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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)