Allergan Inc. (AGN), Canadian Pacific Railway Ltd (CP): Pershing Square Up 25%

While most hedge funds continue to lag the market, having returned an average of only 2% through May, about half of what S&P 500 (INDEXSP:.INX) returned, a few of them have managed to outperform its peers (CNBC). Amongst them, Pershing Square, run by Bill Ackman, stands out for having advanced by about 25% through June.

Its largest holding, Allergan Inc. (NYSE:AGN), is up 49% year-to-date, and about 36% since the end of the first quarter. The fund owns 28.88 million shares of the $49.1 billion market cap multi-specialty health care company, which account for 9.7% of the outstanding common stock. This position is worth more than $4.78 billion at current stock prices, and makes Pershing Square the largest hedge fund shareholder at Allergan Inc. (NYSE:AGN).

Bill Ackman in crowd

Other big hedge funds betting on this rising stock are Samuel Isaly’s Orbimed Advisors, which almost tripled its stake in Allergan Inc. (NYSE:AGN) over Q1, to 2.27 million shares, and Jonathon Jacobson’s Highfields Capital Management, which owns 1.5 million shares of the company.

Another one of Mr. Ackman’s picks that has inched over the past few months is Canadian Pacific Railway Limited (USA) (NYSE:CP), a $32 billion market cap rail transportation company. The stock is up 21% year-to-date, and about 23.5% since the end of Q1. However, Pershing Square has been selling the stock over Q2, probably seeking to capitalize on the price increases. The fund last declared ownership of 13.94 million shares of Canadian Pacific Railway Limited (USA) (NYSE:CP), down from 17.16 million reported by the end of Q1.

Nonetheless, Pershing Square’s position, worth about $2.55 billion at current stock prices, makes it the largest hedge fund shareholder –amongst those we keep track of, at Canadian Pacific Railway Limited (USA) (NYSE:CP). Another major fund betting on the company is Andreas Halvorsen’s Viking Global, which last disclosed ownership of approximately 4 million shares.

Also on the rise is Burger King Worldwide Inc (NYSE:BKW); the $9.5 billion market cap fast food restaurant chain has returned about 18% year-to-date. The fund has been long on this company for a while now, and its position has remained unchanged for a year now. Once again, its 38.387 million shares (currently worth about $1 billion), make of Pershing Square the largest hedge fund shareholder at Burger King Worldwide Inc (NYSE:BKW).

In addition to this fund, Tiger Global Management LLC has also placed big bets -7.2 million shares- on Burger King Worldwide Inc (NYSE:BKW).

Air Products & Chemicals, Inc. (NYSE:APDis a $27.4 billion market cap supplier of hydrogen, helium, semiconductor materials, refinery hydrogen, natural gas liquefaction, and advanced coatings and adhesives, of which Mr. Ackman’s fund owns 20.5 million shares. The stock is up about 15% year-to-date, and almost 10% since March 31, 2014. This position, worth $2.65 billion (at the current stock price), makes Pershing Square –yet again- the largest hedge fund investor in Air Products & Chemicals, Inc. (NYSE:APD).

The fund is trailed by other hedge fund investors like Daniel S. Och’s Oz Management, which last declared having upped its stake in Air Products & Chemicals, Inc. (NYSE:APD) by 19%, to 3.99 million shares.

Disclosure: Javier Hasse holds no position in any stocks or funds mentioned

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