Bill Ackman

Bill Ackman

Last Update: 05-16-2017

Number of Stocks: 7
Number of New Stocks: 0

Total Value: $5,961 Mil
Q/Q Turnover: 0%

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...
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...
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...
» More Bill Ackman Articles

Commentaries and Stories

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

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Bill Ackman Comments on Nomad Foods Guru stock highlight
Nomad Foods (NYSE:NOMD) has begun to show meaningful progress in stabilizing its revenue trends under its new management team. Nomad’s initial revenue trends after its mid-2015 purchase of the Iglo asset were disappointing because of prior management’s investment in new product development at the expense of the company’s core offerings. The company’s current management led by Stefan Descheemaeker has redirected its resources behind core offerings or Must Win Battles (“MWBs”). While this strategy shift will take time to have full effect, recent results have been encouraging. More...

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Bill Ackman Comments on Platform Specialty Products Corp Guru stock highlight
Platform (NYSE:PAH) reported strong earnings growth for the first quarter. The company generated organic EBITDA growth of 18%, due to revenue growth in both of its businesses and improved cost efficiencies, both at the segment and corporate level. Organic revenue growth was 3%, due to 5% organic growth in Performance Solutions and 2% organic growth in Agricultural Solutions. Performance Solutions showed particular strength this quarter in its industrial and Asian electronics segments, as its end markets have improved and the integration of Alent has helped Platform gain market share. Agricultural Solutions growth was driven by strength in Latin America, but offset somewhat by weakness in Europe due to poor weather. More...

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Bill Ackman Comments on Fannie Mae and Freddie Mac Guru stock highlight
Fannie and Freddie’s (FNMA)(FMCC) underlying earnings in their core mortgage guarantee businesses declined modestly in the first quarter, reflecting lower refinancing volumes driven by a large increase in interest rates in the fourth quarter of 2016. Despite this short-term, cyclical headwind, we believe that their long-term earnings power will continue to grow due to three factors: (1) an increase in guarantee fees as the fees on new mortgages exceed the average fees on the existing portfolio, (2) growth of the total guarantee portfolio along with mortgage originations, and (3) lower credit losses as the portfolio’s credit quality continues to improve. Fannie and Freddie’s non-core investment portfolio continued to shrink in the first quarter, resulting in a more profitable and lower-risk business model. More...

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Bill Ackman Comments on Howard Hughes Corp Guru stock highlight
Pershing Square presented the Howard Hughes Corporation (NYSE:HHC) at the Sohn Conference on May 8th . Here is a link to the powerpoint presentation. HHC held its second quarterly conference call on May 4th and intends to conduct its first ever Investor Day on May 17th at the South Street Seaport. It also released detailed Supplemental Information for the first time, in an effort to provide the market with increased transparency into its business. More...

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Bill Ackman Comments on Chipotle Guru stock highlight
Since Steve Ells returned to the role of sole CEO in December of last year, Chipotle (NYSE:CMG) has implemented significant organizational and operational changes predominantly aimed at elevating the guest experience. This renewed focus on delivering a great guest experience has re-energized and motivated the organization, leading to better customer service scores, lower restaurant manager turnover, and improvements in many other key performance metrics. More...

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Bill Ackman Comments on Restaurant Brands International Guru stock highlight
QSR (NYSE:QSR) delivered strong earnings growth in the first quarter as the company maintained a high level of net unit growth and continued to achieve cost and capital efficiencies at Tim Hortons. Same-store sales growth decelerated from the pace of previous quarters and was roughly flat with prior year levels at both Burger King and Tim Hortons. QSR launched several new products during the second quarter including espresso-based drinks at Tim Hortons and the Steakhouse King hamburger at Burger King. These new offerings should help drive improved same-store sales results in future quarters. More...

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Bill Ackman Comments on Air Products and Chemicals Guru stock highlight
Air Products (NYSE:APD) continues to deliver for its shareholders. Fiscal year Q2 results showed continued operating progress with underlying revenue growth of 7% and earnings per share growth of 4%. Revenue growth was driven by 7% volume and flat pricing. Excluding energy pass-through and mix factors, underlying EBITDA margins declined 40 basis points as productivity gains were offset by higher costs from maintenance outages of facilities in the U.S., delayed recovery of energy prices in Europe in the merchant market, and the ramp of lower-margin tonnage contracts in Asia. More...

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Bill Ackman Comments on Mondelez Guru stock highlight
Mondelez (NASDAQ:MDLZ) reported first quarter 2017 results on May 2nd. Organic sales growth for the quarter was 0.6%, driven by pricing growth of 1.1% and a volume decline of 0.5% that includes the impact of management’s efforts to cull low-margin, non-core products. All regions experienced growth with the exception of North America. Management expects North America to improve in the second half of the year due to the exit of a key competitor in direct store delivery, major innovation launches such as the new well-being cracker brand Véa, and a recent change in regional leadership. More...

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Bill Ackman's 1st Quarter Shareholder Letter From Pershing Square Bill Ackman - Bill Ackman's 1st Quarter Shareholder Letter
Dear Shareholder: More...

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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. More...

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Bill Ackman Comments on Canadian Pacific Railway Guru stock highlight
In our August 26, 2016 Investor letter, we reported the sale of our remaining 9.8 million shares of CP (NYSE:CP) on August 4, 2016, approximately five years from the inception of the investment. During the course of our investment, 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. More...

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

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Bill Ackman Comments on Platform Specialty Products Corp 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. 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. 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 Howard Hughes Corp 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 and 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 (FNMA) and Freddie (FMCC) 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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