Bill Ackman

Bill Ackman

Last Update: 11-14-2017

Number of Stocks: 6
Number of New Stocks: 0

Total Value: $5,114 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 (%)
2016-9.611.96-21.6
2015-16.21.38-17.6
201436.913.6923.2
3-Year Cumulative3.7 (1.2%/year)29 (8.9%/year)-25.3 (-7.7%/year)
20139.732.39-22.7
201213.316-2.7
5-Year Cumulative28.9 (5.2%/year)98.2 (14.7%/year)-69.3 (-9.5%/year)
2011-1.12.11-3.2
201029.715.0614.6
200940.626.4614.1
2008-13-3724.0
2007225.4916.5
10-Year Cumulative146.7 (9.5%/year)95.7 (6.9%/year)51 (2.6%/year)
200622.515.796.7
200539.94.9135.0
200442.610.8831.7

Top Ranked Articles

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...
Bill Ackman Is Back to Black Pershing returns exceed one percent for the first time in almost two years with Valeant gone
Bill Ackman (Trades, Portfolio), head of Pershing Square Capital Management, may be seeing the beginning of pull out of a long slog that submerged his fund for months. Read more...
Positive Feedback Loop of Passive Funds The popularity of passive funds may have changed the market paradigm
The stock market keeps reaching new highs and passive fund inflows have also reached new highs. According to FactSet data, the total exchange-traded fund (ETF) inflow has reached $369 billion year to date, a new annual record with two months left in 2017. At the same time, the actively managed equity funds and hedge funds continue to suffer outflows due to poor performances. Anecdotally, even some of the best value fund managers have suffered. The Wall Street Journal reported David Einhorn (Trades, Portfolio)'s Greenlight Capital had a 15% redemption in mid-year 2017. CNBC further added the fund was down 0.2% through July versus the Standard & Poor's 9% return. Bill Ackman (Trades, Portfolio)'s Pershing Square was up 0.9% year to date through July.
For Read more...
Thoughts on Chipotle Mexican Grill's Earnings The stock is still a bargain
Chipotle Mexican Grill Inc. (NYSE:CMG) just released earnings after the closing bell on Wall Street and the numbers were better than expected. The stock is up over $10 in after-hours trading thanks to an earnings beat; however, revenue was soft and comps were 8.1% lower than expected. After 16 years, I have seen companies release numbers like this only to pull back to the closing price and actually open down the next day. Read more...
Ackman Pitches ADP, Herbalife, Fannie Mae at Dallas Investor Conference Ackman gave best theses at high-priced event featuring Thomas Russo and David Einhorn
On Tuesday, Pershing Square’s Bill Ackman (Trades, Portfolio) discussed some of his favorite stock investments in an interview at the Great Investors’ Best Ideas Conference in Dallas. Read more...
» More Bill Ackman Articles

