He spelled it all out in a threehour presentation at an investment conference. Annual update presentation pershing square capital management. Under pressure from ackman, air products shakes up. But startups sensed blood in the water and have built competitive smallmid market products that are eating into adps market share already. Adp ceo says bill ackman got an asswhipping in proxy vote. After all, the former chairman of air products was also adps board chair. Bill ackman loses another boardroom battle bloomberg. Pershing square believes this presentation contains a balanced presentation of the performance of the portfolios it manages, including a general summary of certain portfolio holdings that have both over and under performed.
This strong performance was driven by a 260 basis point increase in operating margins. Aug 17, 2017 ackmans latest short presentation of 168 pages on why adp needs him to save the company can be found below get our activist investing case study. Bill ackman reported wednesday that he made only one new buy, nike inc. All investments involve risk, including the loss of principal. Bill ackman comments on air products and chemicals, stocks. He said he would have bought even more stock if the air products. How to buy bill ackman, dan loeb on the cheap barrons. Bill ackman on cnbc with scott wapner november 6, 2017. Hes the founder and ceo of pershing square capital management. The rumor of bill ackmans activism on air products is pure speculation. Bill ackmans herbalife presentation linkedin slideshare. In it, they update the statusprogress of their investments with numerous slides on each name regarding their thesis and how its playing out. Bill ackman comments on air products and chemicals. Bill ackman is finally cutting his losses on herbalife.
Stocks billionaire bill ackman is selling now the motley fool. Penney, canadian pacific railways, and air products and. Annual update presentation pershing square capital. According to ackman, working a turnaround in the fast. Menu icon a vertical stack of three evenly spaced horizontal lines. Nov 07, 2017 bill ackmans credibility has sunk to a new low. Bill ackman says his transformation plan for adp will. Jul 31, 20 air products issued a statement wednesday in response to pershing squares investment, touting its total shareholder return of 21. Ackmantargeted air products unveils major restructuring law360. Air products total shareholder return 7, including dividends and the spinoff of versum, was 24.
Cnbc since the financial crisis, ackmans name has has been high up on the list of those who saw it coming with his short of insurer mbia. Bill ackman fumbles activism howtos in adp loss bloomberg. Ackman sells air products, nomad foods positions, makes strong. Stocks billionaire bill ackman is selling now the motley. Ceo to retire as air products strikes deal with ackman. The hedge fund run by billionaire activist investor bill ackman has made its biggest investment yet to take a 9. Ackman tells investors hes learned from his valeant mistake published wed, mar 29 2017 10. This presentation and the information contained herein is not investment advice or a recommendation or solicitation to buy or sell any securities.
William ackman of pershing square capital management told investors in a letter wednesday that he had sold the hedge funds remaining. Within a couple years, many of these startups will be at feature parity with adps whole suite. Highly controversial activistinvestor bill ackman is at it again, this time with the largest single investment his firm has ever made. Ackman received an mba from continued on page 4 andrew wellington steve major 94 bill ackman. Billionaire hedgefund manager bill ackman revealed his transformation plan for adp on thursday to more than double the companys stock price in an epic 167 slide presentation. Bill ackman on what makes a great investment by john heins march 12, 20 advisor perspectives welcomes guest contributions. Is bill ackmans air products helium bet full of hot air. Apr 23, 2014 bill ackmans presentation on valeant pharmaceuticals intl inc nyse. Bill ackman s hedge fund firm pershing square capital management recently released its slideshow presentation from its european investing meeting. The views presented here do not necessarily represent those of advisor perspectives. He is jewish in 1988, he received a bachelor of arts degree magna cum laude in the committee on degrees in social studies from harvard college. May 12, 2017 absent sufficient attractive opportunities to deploy capital, we would expect air products to return capital to shareholders. Air products used to have an operating margin of around % when ackman initiated his position.
From bill ackman trades, portfolio s first quarter 2017. Ackman cofounded gotham partners management, an investment fund that managed public and private equity hedge fund portfolios. In addition to commenting on his highprofile current investments, pershing square capitals bill ackman in a recent interview with value. From 2016 annual letter to shareholders of pershing square by bill ackman trades, portfolio. From 2016 annual letter to shareholders of pershing square by bill ackman. The acquisition represents nearly 10% of the firms market. In august 20, ackman s twoyear campaign to transform the department store came to an abrupt end after he decided to step down from the board following an argument with fellow board members. Pershing square believes this presentation contains a balanced presentation of the performance of the portfolios it manages, including a general summary of certain portfolio holdings that have both over and under performed our expectations. Bill ackman buys air products, sells general growth, bets. Air products has a portfolio of products that include atmospheric gases, process and specialty gases, performance materials, equipment, and services. Pershing square hedge fund manager bill ackman and valeant pharmaceuticals ceo mike pearson gave a highlyentertaining and informative talk about the acquisition of botoxmaker allergan, but the meat of the argument is contained in pershing squares. Ackman returns to victory with air products settlement. Pershi ng square believes this presentation contains a balanced presentation of the performance of the portfolios it manages, including a general summary of certain portfolio holdings that have both over and under performed our expectations. These investment amounts are represented in total core fund aum and only once in total firm aum.
