NEW YORK (Reuters) – Hedge fund manager William Ackman exited his position in Lowe’s after the home improvement retailer earned more than $1 billion in profits for Pershing Square Capital Management’s investors, according to an investor update.
“Lowe’s was a highly successful investment for Pershing Square,” Ackman wrote to investors, noting he cashed out after a nearly six-year holding period to free up capital for new investments.
The investment generated a net $1.3 billion for the funds, and the firm’s exit came “in light of uncertain near-term earnings trajectory,” the note said.
(Reporting by Svea Herbst-Bayliss; Editing by Chris Reese)
