Pershing Square's raised stake in The Howard Hughes (NYSE: HHC) is not the new stake Bill Ackman recently alluded to, sources confirmed. Overnight, Pershing Square Capital disclosed a 14.8% stake in the HHC, up sharply from its prior position. Mr. Ackman is the Chairman of HHC, so this would have undoubtedly left many disappointed.

Since Ackman disclosed in early November that the fund has a new position, which encompasses 8%-9.5% of the portfolio, speculation has swirled about who the target is. At least three names have already been rumored about: Yum! Brands (NYSE: YUM), Neflix (NASDAQ: NFLX) and FedEx (NYSE: FDX).

After suffering large, public losses with his Valent investment a couple years back, Ackman has been on an under-the-radar comeback with big winners like Chipotle (NYSE: CMG), Hilton (NYSE: HLT), and others. It is clear that he has his stock-picking mojo back and many are waiting with bated breath for his new position.

Sources would not comment on the timing or other details about the new position.