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

), 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 (NYSE:

) and Fortune Brands (NYSE:

). The filing also indicates

)

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

) 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 (NYSE:

), Canadian Pacific Railway (NYSE:

), Howard Hughes (NYSE:

) and J.C. Penney (NYSE:

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

), 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.