Ackman exits Lowe's after bet earned $1.3 bln for Pershing Square funds

Pershing Square Holdings

07/02/2024 18:55

NEW YORK, Feb 7 (Reuters) - Hedge fund manager William
Ackman exited his position in Lowe's  LOW.N  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.

 (Reporting by Svea Herbst-Bayliss
Editing by Chris Reese)
 ((svea.herbst@thomsonreuters.com; +617 233 2138; Reuters
Messaging: svea.herbst.thomsonreuters.com@reuters.net))