Ackman's Fund Reinvests in Nike

Billionaire hedge fund manager Bill Ackman has announced a significant investment in sports apparel giant Nike, as revealed in a recent securities filing by his firm, Pershing Square Capital Management. As of the end of June, Pershing Square holds over 3 million shares of Nike, valued at approximately $229 million. This marks a return to Nike for Ackman, who previously profited $100 million from trading the stock in 2018. In addition to Nike, Pershing Square has diversified its portfolio by acquiring a stake in Brookfield Corp., a Canadian financial entity with substantial real estate assets. The latest quarter also saw the hedge fund making adjustments to its existing holdings, including a reduction of about 16% in its shares of Alphabet, the parent company of Google, and a more than 22% cut in its investment in Chipotle Mexican Grill. The recent filings do not account for any trading activity that may have occurred on the day prior, when Chipotle's stock experienced a 7.5% decline following the announcement of CEO Brian Niccol's departure to Starbucks. It is important to note that the quarterly filings with the Securities and Exchange Commission only reflect positions at the end of the quarter, and Ackman’s fund may have additional derivatives positions not disclosed in the report. Furthermore, Ackman has made minor adjustments to his positions since the end of June, as indicated in separate filings. Notably, the hedge fund remains distinct from the proposed Pershing Square USA closed-end fund, which Ackman had considered taking public before withdrawing the IPO filings in late July.