Key Takeaways Bill Ackman's Pershing Square Capital Management sold the majority of its stake in home improvement retailer Lowe's in the fourth quarter of 2023. The hedge fund also reduced its stake in restaurant chain Chipotle Mexican Grill. Pershing Square raised its stake in real estate development and management company Howard Hughes. Bill Ackman's Pershing Square Capital Management made several changes to its portfolio in the fourth quarter of last year, including the sale of most of its stake in home ...