RESOLVING THE LEDGER
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Bill Ackman doesn't buy much. Pershing Square (NYSE:PS) runs one of the most concentrated portfolios in fund management (just 14 companies as of June 30), and new names show up rarely.
So a quarter in which the fund opened three positions of about $1.1 billion each is unusual. That's what Pershing Square's latest 13F filing, which landed in mid-August, revealed. The fund bought Visa (NYSE:V) , Mastercard (NYSE:MA) , and S&P Global (NYSE:SPGI) during the second quarter -- three stakes worth about $3.3 billion at quarter-end.
And the three purchases share one trait. Each company collects a small fee on transactions it doesn't originate, fund, or take risk on.
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