Bill Ackman

Bill Ackman

Last Update: 05-15-2018

Number of Stocks: 7
Number of New Stocks: 1

Total Value: $4,832 Mil
Q/Q Turnover: 5%

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

Bill Ackman past Portfolios

Bill Ackman 13F Filings

Portfolio DateNumber of StocksTotal Value (Mil)Number of New StocksQ/Q Turnover

Bill Ackman 13D/G Filings

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Bill Ackman Watch

  • A Struggling Activist Investor Buys Into a Struggling Retailer

    On May 22, the Wall Street Journal, among others, reported that Bill Ackman (Trades, Portfolio)’s Pershing Square Capital had taken a $1 billion stake in Lowe’s Companies Inc. (NYSE:LOW). The Journal says the position is expected to be a friendly one.

    There’s no word on how long he has been building the stake in the $80 billion Lowe’s, but word about the position did get out after Ackman spoke at a New York conference. And, there are several interesting timeline issues to consider.


  • Bill Ackman Comments on Fannie Mae and Freddie Mac

    Fannie Mae (FNMA) / Freddie Mac (FMCC)

    Fannie and Freddie reported modest underlying earnings growth in the first quarter, including improved fundamentals in their core single-family guarantee businesses. After drawing funds from Treasury for the first time since 2012 earlier this year to fund one-time charges related to corporate tax reform, Fannie plans to resume dividend payments to Treasury this quarter while Freddie continues to rebuild its capital towards the $3 billion limit for each entity that became effective at the start of the year. Absent a further change in policy from Treasury and FHFA, we would expect Freddie to resume dividend payments to the Treasury in the third quarter. While increasing the amount of capital each entity is allowed to hold from zero to $3 billion was a step in the right direction, current capital levels are still woefully inadequate in light of their more than $5 trillion of outstanding guarantees and other liabilities.


  • Bill Ackman Comments on Platform Specialty Products Corp

    Platform Specialty Products Corporation (NYSE:PAH)

    Platform reported continued earnings growth this quarter as the combination of organic revenue growth, lower interest expense and a strong tailwind from foreign exchange more than offset temporary margin pressures from input cost inflation. Platform’s organic revenue grew 5% as Performance Solutions grew 4%, and Ag Solutions grew 6%. The growth in the Performance Solutions segment continued to be driven by the positive results of the electronic materials business it acquired from Alent, and overall strength in its industrial business. The growth in Ag Solutions was driven by strength in the Latin and North American markets.


  • Bill Ackman Comments on Mondelez International

    Mondelez International, Inc. (NASDAQ:MDLZ)

    Mondelez reported first quarter 2018 results on May 1st. Organic sales growth for the quarter was 2.4%, with over 70% of this increase driven by volume and product mix, and the balance from pricing. This was the third consecutive quarter with both organic sales growth in the 2% to 3% range, and a positive contribution from volume and product mix. All regions outside of North America posted solid growth, including 5.5% growth in emerging markets, which represent nearly 40% of the company’s sales. North America, which accounts for less than 25% of the company’s sales, declined 1.8% in the quarter driven by ongoing weakness in gum, as well as transitory issues including inventory destocking at retailers, and poor supply chain execution. Encouragingly, consumer demand for Mondelez’s core cookie and cracker brands, which generate over 80% of the company’s sales in North America, appears robust, with retail sales for these brands growing 2.5% in the quarter.


  • Bill Ackman Comments on The Howard Hughes Corp

    The Howard Hughes Corporation (NYSE:HHC)

    During the quarter, HHC adopted a new revenue recognition standard that significantly reduced GAAP revenue and earnings for the quarter, but had no impact on the company’s intrinsic value or cash flows. Up until this quarter, HHC recognized revenue for its condominium projects using percentage of completion accounting where units under contract to be sold were recognized into revenue as the corresponding condominium tower was constructed. The new accounting requirement better matches cash flows as condo sales are recognized only when unit sales are completed and title is transferred to the buyer. We believe some analysts and investors were confused by the change as HHC’s stock declined despite strong demonstrated value creation during the quarter. During the quarter, the company opportunistically acquired about 1% of its shares outstanding for $120.33 per share as each of HHC’s core master planned communities (MPCs) showed continued growth and business progress as we describe in detail below.


  • Bill Ackman Comments on Chipotle Mexican Grill

    Chipotle Mexican Grill, Inc. (NYSE:CMG)

    Chipotle reported first quarter 2018 results on April 25th. Results for the quarter were materially ahead of consensus expectations for same-store sales, margins, and earnings. Underlying same-store sales increased 2.7%, an acceleration from the prior two quarters driven by 6.2% average check growth and a 3.5% decline in transactions. Restaurant margin was 19.5%, up nearly two percentage points from the prior year quarter, as decreased food costs and reduced marketing and promotional expenses as a percentage of sales, more than offset labor inflation and other cost increases.


  • Bill Ackman Comments on Restaurant Brands International

    Restaurant Brands International Inc. (NYSE:QSR)

    Restaurant Brands’ first quarter results showed continuing earnings growth as Burger King and Popeyes delivered strong results, partially offset by weaker results at Tim Hortons. QSR reported strong unit growth of 6% as Burger King and Popeyes net unit count increased 7%, and Tim Hortons net unit count increased 3%. Same-store sales grew 4% at Burger King as the concept continues to strike the right balance between value offerings and limited-time premium products. Popeyes’ same-store sales grew 3% as the company achieved its goal of introducing more value items on the menu. Tim Hortons’ same-store-sales were down slightly as sales growth in breakfast foods was more than offset by heightened competition in coffee.


