NEW YORK (
) -- Amid hard criticism during the quarter from his stake in
and his short position in
Pershing Square Capital Management's
Bill Ackman made some notable cuts to his portfolio, paring some bigger names.
Ackman was seen reducing his stake in
General Growth Properties
(GGP - Get Report)
, going to 67.7 million shares from 74.7 million shares. Ackman had been instrumental in getting the real estate investment trust company out of bankruptcy several years ago, as the mall owner returned to the public markets.
He also cut his stake in
, an ocean freight carrier company. During the second-quarter, Ackman got rid of his stake in
(MDLZ - Get Report)
the food and beverage company that was spun off from
. Mondelez has received activist investor attention from Nelson Peltz, who has urged the company to merge with
to form a snack food giant.
In the filing Ackman revealed a 10.1 million share stake in
Air Products & Chemicals
. The filing showed that Air Products & Chemicals is Ackman's
latest activist target
, representing a $2.2 billion investment in the company, calling it "undervalued" and an "attractive investment."
During the quarter, Ackman raised his position in
Procter & Gamble
(PG - Get Report)
, bringing his total investment in the Cincinnati-based conglomerate 33.9 million shares, though that includes call options.
Ackman gave a presentation in May at the
Ira Sohn Conference,
suggesting that P&G could be worth as much as $125 per share. He noted the company could be earning $6 per share by 2016, up from $4 per share currently.
Written by Chris Ciaccia in New York