Commentaries and Stories

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bill Ackman Comments on Nomad Guru stock highlight
We invested in Nomad (NYSE:NOMD) in the second quarter of 2015 and a member of our investment team, Brian Welch, joined the board. Our investment was made in conjunction with the company’s formation and its acquisition of Iglo, a leading European branded frozen food company with a strong position in the UK, Italy, and Germany. Stefan Descheemaeker was hired as CEO to lead the new company.Nomad followed its initial transaction with the highly synergistic and complementary purchase of Findus’s non-UK assets in August 2015. The Findus acquisition helped to fill out Nomad’s geographic footprint with leading positions in the Nordic countries and France, and together with Iglo, created the leading branded frozen food business in Western Europe.The combination of Iglo and the Findus assets provided a strong foundation for Nomad as a newly formed public company. That said, the company’s first several quarters were disappointing as the strategy under the prior Iglo management team had focused too much on new frozen food categories at the expense of its core More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bill Ackman Comments on Air Products Guru stock highlight
We recently sold our remaining shares of Air Products (NYSE:APD) (“APD”), concluding a highly successful activist investment. During our four-and-half-year investment, APD delivered a 104.7% total shareholder return. In comparison, the S&P 500 returned 69.9% over the same period.Prior to our investment, APD had slipped from an industry leader to a laggard. While APD participated in a good industry and had produced positive shareholder returns over time, its performance was substantially inferior to its peers and its potential. APD’s margins of 15% trailed direct competitor Praxair’s 23% margins. Furthermore, APD’s operational inefficiency led to subpar growth. The company also owned several non-core specialty materials businesses, and had a history of poor capital allocation.APD’s underperformance was purportedly due to myriad reasons detailed by the prior management team and accepted by the analyst community. Our extensive due diligence revealed that with a proper transformation, APD could achieve meaningfully higher margins and growth. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bill Ackman Comments on Herbalife Guru stock highlight
During the course of our short position in Herbalife (NYSE:HLF), we have held the investment in various forms, principally a mix of short stock and/or options. Recently we disclosed that we have restructured our short position in Herbalife, and our exposure is now represented entirely by put options. The current market value of the put position is approximately 5% of consolidated fund capital.We have structured the position in this form so that our exposure to Herbalife is limited, and we are no longer exposed to the risks and costs of borrowing shares. Assuming we do not extend the options beyond their initial term, the maximum potential loss for our current position is its current market value.The options are privately negotiated, over-the-counter options, which are not traded or reported on any exchange. The options’ expiration dates can be extended upon or before their maturity. Because the options are deep-in-the-money, the amount of time premium reflected in the options’ current market value is a small percentage of the position. As a result, More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bill Ackman Comments on Platform Guru stock highlight
Platform (NYSE:PAH)’s earnings continued to grow this quarter as growth in the Performance Solutions business offset a decline in the Ag Solutions business. Platform’s organic revenue declined 1%, as Performance Solutions grew 4% and Ag Solutions declined 5%. The growth in the Performance Solutions segment continued to be driven by the positive results of the electronics business it recently acquired from Alent and strength in its industrial business. The decline in Ag Solutions resulted primarily from the ongoing drought in Brazil, which has caused buyers to delay their typical purchases in advance of the planting season. If the drought abates within the next few months, management believes it is likely it will recover these sales in future quarters.Platform’s organic EBITDA increased 1%. Performance Solutions organic EBITDA grew 4% due to revenue growth and ongoing cost synergies from the acquisition of Alent, which was somewhat offset by a higher mix of sales from lower margin products. Ag Solutions organic EBITDA declined 3%, as the portion of sales from higher-margin products increased and the More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bill Ackman Comments on Chipotle Guru stock highlight
While the last six months have been challenging for Chipotle (NYSE:CMG)’s brand, shareholders, and other stakeholders, we believe the company’s significant long-term growth opportunity is one of the most attractive in the industry. Prior to making our initial investment, we understood that this investment could be a volatile journey, and this has certainly proven to be the case. As we have seen with many other restaurant companies in the past, brand and customer sentiment can change quickly, and we are confident that, with the right initiatives and execution, Chipotle will be able to stage a successful turnaround. Management’s immediate focus has been on optimizing existing operations to allow its restaurants to deliver a consistently great guest experience. This effort is being led by the new Chief Restaurant Officer Scott Boatwright, who joined the company in May after a successful career at Arby’s. Near-term operational initiatives include eliminating layers in the upper management ranks to redeploy more resources directly overseeing the restaurant operations, restructuring operations support, More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bill Ackman Comments on Howard Hughes Guru stock highlight
Howard Hughes (NYSE:HHC) continues to show solid and steady progress across its entire collection of trophy real estate assets. Unlike many real estate investment trusts that rely on access to the equity markets in order to grow, the equity for HHC’s development program is provided by cash generated from existing income producing assets and residential lot sales, as the company is not required to distribute its profits to shareholders. Furthermore, HHC’s large land ownership and entitlements provide decades of high-return investment opportunities without the need to acquire any new assets.In Ward Village (Hawaii) where HHC has four large condo towers in various stages of construction, the company achieved its highest volume of sales, 52 condo units, without the launch of a new building. In Q4 2017, HHC will launch its fifth residential project, A'ali'i which will have 751 homes. The company still has a long runway ahead as it has begun development of only 25% of its Ward Village entitlements.Despite Hurricane Harvey, HHC’s Houston master planned communities More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bill Ackman Comments on Restaurant Brands Guru stock highlight
We consider Restaurant Brands’ (NYSE:QSR) franchised business model to be a high-quality, capital-light, growing annuity that generates high-margin brand royalty fees from its three brands: Burger King, Tim Hortons and Popeyes. The company has an extremely capable management team, is backed by an owner-oriented sponsor (3G), and has a large unit growth opportunity that requires virtually no incremental capital. The company’s operating strategy is highly scalable and replicable, which should provide opportunities for additional value-creating acquisitions over time.Restaurant Brands reported continued earnings growth for the third quarter of 2017. The company delivered strong net unit growth at each of its three brands and made progress with Popeyes’ cost structure. Performance at Burger King was particularly impressive this quarter, but was somewhat offset by softness at Tim Hortons.Same-store-sales this quarter grew 3.6% at Burger King, with 4% growth in the US as the company continues to improve its mix of premium and value offerings. Tim Hortons’ More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bill Ackman Comments on Mondelez Guru stock highlight
We believe that Mondelez (NASDAQ:MDLZ) is currently substantially undervalued given its high business quality, long-term secular growth potential – especially in emerging markets – and substantial opportunity to improve profit margins. Today, Mondelez trades at 17 times our estimate for 2018 earnings per share, a discount to the S&P 500 market multiple, for a business whose attributes are substantially better than the average company in the S&P 500.Despite its advantaged snack categories and extensive global footprint, Mondelez is currently trading more in line with US-focused, so-called center-of-plate (non-snacks) packaged food companies that, unlike Mondelez, are facing unprecedented volume losses in a difficult US grocery environment.Mondelez’s global food peers such as Nestle and PepsiCo, and sweet snacks-focused peers like Hershey currently trade at approximately 21 times 2018 earnings per share, a nearly 25% premium to Mondelez. We expect this valuation gap to close over the coming quarters as investors gain further clarity around three More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bill Ackman Comments on ADP Guru stock highlight
ADP (NASDAQ:ADP) is a classic Pershing Square investment. It is a simple, predictable, free-cash-flow generative business that has significantly underperformed its potential. As a conservatively financed, high-quality business in a sector with substantial positive growth, we believe it has modest downside. If it is able to achieve its potential, we believe it offers substantial upside.ADP’s significant underperformance is largely in its Employer Services segment (~2/3 of profit). Employer Services’ underperformance is best demonstrated by its (1) poor operating efficiency and subpar margins of 19%, and (2) declining organic growth of 2%-3% for FY 2018, with much of the revenue weakness due to the company’s lack of a competitive offering in the enterprise segment which serves large companies. Our detailed due diligence revealed the company’s underperformance and outlined a path to drive meaningfully improved performance. With a transformation focused on operational efficiency and technology leadership, we believe that ADP can accelerate growth to 7% or more, in-line with, or better, than industry growth More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bill Ackman's Pershing Square 3rd Quarter Investor Letter Discussion of market and holdings Bill Ackman - Bill Ackman's Pershing Square 3rd Quarter Investor Letter
November 15, 2017 More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

