Ackman exits Lowe's after bet earned $1.3 billion for Pershing Square funds
Reuters
Published Feb 07, 2024 02:17PM ET
NEW YORK (Reuters) - Hedge fund manager William Ackman exited his position in Lowe's (NYSE:LOW) 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.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.