  • Bill Ackman Comments on Automatic Data Processing

    Automatic Data Processing, Inc. (NASDAQ:ADP)

    ADP reported a strong quarter driven by accelerated bookings growth and positive improvement in revenue retention. EPS increased 16% year-over-year, aided by 8% revenue growth (6% organic) and the reduction of its corporate tax rate. The company announced updated fiscal year 2018 guidance, and now forecasts a faster than expected improvement in margins for Employer Services. We believe the revised forecast is an early indication of potential larger improvements to come.


  • Bill Ackman Comments on United Technologies Corp

    United Technologies Corporation (NYSE:UTX)

    United Technologies is a leading industrial holding company which owns a number of high-quality businesses which benefit from favorable long-term growth trends and recurring long-term cash flows. The company operates in three distinct principal divisions: 1) Aerospace systems (UTAS) and engines (Pratt & Whitney), 2) Otis Elevator Company, and 3) Climate, Controls and Security.


  • Bill Ackman's Pershing Square 1st Quarter Letter to Shareholders

    Dear Shareholder:


  • Bill Ackman Buys United Technologies, Axes Nike

    Pershing Square leader Bill Ackman (Trades, Portfolio) disclosed that he established one position and exited another when he released his first-quarter portfolio this week.

    The activist investor, who has had bad luck with a number of investments over the past several years, established a position in United Technologies Corp. (NYSE:UTX) and divested his Nike Inc. (NYSE:NKE) stake in the first quarter.


  • The Stocks Maiming Bill Ackman's Fumbling Portfolio

    Investors in Bill Ackman (Trades, Portfolio)’s Pershing Square scattered this month as the firm slid further in March, giving him a negative return of 8.2% for the quarter as most of his positions show lackluster performance rather than fizzle.

    Ackman’s fund ended March with $8.2 billion in assets, down by more than half from its 2015 record. Funds drained as institutional investors, including Blackstone Group, pulled their money, according to CNBC. Longsuffering clients have watched the fund lose 4% in 2017, 13.5% in 2016 and 20.5% in 2015.


  • Bill Ackman Reduces Holding in ADP

    Bill Ackman (Trades, Portfolio) of Pershing Square reduced his stock position in payments services company Automatic Data Processing Inc. (NASDAQ:ADP) by 9.7% on March 12, a Monday filing showed.

    Ackman sold 856,485 shares, retaining 7,941,957 shares, or 1.98% of the company. The investor also owns 23,857,085 call options, which together give him a 7.2% stake in the company. The holding represents about 17.56% of his long portfolio, making it his second largest holding.


  • Bill Ackman's 2017 Shareholder Letter

    Dear Pershing Square Investor,


  • Ackman Ends 5-Year Battle With Herbalife

    Five years was long enough for Bill Ackman (Trades, Portfolio) to decide that Herbalife may not go to zero as he expected.

    The head of hedge fund Pershing Square Capital Management told CNBC Wednesday afternoon that he unwound his entire bruising bet against the nutritional products company. In response, shares ticked up 7% to an all-time high.


  • Ackman Buys Nike

    Bill Ackman (Trades, Portfolio) reported Wednesday that he made only one new buy, Nike Inc., and increased his holding of Mondelez International Inc. (NASDAQ:MDLZ) in the fourth quarter.

    The leader of the hedge fund Pershing Square acquired 5,836,020 Nike shares, which had a fourth-quarter average price of $57. The price has since gained 18% as of Wednesday evening.


  • Acting With Imperfect Knowledge

    During a speech at the University of Florida in 1998, Warren Buffett (Trades, Portfolio) was asked for his thoughts on the stock market. His answer has always stuck with me:


  • Bill Ackman Trims Position in Howard Hughes

    Bill Ackman (Trades, Portfolio), founder of Pershing Square Capital Management L.P., trimmed his position in The Howard Hughes Corp. (NYSE:HHC) on Jan. 2, according to GuruFocus real-time picks.

    Trade details


  • Bill Ackman Logs Third Consecutive Down Year

    Ackman’s investments at Pershing Square Capital Management LP posted negative returns for the third straight year in 2017, according to fund documents.

    The hedge fund manager’s Pershing Square Holdings Ltd. portfolio slumped 2.6% in gross performance and 4% net of fees for the year. The figure came as gains in Nomad Foods Ltd. (NYSE:NOMD) and Restaurant Brands International Inc. (NYSE:QSR) failed to fully offset losses in Chipotle (NYSE:CMG) and Herbalife (NYSE:HLF). Ackman also released the biggest drag on his portfolio of the last two years, Valeant Pharmaceuticals (NYSE:VRX), early in 2017.


  • CEO Steps Down at Ackman’s Chipotle

    Chipotle (NYSE:CMG) CEO Steve Ells announced Nov. 29 that he would step down at the company he founded in 1993.

    Ells will stay on as executive chairman as the company launches a search for a CEO with experience in turnarounds, something the company needs after seeing its stock plunge 54% in the past three years. Chipotle said the next CEO will have to “address the challenges facing the company, improve execution, build customer trust and drive sales.”


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