/5 (1 vote)

Bill Ackman Comments on Canadian Pacific Guru stock highlight
Many of the investment opportunities we have identified over time have been created by the fact that the market appears to value companies based principally on short-term factors rather than long-term changes in intrinsic value. For example, in light of China weakness, commodity price declines, and the events in the U.S. energy markets, current earnings and future expectations for railroad volumes have declined somewhat. We believe that this has reduced Canadian Pacific (NYSE:CP)’s intrinsic value by perhaps 10% or so while its stock price has declined ~35% from its August 2015 high. The value of a business is determined by the present value of the cash it generates over its lifetime, not based on what next year’s earnings are going to be. While the first year’s cash flows in a discounted cash flow valuation carry the most weight in the calculation, years two through 20 and thereafter contribute many multiples of year one’s value in determining the present value. This fact seems to be ignored by investors in today’s markets. The market’s short-term valuation approach coupled with the technical factors present in non-index supported companies can lead to short-term gross under-valuations More...

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Rating: 5.0/5 (1 vote)

Bill Ackman Comments on Mondelez Guru stock highlight
As a result of relative stock price movements in our portfolio, Mondelez (NASDAQ:MDLZ) became a disproportionately large position in the funds, and Valeant became a smaller and, in our view, even more attractive investment. At year end, while we believed Mondelez was trading at a significant discount to intrinsic value, we reduced our stake in Mondelez through the sale of forward contracts representing 15 million shares at an average price of ~$44 per share, reducing our total ownership in stock and derivatives to ~105 million shares. We redeployed some of this capital by increasing our investment in Valeant through the net purchase of option contracts on the company, which we discussed in detail in our third quarter letter. We continue to be highly optimistic about the potential for Mondelez as it improves its operational efficiency and continues to grow while remaining an attractive merger candidate, and therefore, we expect to remain a substantial, long-term holder. While we are long-term investors, we always seek to optimize the risk/return profile of the portfolio More...

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Bill Ackman Comments on Platform Specialty Products Guru stock highlight
Our most glaring, albeit small, unforced error was buying additional stock in Platform Specialty Products (NYSE:PAH) at $25 per share to assist the company in financing an acquisition. We paid too much as we assumed the new transaction would create substantial value, and because we assigned too much platform value to the company. Our assessment was incorrect as execution difficulties, operating issues, currency effects, and financing issues have destroyed rather than created value. More...

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Bill Ackman Comments on Canadian Pacific Guru stock highlight
We made a similar error in not trimming our Canadian Pacific (NYSE:CP) position when it reached ~C$240 per share. While we still believed CP was trading at a discount to intrinsic value at that price and there was the potential for CP to complete an industry-transforming, value-creating merger, in light of the size of the position as a percentage of the portfolio, and concerns we had about the Chinese economy, it would have been prudent to sell a portion of our investment. More...

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Rating: 0.0/5 (0 votes)

Bill Ackman Comments on Valeant Guru stock highlight
When we purchased Valeant at an average price of $196, we bought the company at a modest discount to intrinsic value as represented by the company’s existing portfolio of products and businesses, but at a very substantial discount to fair value in light of its acquisition track record, the large number of potential targets, and its competitive advantages which include its low-cost operating model and favorable tax structure. When the stock price rose this summer to the mid-$200s per share, we did not sell as we believed it was probable the company would likely complete additional transactions that would meaningfully increase intrinsic value. In retrospect, this was a very costly mistake. More...

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Rating: 5.0/5 (2 votes)

Bill Ackman's Pershing Square Annual Investor Letter While no one here is enthusiastic about delivering our worst performance year in history in 2015, it certainly does a good job reinforcing the humility-side of the equation, Ackman says Bill Ackman - Bill Ackman's Pershing Square Annual Investor Letter
2015 is a year we will not forget. There was no financial crisis except perhaps in the energy, commodity, and currency markets.1 There were no major new wars except for the rise of ISIS and growing global terrorism. The global economy has shown signs of weakness, most notably in China, but U.S. core growth appears sound. The substantial majority of our portfolio companies made continued business progress despite currency headwinds and a weakening global economic environment. Yet, the Pershing Square funds suffered their greatest peak-to-trough decline and worst annual performance ever. What happened? More...

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Share Your Year-End Performance, Best Picks for 2016 How did GuruFocus users fare in 2015? Discuss your best stock ideas Carl Icahn, Bill Ackman, Ken Fisher, Frank Sands - Share Your Year-End Performance, Best Picks For 2016
It’s a new year and we’re interested in hearing how GuruFocus members fared in 2015, a rather tough year for the market. What were your best holdings, which stocks were your largest detractors and what is your best idea for 2016? Share your picks in the comments area below. More...