The Fate of Chipotle The benchmark for fast casual is losing its fans Bill Ackman,Frank Sands - The Fate Of Chipotle
I’ve covered Chipotle (NYSE:CMG) for a while now. First, in December 2015, anticipating the fall below $400 and then in August 2016 calling it a buy before its bounce back. That was before the company-wide problems really started to be felt on the books. More...

FAST CASUAL, MEXICAN FOOD, CHIPOTLE, BURRITO, BURRITO BOWL, FOOD, TASTY


  • Currently 4.00/5

Rating: 4.0/5 (4 votes)

Positive Feedback Loop of Passive Funds The popularity of passive funds may have changed the market paradigm David Einhorn, Bill Ackman - Positive Feedback Loop Of Passive Funds
The stock market keeps reaching new highs and passive fund inflows have also reached new highs. According to FactSet data, the total exchange-traded fund (ETF) inflow has reached $369 billion year to date, a new annual record with two months left in 2017. At the same time, the actively managed equity funds and hedge funds continue to suffer outflows due to poor performances. Anecdotally, even some of the best value fund managers have suffered. The Wall Street Journal reported David Einhorn (Trades, Portfolio)'s Greenlight Capital had a 15% redemption in mid-year 2017. CNBC further added the fund was down 0.2% through July versus the Standard & Poor's 9% return. Bill Ackman (Trades, Portfolio)'s Pershing Square was up 0.9% year to date through July. For More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Positive Feedback Loop of Passive Funds The popularity of passive funds may have changed the market paradigm David Einhorn, Bill Ackman - Positive Feedback Loop Of Passive Funds
Last week, the stock market reached new highs and passive fund inflows also reached new highs. According to FactSet data, the total exchange-traded fund (ETF) inflow has reached $369 billion year to date, a new annual record with two months left in 2017. At the same time, the actively managed equity funds and hedge funds continue to suffer outflows due to poor performances. Anecdotally, even some of the best value fund managers have suffered. The Wall Street Journal reported David Einhorn (Trades, Portfolio)’s Greenlight Capital had a 15% redemption in mid-year 2017. CNBC further added the fund was down 0.2% through July versus the Standard & Poor’s 9% return. Bill Ackman (Trades, Portfolio)'s Pershing Square was up 0.9% year to date through More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Earnings Miss Sends Chipotle Shares Tumbling Despite same-store sales growth, company’s queso fails to impress Bill Ackman,Frank Sands,Ruane Cunniff,Jim Simons,M - Earnings Miss Sends Chipotle Shares Tumbling
Restaurant chain Chipotle Mexican Grill Inc. (NYSE:CMG) reported its third-quarter results after the market closed on Oct. 24. More...

