Pershing Square (Bill Ackman) Q1 2018 Investor Letter

About: United Technologies Corporation (UTX), ADP, QSR, CMG, HHC, MDLZ, PAH-OLD, FNMA, FMCC, PSHZF, Includes: HLF, NKE
by: Fund Letters

Includes detailed analysis of Pershing Square's positions in UTX, ADP, QSR, CMG, HHC, MDLZ, PAH, FNMA, FMCC.

PSH has made significant progress since the end of the first quarter. NAV per share has increased by 9.4%, compared with the S&P 500’s performance over the same period of 2.9%.

The large supply of sellers of PSH has depressed the stock’s current valuation. The completion of the company tender will help address this problem by reducing free float – the supply of freely tradable shares outstanding – by 9.5%.

Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.