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

Reuters
·1 min read
William Ackman, founder and CEO of hedge fund Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York

NEW YORK (Reuters) - Hedge fund manager William Ackman exited his position in Lowe's 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)