Pershing Square Capital Management | Hedge Fund Tracker Notes

Pershing Square Capital

Pershing Square Capital Management | Notes

The following piece on Pershing Square Capital Management and Bill Ackman (shown left) is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.

Resource #1: (6.10.09) The team just recently published a 13F analysis on Pershing Square Capital Management. To view this 13F filing analysis please click here.

Resource #2: (5.22.09) Pershing Square hedge fund manager William Ackman, who is locked in a proxy battle with Target Corp (TGT.N), said on Thursday there are no settlement talks ongoing between the two sides just one week before the discount retailer holds its annual meeting.

"Pershing Square is prepared to do whatever is in the best interest of shareholders," Ackman told Reuters in an interview, but added: "There are absolutely no settlement discussions that are ongoing."

Target is holding its annual meeting on May 28, and Ackman, whose Pershing Square Capital Management has amassed a 7.8 percent stake in the retailer, is running a proxy battle to win five seats on the retailer's board. Target is running a slate of four incumbent nominees. source

Resource #3: (3.18.09) Hedge-fund manager William Ackman plans to nominate himself and four others to the board of Target Corp., the discount chain whose performance has trailed Wal-Mart Stores Inc.

Ackman, who heads Pershing Square Capital Management LP, told Bloomberg Television today that he will propose Richard Vague, a former bank executive; Jim Donald, who served as chief executive officer at Starbucks Corp.; Michael Ashner, chairman and CEO of Winthrop Realty Trust Inc.; and Ronald Gilson, a law professor at Stanford University and Columbia University. source

Resource #4 (2.2.09) The activist hedge fund manager William Ackman is in talks with Target about naming potential directors to the discount retailer’s board, The Associated Press reports, citing a Securities and Exchange Commission filing on Thursday.

Target shares gained 61 cents, or 2.2 percent, to $28.43 in aftermarket electronic trading, after gaining 23 cents to close the regular session at $27.82. The stock has lost about half of its value since peaking at $59.55 in September before the market crashed.

In recent months, Target has suffered from a drop in consumer spending, while other discount chains — particularly rival Wal-Mart Stores Inc. — have outperformed. While Wal-Mart concentrates on offering low-price essentials, Target has focused more on a cheap-chic variety of more discretionary items like clothing and home decor. source

Bill Ackman told investors in a hedge fund that invests only in Target Corp. he’s “deeply disappointed” in its performance, and that those wishing to exit can do so in full next month.

“I apologize profusely for the fund’s results to date,” Ackman said in an investor letter dated Feb. 8. Ackman also offered a fee waiver for those who invest in his other Pershing Square funds.

Pershing Square reduced its total economic exposure in Target, including options, to 10.5 percent from 12.9 percent, the firm said today in a regulatory filing. It reported a 9.7 percent stake in the Minneapolis-based discount chain. Target, like other retailers, has suffered as consumers slashed spending to cope with rising joblessness and declines in the value of their homes and stock holdings. source

Resource #5: (1.9.09) Hedge fund Pershing Square Capital Management has exposure to 25.6 percent of U.S. mall owner General Growth through stock purchases and a series of swaps with several investment banks, the hedge fund said in a regulatory filing on Monday.

As of Dec. 8, the hedge fund founded by William Ackman, beneficially owns 7.5 percent of General Growth's common stock, or 20,080,690 common shares, Pershing Square said in a filing with the Securities and Exchange Commission.

It also has additional economic exposure to about 48.5 million common shares under certain total return swaps with entities related to BNP Paribas SA (BNPP.PA), Citigroup Inc's (C.N) Citibank, Morgan Stanley (MS.N) and UBS AG (UBSN.VX), the firm said. source

Resource #6: (11.18.08) Target Corp (TGT.N) shareholder Pershing Square Capital Management will present on Wednesday a revised proposal to boost Target's long-term value and address concerns raised about an earlier version calling on the retailer to spin off the land under its stores.

But a Target spokeswoman said the discount retailer is still reviewing the Pershing proposal and has not yet made a decision on it. Target shares were down 4.8 percent at $29.99 in late afternoon trading on the New York Stock Exchange.

Nearly three weeks ago, hedge fund manager William Ackman, whose Pershing Square Capital Management owns roughly 10 percent of Target's stock, called on Target to spin off to shareholders a real estate investment trust that would own the land beneath its stores.

Ackman said the deal would unlock the value of Target's real estate and boost its sagging stock price. But the discount retailer said the proposal might make the company vulnerable to a credit downgrade. That, in turn, would make it even tougher to borrow money during the current financial crisis. Management also expressed concern about other issues, including reduced financial flexibility.

It now appears Ackman has made some adjustments to his original plan in response to Target's concerns.

"The revised transaction addresses each of the concerns raised by the company ... and incorporates feedback from shareholders, bondholders, and other market participants," Pershing said in a statement. Source

Resource #7: View Pershing Square Capital's lastest 13F details here: Pershing Square Capital Management 13F Holdings Analysis


Resource #8: View a video interview with Bill Ackman of Pershing Square Capital here: Pershing Square Capital Management | Bill Ackman Video Interview

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