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PERSHING SQUARE888 Seventh Avenue, 29th FloorNew York, NY 10019212-813-3700
Pershing Square is a long/short hedge fund founded by Bill Ackman in 2003. Using a bottom-up research approach, Pershing Square invests in North American equity securities. The fund manager employs fundamental analysis and focuses primarily on large-cap and mid-cap value stocks.
William A. Ackman, managing partner and CIO: prior to founding the firm, Mr. Ackman, was founded Section H Partners and Gotham Funds. Previously Mr. William Ackman was employed at his family's real estate company. Mr. Ackman, through Pershing Square, has a consistent track record of identifying opportunities and working with companies to implement strategies that create value for shareholders. Pershing Square has played a significant role in creating shareholder value at such companies like Plains Resources, Sears Roebuck & Company, Wendy’s International, McDonald’s, Sears Canada, Ceridian Corporation, and most recently Long’s Drugs. Mr. Ackman is a member of the Board of Dean’s Advisors of Harvard Business School and a Trustee of the Pershing Square Foundation which has funded grants in areas including inner city education, global health care delivery, poverty, human rights, venture philanthropy, urban planning and beautification, and the arts. Mr. Ackman received an MBA from Harvard Business School and a Bachelor of Arts magna cum laude from Harvard College.
Trian FundHighfields CapitalRelational Investors
Pershing Square, managed by Bill Ackman, is a very well-respected and successful activist. While they do not take a lot of activist positions relative to other activists, the positions they do take are generally large, well conceived and fully-committed. Ackman's form of activism is using the "carrot" more than the "stick." He does not generally need to commence proxy fights, because he can often convince management of his view and usually works with management. This investment fits Pershing's thesis of “knowability” – having a good idea of what the company will look like in ten years. Pershing has a history of being very constructive and supportive shareholders and Board members in both good and bad times.
Footnote (*): Air Products & Chemicals Inc.: The return is reflected to show the spin-off of Versum Materials, Inc. (VSM) from Air Products & Chemicals Inc. (APD) on October 3, 2016, where shareholders received received one share of Versum for every two shares of Air Product common stock held as of the Record Date. Alexander & Baldwin Inc: The $26.50 represents the Company's spin-off of Matson, Inc. on July, 2, 2012. Landrys Restaurants Inc: In addition to the 1,604,255 shares (9.9%) reported above, Pershing also has economic exposure to 2,223,876 (13.8%) notional shares of Common Stock through cash-settled total return swaps referencing the Company's stock. The Swaps were entered into with Credit Suisse, Morgan Stanley and UBS on November 6, 11 and 13, have reference prices ranging from $14.57 to $15.62 and expire on dates between June 30, 2011 and December 9, 2011. Under the terms of these Swaps: (i) Pershing will be obligated to pay to the counterparty any negative price performance of the notional number of shares of Common Stock subject to the applicable Swap as of the expiration date of such Swap, plus interest, and (ii) the counterparty will be obligated to pay Pershing any positive price performance of the notional number of shares of Common Stock subject to the applicable Swap as of the expiration date of the Swaps. The Swaps do not give Pershing direct or indirect voting, investment, or dispositive control over any securities of the Company and do not require the counterparty thereto to acquire, hold, vote or dispose of any securities of the Company. General Growth Properties Inc: Exit price is (i) the closing price of GGP on the date Pershing converted to a 13G filing plus (ii) the closing price of HHC multiplied by .098 (what Pershing received in the spun off subsidiary for each share of Old GGP) on the same day. Borders Group Inc: Pershing's ownership interest consists of 10,597,880 shares owned outright at an average cost of $16.47 per share, plus warrants to acquire 9,550,000 shares at $7.00 per share for a term of 6.5 years commencing on April 9, 2008. Pershing reeived these warrants, amonf other things, as part of a Senior Secured Loan it extended the Company.
Activism where the activist owns 5% or less of the company’s common stock, and therefore was not required to file a 13D.
Footnote (*): Under The Threshold
The information contained herein is based on public filings, public data and, in
some cases, information provided by third parties that may not be publicly available.
The information is based upon sources we believe to be reliable, but is not guaranteed
by us and does not support to be a complete or error-free statement or summary of
the available data. In certain situations, such as bankruptcy exits and acquisitions,
the returns may not reflect proceeds received by the filer after the 13D exit due
to a restructuring investment made pursuant to a bankruptcy or an investment made
by the filer as part of the acquisition group. The filer’s return on its 13D investment
is based on the filer’s average cost and if not available, the closing price on
the date of the 13D filing. When a filer exits its 13D investment pursuant to a
13G filing or 13D amendment reporting less than 5% ownership, the exit price assumes
that the filer disposed of its remaining shares at the closing price on the date
of exit. In certain situations, the filer may own less than 5% of the company and
still have a live filing, as it may be part of a group.