Bill Ackman’s 3Q17 Letter: ADP, Chipotle, Fannie and Freddie, Herbalife Short, Mondelez

Pershing Square Capital Management 3Q17 Investor Letter, November 15, 2017 3Q17 returns of -3.3% and YTD returns of -2.9% vs. S&P 500 returns of 4.5% and 17.2% for 3Q and YTD, respectively Exited Air Products and Chemicals (APD), which delivered 104.7% over four and half years and Nomad Foods (NOMD) after an increase of 35% […]

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Bill Ackman’s 2Q17 Letter – ADP, Chipotle, Fannie & Freddie, Herbalife Short, Hilton Exit

Pershing Square Interim Financial Report (Six Months Ended 6/30/17), August 17, 2017 6/30/17 YTD returns of -2.3% vs. S&P 500 9.3% Automatic Data Processing (ADP) – New Investment Classic Pershing Square investment – simple, predictable, FCF generative business that has underperformed its potential As a conservatively financed, capital-light business with long-term customer relationships in a […]

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