Pershing Square Capital Management LP, the hedge fund run by William Ackman, boosted its stake in Canadian Pacific Railway Ltd. to about 14 percent of the company’s stock and cut its holding in Kraft Foods Inc.
The fund reported holding about 24.2 million Canadian Pacific shares valued at $1.63 billion as of Dec. 31, up from about 4.04 million shares as of Sept. 30, according to a filing today with the U.S. Securities and Exchange Commission.
Pershing, whose founder is known for investing in companies to press for changes, decreased its stake in Kraft to about 21.2 million shares valued at $790.6 million from about 25.2 million shares in September. The fund also cut its Family Dollar Stores Inc. holding to about 8.38 million shares valued at $483.5 million. Pershing is based in New York.
Canadian Pacific fell 0.5 percent to $74.81 at the close in New York. The Calgary-based company’s shares gained 11 percent this year through the end of regular trading today.
Money managers who oversee $100 million of equities or more must file, within 45 days of the end of each quarter, a Form 13F with the SEC that lists their U.S. exchange-traded stocks, options and convertible bonds. The filings don’t show non-U.S. securities or how much cash the firms hold.