Below is the stat sheet from Bill Ackman’s Peshing Square Capital, for October, 2011.
Ackman was up 14.5% for the month, and down 2.2% for the year.
In the sheet Ackman reveals that he has notional exposure of 2.8billion to credit default swaps.
84% of his portfolio is in large cap stocks. Many other value investors are finding tons of value in quality large cap names.
Total aum is over $10billion.
Yesterday at the GIBI conference , Ackman pitched Lowes:
FCF of 8% and Div Yield of 2% – likes it much more than US Treasuries
Limited Fashion Risk, High Gross Margin, Limited Internet Risk (only 8% of sales have significant internet risk)
PPE net book value is $22 billion which is 65% of EV
Buy back 35-40% of shares in next 3-4 years.
The full sheet is below: