Ackman's Pershing Square Sells Kraft, Family Dollar Stakes

Bill Ackman's Pershing Square Capital sold stakes in Dow component Kraft

, the largest U.S. food company, during the second quarter, according to a 13F filing with the Securities and Exchange Commission. The hedge fund also eliminated stakes in discount retailer Family Dollar

and Fortune Brands

. The filing also indicates

. Pershing Square maintained a position in property firm Alexander & Baldwin

at the end of June. On June 29, 2012, the Pershing Square funds were entitled but had not yet received one share of Alexander & Baldwin. New and one share of Matson for each share of Alexander & Baldwin Holdings held by such funds, according to the 13F. Pershing still holds stakes in spirits maker Beam

, Canadian Pacific Railway

, Howard Hughes

and J.C. Penney

. The firm's new position of note for the quarter was Procter & Gamble

, the world's largest consumer staples firm. Pershing's position in Procter & Gamble has prompted

with investors wondering if he will push for management change and/or spin-offs of non-essential brands.