CHIPOTLE, 3Q, MISS, DECLINE, QUESO


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bill Ackman’s Losses on Herbalife Short Jump Near Highest in Almost 4 Years Company holds out potential to go private Bill Ackman - Bill Ackman’s Losses On Herbalife Short Jump Near Highest In Almost 4 Years
In the five years since taking a short bet against Herbalife (NYSE:HLF), Ackman’s losses have steadily piled up, with little relief. This week, they reached an apex not seen since 2013 as the company completed a generous share buyback. More...

  • Currently 3.00/5

Rating: 3.0/5 (2 votes)

5 Reasons Bill Ackman Should Be on ADP's Board The activist investor is waging a proxy fight to try and get 3 board seats. He released an in-depth presentation and may have a good point Bill Ackman - 5 Reasons Bill Ackman Should Be On ADP's Board
Pershing Square's Bill Ackman (Trades, Portfolio) is waging a proxy fight against Automatic Data Processing Inc. (NASDAQ:ADP). He wants to get up to three board seats in order to further improve at the company. Yesterday, the firm released an hour-long presentation detailing the cause. I have reviewed the entire thing and came away thinking Ackman has some good points. I have listed the points he made that were most convincing to me in no particular order. More...

LONG, ACKMAN, ACTIVIST, ACTIVISM


  • Currently 3.67/5

Rating: 3.7/5 (3 votes)

Ackman Pitches ADP, Herbalife, Fannie Mae at Dallas Investor Conference Ackman gave best theses at high-priced event featuring Thomas Russo and David Einhorn Bill Ackman - Ackman Pitches ADP, Herbalife, Fannie Mae At Dallas Investor Conference
On Tuesday, Pershing Square’s Bill Ackman (Trades, Portfolio) discussed some of his favorite stock investments in an interview at the Great Investors’ Best Ideas Conference in Dallas. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Why Do These Fools Keep Betting Against Buffett? Warren Buffett issued another challenge; he immediately had a taker on Twitter Warren Buffett, Bill Ackman, David Einhorn - Why Do These Fools Keep Betting Against Buffett?
Ted Seides lost a bet against Warren Buffett (Trades, Portfolio) when he pitted a fund of hedge funds against the S&P 500 (SPY) in a 10-year race for best performance. Buffett recently reissued the challenge and did not have to wait long for takers. More...

BUFFETT, WARREN BUFFETT, LONG, SHORT, MACRO, FEES


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bill Ackman Pares Mondelez Stake Guru sold about 0.5 million shares as company loses momentum Bill Ackman - Bill Ackman Pares Mondelez Stake
On Sept. 25, Pershing Square fund manager Bill Ackman (Trades, Portfolio) trimmed his Mondelez International Inc. (NASDAQ:MDLZ) position as the company’s share price has declined over the past six months. More...

BILL ACKMAN, MONDELEZ


  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

After 2-Year Run, Bill Ackman Cuts Ties With Nomad Foods Activist investor exits stake in packaged foods company Bill Ackman - After 2-Year Run, Bill Ackman Cuts Ties With Nomad Foods
Pershing Square leader Bill Ackman (Trades, Portfolio) exited his 19.34% stake in Nomad Foods Ltd. (NYSE:NOMD) on Sept. 7. More...

BILL ACKMAN, PERSHING SQUARE, NOMAD FOODS, SELL


Add Notes, Comments

If you want to ask a question or report a bug, please create a support ticket.

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)

GF Chat

{{numOfNotice}}
FEEDBACK