Ackman's Pershing Square Sells Kraft, Family Dollar Stakes

Bill Ackman's Pershing Square Capital sold stakes in Dow component Kraft KFT, the largest U.S. food company, during the second quarter, according to a 13F filing with the Securities and Exchange Commission. The hedge fund also eliminated stakes in discount retailer Family Dollar FDO and Fortune Brands FBHS. The filing also indicates Pershing Square trimmed its position in Citigroup C. Pershing Square maintained a position in property firm Alexander & Baldwin ALEX at the end of June. On June 29, 2012, the Pershing Square funds were entitled but had not yet received one share of Alexander & Baldwin. New and one share of Matson for each share of Alexander & Baldwin Holdings held by such funds, according to the 13F. Pershing still holds stakes in spirits maker Beam BEAM, Canadian Pacific Railway CP, Howard Hughes HHC and J.C. Penney JCP. The firm's new position of note for the quarter was Procter & Gamble PG, the world's largest consumer staples firm. Pershing's position in Procter & Gamble has prompted speculation regarding Ackman's intent with investors wondering if he will push for management change and/or spin-offs of non-essential brands.