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Ackman's Pershing Square Sells Kraft, Family Dollar Stakes

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August 14, 2012 4:58 pm
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Bill Ackman’s Pershing Square Capital sold stakes in Dow component Kraft (NASDAQ: KFT), 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: FDO) and Fortune Brands (NYSE: FBHS).

The filing also indicates Pershing Square trimmed its position in Citigroup (NYSE: C). Pershing Square maintained a position in property firm Alexander & Baldwin (NYSE: ALEX) 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: BEAM), Canadian Pacific Railway (NYSE: CP), Howard Hughes (NYSE: HHC) and J.C. Penney (NYSE: JCP). The firm’s new position of note for the quarter was Procter & Gamble (NYSE: PG), the world’s largest consumer staples firm.

Pershing’s position in Procter & Gamble has prompted speculation regarding Ackman’s intent with investors wondering if he will push for management change and/or spin-offs of non-essential brands.

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