Friday, August 14, 2009

Pershing Square Q2 Positions

It's that time of the quarter again. 45 days after the end of Q2 means that we get a slew of 13F filings from the top fund managers in the world. Kicking things off today is Bill Ackman of Pershing Square. (Click on the image to expand it.)

Looks like Ackman did a lot of selling in Q2 and very little buying. He completely sold off his stakes in Apartment Investment Co (AIV), Alexander's (ALX), Visa (V), Yum Brands (YUM) and Wendy's (WEN). Even more interesting however, is the fact that he apparently is completely out of General Growth (GGP)? I did a double take on that one too. I have to admit I am perpelxed. He filed a 13D on June 6th when he joined the board that indicated that he owned 23M shares of GGP. I admit I have not been following this sitaution closely so I may have missed some news but it seems strange.

In any case the only major new purchases in Q2 were of McDonald's (MCD) and Automatic Data Processing (ADP), two blue chips. I guess he decided he liked McD's more than Wendys, Pizza Hut, Taco Bell and KFC. But, other than those new stakes the only buy action was a slight increase in his shares in EMC.

This left him with a very concentrated portfolio at the end of Q2 that only consisted of 6 companies: Border's Group (BGP), EMC, Greenlight Capital (GLRE), Target (TGT), ADP and MCD. You have to give him credit for having strong convictions. I'm not sure I would sleep at night.