Market Overview

Bill Ackman's Latest Moves In Health Care & Some Other Positions From Q1

Bill Ackman's Latest Moves In Health Care & Some Other Positions From Q1

Bill Ackman’s Pershing Square Capital Management’s equity portfolio continues to be highly concentrated, comprising only eight stocks.

According to its latest 13F filing, the portfolio is focused on healthcare stocks (46 percent) and, to a lesser extent, on materials (31 percent) and transports (19 percent), and is worth approximately $14.97 billion in the market, down from $16 billion in the previous quarter.

The fund started two new positions over the first quarter of 2015.

One in Valeant Pharmaceuticals Intl Inc (NYSE: VRX), comprising 19,473,933 shares Common Stock. Valued at $3.86 billion, it is Pershing’s most appreciated position, accounting for more than one fourth of its total equity portfolio.

The other stake Ackman initiated over the quarter is the one at Actavis plc (NYSE: ACT), which contains 1,348,358 shares of the company. Actavis acquired Allergan, Inc. (NYSE: AGN) in mid-March. So, Pershing sold most of its 26,635,978 Allergan shares. The fund held $5.66 billion in Allergan stock by the end of the fourth quarter of 2014, and now owns slightly more than $400 million in Actavis shares.

The only other company that saw any changes in Pershing’s stake is Zoetis Inc (NYSE: ZTS). The veterinary drugs business saw the fund acquire 253,499 shares of Class A stock between January and March, inclusive, taking its position to 41,823,145 shares, worth more than $1.9 billion.

Other stocks the fund is bullish on are Air Products & Chemicals, Inc. (NYSE: APD) and Canadian Pacific Railway Limited (USA) (NYSE: CP). These stakes remained unchanged over the quarter, and account for 20.77 percent and 17 percent of Pershing’s portfolio, respectively. The firm disclosed ownership of 20,549,076 shares of Air Products & Chemicals, and 13,940,890 shares of Canadian Pacific Railway.


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