(Article updated to include Fortune Brands purchase.)
NEW YORK ( TheStreet) -- Activist investor Bill Ackman's hedge fund Pershing Square Capital Management has disclosed a significant stake in retailer J.C. Penney (JCP - Get Report) and spirits-maker Fortune Brands (FO).
According to a 13D filing with the Securities and Exchange Commission, the fund bought about 39 million shares in J.C. Penney, (including 4.1 million in options and about 600,000 shares under a swap arrangement), bringing its total stake in the retailer to 16.8%. A 13D filing typically signifies activist intent.
The purchase makes Pershing the company's largest shareholder.
Think you're a better stock picker than Ackman?
Prove it with fake money, and win real cash!
>To contact the writer of this article, click here: Shanthi Venkataraman. >To follow the writer on Twitter, go to http://twitter.com/shavenk. >To submit a news tip, send an email to: firstname.lastname@example.org.