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Pershing Square Capital Management exits Lowe’s to free up capital 

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Pershing Square Capital Management’s Bill Ackman exited his position in US home improvement retailer Lowe’s, after it generated a net $1.3bn profit for his fund’s investors, according to a report by Reuters.

The report cites Ackman as writing in an investor note that “Lowe’s was a highly successful investment for Pershing Square,” adding that his decision to exit after a holding period of nearly six years was to free up capital for new investments, and “in light of uncertain near-term earnings trajectory”.

PSCM’s portfolio typically allocates eight to 12 core holdings comprising liquid, listed large cap North American companies.

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