Pershing Square Increases Restaurant Brands Stake in 1Q

  • Ackman’s fund also increased stake in Valeant Pharmaceuticals
  • Hedge fund reduced Mondelez International, Air Products stakes

Pershing Square Capital Management, the activist fund run by billionaire Bill Ackman, increased its stake in fast-food chain holding company Restaurant Brands International Inc. to 16.9 percent in the first quarter.

In changes disclosed previously and confirmed in its 13F filing Monday, the hedge fund increased its stake in Valeant Pharmaceuticals International Inc., and reduced its ownership of snack maker Mondelez International Inc. Pershing Square’s reported stock holdings of gas distributor Air Products & Chemicals Inc. decreased because part of the 9.5 percent stake was changed to options, according to a March disclosure.

New York-based Pershing Square’s quarterly U.S. regulatory disclosure also included its 18 percent stake in European frozen food group Nomad Foods Ltd., similar to previous U.K. filings.

Ackman’s fund typically buys large stakes in a handful of big companies it views as trading below their intrinsic value, and agitates for executives and directors to make changes to boost shareholder returns. In October 2014, a public fund called Pershing Square Holdings Ltd. began trading in Amsterdam with the same portfolio as the hedge fund.

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