Tracking bill ackmans pershing square portfolio q1 2016. Bloomberg via getty images in front of hundreds of investors, the media, and curious observers, hedge fund billionaire bill ackman teared up while speaking about his family and the american dream. Ackmans general strategy is a combination of value investing and activism. Annual update presentation pershing square holdings, ltd. Ackmantargeted air products unveils major restructuring.
Basically, ackman believes the company is underearning relative to its. May 08, 2017 air products total shareholder return 7, including dividends and the spinoff of versum, was 24. Pershings chief investment managing member, bill ackman, a wellknown stock activist, was optimistic. Dec, 2017 after all, the former chairman of air products was also adps board chair. Ackman was raised in chappaqua, new york, the son of ronnie i. And ackman says he had been told by several former highlevel adp executives that rodriguez was planning to. Valeant, air products and short herbalife bet published on may 12, 2016 at 4.
After his first fund gotham partners went under in 2003, ackman reported being in a low place in his life and career. These competing products will also be easier to use and built with faster, more secure, and more robust systems. Director notes the activism of carl icahn and bill ackman. Absent sufficient attractive opportunities to deploy capital, we would expect air products to return capital to shareholders. Fortune may receive compensation for some links to products and services on this website. Although he shortly rebounded in launching pershing square, that offered its. Bill ackman is the ceo and portfolio manager of pershing. Pershing squares latest presentation on their holdings. Nov 07, 2017 activist hedge fund mogul bill ackmans reputation was left in tatters on tuesday after a bruising proxy battle lost against adp.
While billionaire activist investor bill ackman has seen much of his holdings take a nosedive in the last year, there was one bright spot in his portfolio. Bill ackman says his transformation plan for adp will more. His pershing square capital management acquired a 9. Bill ackman founded and runs pershing square capital management. Bill ackman cries during hlf presentation business insider. One of the key bullish arguments for air products is the companys margin expansion potential. Bill ackmans hedge fund firm pershing square capital management recently released its slideshow presentation from its european investing meeting. Specific companies or investments shown in this presentation are.
Billionaire activist investor bill ackman cashes out of air products. Activist investor bill ackmans pershing square capital management is taking a 9. Aug 17, 2017 billionaire hedgefund manager bill ackman revealed his transformation plan for adp on thursday to more than double the companys stock price in an epic 167 slide presentation. Ceo seifi ghasemi, who joined air products board last year under a shakeup led by ackmans pershing square capital management, the companys largest shareholder, said the. Annual update presentation january 28, 2016 pershing square capital management, l. His fund has returned on average about 144 percent for its current and former activist investments, versus an. Ceo to retire as air products strikes deal with ackman reuters. View our presentations on pershing square capital managements proxy to implement board.
Hedge fund investor bill ackmans closedend fund, pershing square holdings, trades at a wide discount to its net asset value despite strong gains in the stocks it holds. Sep 18, 2014 ceo seifi ghasemi, who joined air products board last year under a shakeup led by ackmans pershing square capital management, the companys largest shareholder, said the overhaul will. How hedge fund manager bill ackman called wall streets bluff. Bill ackman tells investors he has learned from his. Ackman called the nutritional supplements company a pyramid scheme that he thought would eventually go to zero. Bill ackmans presentation on valeant pharmaceuticals intl inc nyse. From 2016 annual letter to shareholders of pershing square by bill ackman trades.
Ackman proctor and gamble presentation business insider. Activist investor bill ackman finds gold in air products. Bill ackman has just released another massive presentation on herbalifethe stock hes shorting to zero. And ackman says he had been told by several former highlevel adp executives that rodriguez was planning to retire soon. The mindset of a billionaire investor how bill ackman. Just two months after activist investor bill ackman acquired a 9. Despite the recent announcement of a shareholder plan, i also do not think that the company is bill ackmans target either. A detailed analysis of spvs, cdos, and accounting and reserving policies at mbia, inc. Get the entire 10part series on our indepth study on activist investing in pdf. His highflying hedge fund, pershing square holdings, ltd. Coming on the heels of woefully underperforming the markets in.16 129 935 1158 35 704 1508 965 1030 757 1124 685 137 223 470 1357 979 1302 125 538 597 386 178 241 463 917 683 1036 658 38 1286 111 528 321 265