8. J. C. Penney Company, Inc. ( JCP, Earnings, Analysts, Financials): Through its subsidiary, J. C. Penney Corporation, Inc., operates department stores in the United States and Puerto Rico. Market cap at $3.8B, most recent closing price at $17.36. Representing 11% of holdings, J.C. Penny shares are not performing well, as the company looks for ways to stem a decline in sales 9. Procter & Gamble Co. ( PG, Earnings, Analysts, Financials): Provides consumer packaged goods in the United States and internationally. Market cap at $190.25B, most recent closing price at $69.58. This company represents 27% of the long positions in the fund. Shares are trading at close to a 52-week high and pays a dividend of $2.25, or a yield of 3.20%. During the Value Investing Congress, Ackman hinted he held a short position in a company, but did not mention what it was. Investors should recognize that any of the long positions above could be used as a hedge against his bearish plays. Data Source: SEC 13F filings Written by Chris Lau . To interact and discuss these picks or picks of your own with users, attach your watch list or portfolio in a message to your friends on Kapitall. To connect with users on the leaderboard: from your tool bar, select Get Connected -> Top Kaptallists. Members on Kapitall earn free points, and even more points with every Kapitall Generation trade. These points may be redeemed at the Kapitall store .