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Bill Ackman Slashes Stake in Valeant Pharmaceuticals Guru makes second transaction of quarter in company Bill Ackman - Bill Ackman Slashes Stake In Valeant Pharmaceuticals
Bill Ackman (Trades, Portfolio) made his second fourth-quarter transaction involving Valeant Pharmaceuticals International (NYSE:VRX) on the next-to-last day of the quarter. Ackman sold 5,027,429 shares – nearly 15% of his stake – on Dec. 30, 2015, for an average price of $102.33 per share. More...

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Rating: 4.0/5 (5 votes)

2 Stocks Super Investors Are Buying in Large Quantities Examining GuruFocus' aggregated portfolio feature to discover trends in guru buying Warren Buffett, Bill Ackman, Scott Black, George S - 2 Stocks Super Investors Are Buying In Large Quantities
GuruFocus provides tools and screens to look at 13-F filings in the aggregate and discover lots of information about the famous gurus of value investing. I used the aggregated portfolio tool to sort guru holdings on combined weighting percentage. Basically it shows us which stocks value investment gurus have allocated the most funds to. More...

LONG, TECH


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Rating: 5.0/5 (3 votes)

Bill Ackman's 3rd Quarter Letter to Pershing Square Shareholders Comments on worst year in firm's history, Valeant, other holdings Bill Ackman - Bill Ackman's 3rd Quarter Letter To Pershing Square Shareholders
Dear Shareholder: More...

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Ackman, Sequoia Stock Valeant Changes Course Controversial pharma company Valeant is making changes but some shorts still don't see the value Bill Ackman - Ackman, Sequoia Stock Valeant Changes Course
A pharmaceutical company fueling most of its rapid growth through acquisitions, Valeant (NYSE:VRX) responded to a short-seller’s accusations this week by announcing a change of business model at its 2015 Investor Day. More...

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Bill Ackman Comments on Herbalife Short Guru stock highlight
Herbalife (NYSE:HLF) Short More...

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Bill Ackman Comments on Fannie Mae (FNMA) / Freddie Mac (FMCC) Guru stock highlight
Fannie Mae (FNMA) / Freddie Mac (FMCC) More...

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Bill Ackman Comments on Nomad Foods Ltd. Guru stock highlight
Nomad Foods Ltd. (NHL) More...

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Rating: 5.0/5 (1 vote)

Bill Ackman Comments on Platform Specialty Products Guru stock highlight
Platform Specialty Products (NYSE:PAH) More...

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Bill Ackman Comments on Restaurant Brands International Guru stock highlight
Restaurant Brands International (NYSE:QSR) More...

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User Comments

MyGift
ReplyMyGift - 1 month ago
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Tzoulia
ReplyTzoulia - 2 months ago
Just want to post a big bouquet to mr Ackman for shorting herbalife. He is absolutely correct that this is a pyramid scheme. What astonishes me is that no-one in the US is enforcing the law, which states that pyramid schemes are illegal. I can only guess that if all the pyramid schemes in the US wee shut down, including Amway, which I researched in detail, the dow jones would crash.
DanielAnthony
ReplyDanielAnthony - 3 months ago
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Culpel
ReplyCulpel - 3 months ago
+1
Rgoshen
ReplyRgoshen - 7 months ago
I thought Bill Ackman (Trades, Portfolio) owned FNMA?
Gm1
ReplyGm1 - 1 year ago
Dear Sirs / Madams,

I am so interested in Pershing Square, would you please advise me its performance and cost? Thank you.

GM
Samchell@yahoo
ReplySamchell@yahoo - 1 year ago
Some stocks are best evaluated by hands-on personal empiricism. After going into a Walgreen's store, it's manifestly clear where it ranks compared to CVS or Rite Aid. As for Ackman's attraction to Mondelez, perhaps he likes some of the company's snack items, and no doubt enough other consumers will share his taste to move the stock in a positive direction. But anyone looking for more something more dramatic would be better advised to take note of the population's compulsive consumption of Hershey products. (Twizzler's Twist 'n Pull Cherry Licorice is candy heroin.) Also, like Coke and Kleenex, Hershey's is a brand name that's synonymous with the product. (When's the last time your spouse asked you to go to Walgreen's to pick up a "Mondelez Bar"?) In short, investing is a game of guessing, supported by past predilections and indicators that "may" have a bearing on future results. But 50% of stock picking is playing hunches. Never ignore the intangibles as well as personal impressions--that's can't be charted or measured by most systems.

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