Activist investor Bill Ackman's Pershing Square Capital Management L.P. reported Tuesday a new stake in spirits company Beam Inc. (>> BEAM Inc), but no holdings in home improvement retailer Lowe's Cos. (>> Lowe's Companies, Inc.), an investment first reported a quarter earlier.
Pershing Square held 20.8 million shares in Beam as of Dec. 31. The shares would be worth $1.13 billion at the current market price of $54.18 per share.
The investment vehicle is known for holding a concentrated portfolio of just 10 stocks. The portfolio was worth $7.78 billion at the end of December, up 29% from the previous quarter.
Ackman is known for making significant investments in companies and then pushing for asset sales or other strategic changes to boost a company's value.
Pershing Square reported its holdings in Canadian Pacific Railway Ltd. (CP) were 24.2 million shares as of Dec. 31, roughly six times greater than the 4 million shares reported the previous quarter.
The hedge fund manager, who is pushing for a management change at the railway company, spoke to its shareholders in Toronto earlier this month. His presentation was received cooly by the Canadian company, which described it as lacking in specifics.
Meanwhile, Pershing Square slashed its holding in Family Dollar Stores Inc. (>> Family Dollar Stores, Inc.) by about a quarter.
The disclosures are part of a quarterly filing requirement for investors who manage more than $100 million. The form, known as a 13F, must be filed within 45 days of the end of each quarter and many money managers wait until the last possible moment to submit their filings. The filings give the public its freshest possible glimpse into the portfolios of well-known money managers.
-By Amy Or, Dow Jones Newswires; +1 212 416 3142; [email protected]