Bill Ackman’s Pershing Square Holdings, Ltd. has announced that it has exited its investments in United Technologies and ADP.
The investment company of the activist investor said it has sold the stakes as of June 10, 2019, and July 31, 2019, respectively.
However, Pershing Square said it has used the proceeds to acquire a new investment that represents 12% of Net Asset Value.
The fund manager said it “will provide further details about these investments in the upcoming Semiannual Financial Statements which will be issued later this month.”
It would be recalled that Pershing Square acquired an 8% stake in 2017.