After Exiting Starbucks, Ackman's Pershing Square Trims Its Chipotle Position
Pershing Square Capital, run by famed investor Bill Ackman, is cashing in on some enviable unrealized gains.
In an update to Pershing Square's investors on Wednesday, Feb. 5, Ackman disclosed that the hedge fund has exited its stake in Starbucks (NASDAQ: SBUX), following a dazzling 73% return over a 19-month period. Ackman observed that Pershing would likely have seen more modest returns in the global coffee retailer going forward.
He also stated that Pershing would maintain its investment in Chipotle Mexican Grill (NYSE: CMG), its best-performing holding of 2019, which delivered a return of nearly 15% during the period.
Source Fool.com