Ackman's Pershing Square Loads Up On Visa (V), Sells Dr Pepper (DPS) and Wendy's (WEN)
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Bill Ackman's Pershing Square hedge fund released its 13F for the quarter ended December 31, 2008 yesterday. Notably, Ackman bought more of the credit card processor Visa (NYSE: V) but sold out of MasterCard (NYSE: MA). He also significantly cut his stakes in Dr Pepper Snapple (NYSE: DPS) and Wendy's/Arby's (NYSE: WEN).
Ackman had some big winner in 2008, but also some big losers. Winners included short sales on MBIA (NYSE: MBI), Ambac (NYSE: ABK), Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) which were all destroyed from the credit/housing blow-up. Winning longs included Longs Drugs, which was sold to CVS (NYSE: CVS). Ackman's losers centered mainly around retail. Ackman's special fund to buy shares in Target (NYSE: TGT) has been destroyed, down a reported 90%. Other retail positions in Borders (NSYE: BGP) and Barnes and Noble (NYSE: BKS) were also big losers.
Summary of Major Changes in Ackman's Pershing Square Portfolio:
- Showed new large stake in General Growth Properties (NYSE: GGP) (already known through 13D)
- Raised stake in Visa (NYSE: V) by over 4 million share to 7.1 million shares
- Changes in Target (NYSE: TGT) position
- Slightly bumped stake in EMC (NYSE: EMC) to 58.6 million shares, or about 2.9% of the company
- Lowered stake in Dr Pepper Snapple (NYSE: DPS) by over 11 million shares to 10.8 million shares
- Lowered stake in Wendy's/Arby's (NYSE: WEN) by over 8.5 million shares to 47 million shares.
- Sold out of 570K share stake of MasterCard (NYSE: MA)
- Sold out of AIG (NYSE: AIG) (this was already known)
- Sold out of Barnes and Noble (NYSE: BKS) (this was already known)
- Maintained Borders (NYSE: BGP) stake (already known through 13D)
Two of Ackman's holdings, Longs Drug (NYSE: LDG) and Wachovia (NYSE: WB), were sold during the quarter.
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