Ackman's Pershing Square Sells Kraft, Family Dollar Stakes

Bill Ackman's Pershing Square Capital sold stakes in Dow component Kraft (NASDAQ: KFT), the largest U.S. food company, during the second quarter, according to a 13F filing with the Securities and Exchange Commission. The hedge fund also eliminated stakes in discount retailer Family Dollar (NYSE: FDO) and Fortune Brands (NYSE: FBHS).

The filing also indicates Pershing Square trimmed its position in Citigroup (NYSE: C). Pershing Square maintained a position in property firm Alexander & Baldwin (NYSE: ALEX) at the end of June.

Pershing still holds stakes in spirits maker Beam (NYSE: BEAM), Canadian Pacific Railway (NYSE: CP), Howard Hughes (NYSE: HHC) and J.C. Penney (NYSE: JCP). The firm's new position of note for the quarter was Procter & Gamble (NYSE: PG), the world's largest consumer staples firm.

Pershing's position in Procter & Gamble has prompted speculation regarding Ackman's intent with investors wondering if he will push for management change and/or spin-offs of non-essential brands.