Bill Ackman’s Pershing Square Capital Management, has a track record of hiring officials from The Blackstone Group L.P. (NYSE:BX). The fund had already hired: Ali Namvar, joined in 2006 after working in mergers and acquisitions unit of The Blackstone Group L.P. (NYSE:BX). Shane Dinneen, hired in 2008 after working in Blackstone’s training program for two years. Brian Welch, joined Pershing in 2011 after serving as a private equity analyst at Blackstone for three years.
This time the fresh addition to the Pershing’s investment team was Ben Hakim, as indicated in the fund’s Q2 letter. Ben Hakim has previously advised on many of Pershing’s investments, the most significant of which are Wendy’s International, McDonald’s Corporation (NYSE:MCD) and Canadian Pacific Railway Limited (TSE:CP) (NYSE:CP). Hakim’s addition to Pershing carries the most ‘stardom’ as Hakim was a partner and Senior Managing Director in Blackstone Advisory which makes him Ackman’s most valuable ‘acquisition’ so far.
Pershing’s largest holdings are in Canadian Pacific Railway Limited (TSE:CP) (NYSE:CP). While J.C. Penney Company, Inc.,
(NYSE:JCP), which he pitched at the recent Value Investing Congress, as a stock which could provide a 10x return. and General Growth Properties Inc (NYSE:GGP) take the second and third spot. In the second quarter of 2012, According to the quarterly letter dated July 16th 2012, the fund was down 7.5% for the period of Apr-June, and up 3.3% year to date, compared to the 11% gain seen in the last quarter that ended on March 2012. The quarterly letter to investors discussed the fund’s decision to let go of its stake in Citigroup Inc. (NYSE:C). Pershing added The Procter & Gamble Company (NYSE:PG) to its portfolio instead, which it believes is undervalued at the current share price of $65 and has huge potential of growth against its competitors.
The fund’s most profitable investment has been in General Growth Properties Inc (NYSE:GGP).
Readers can hear Bill Ackman speak at the upcoming Value Investing Congress. David Einhorn of Greenlight Capital, Barry Rosenstein of JANA Partners at the conference in New York City, on October 1st and 2nd of 2012.
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