Fannie Mae (FNMA)

[navycmdr]

Tracking Bill Ackman's Pershing Square Portfolio - Q4 2020 Update

.... Summary .....

-- Bill Ackman’s 13F portfolio value increased from $8.82B to ~$10B this quarter.

--- Pershing Square marginally decreased most of the stakes this quarter.

--- The largest 3 positions are Lowe's Companies, Chipotle Mexican Grill,
and Restaurant Brands account for ~51% of the portfolio.

Fannie Mae (OTCQB:FNMA) and Freddie Mac (OTCQB:FMCC) are other long positions
in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 -
as they are not 13F securities, they are not listed in the 13F report.

Ackman held just under 10% of the outstanding shares of both these businesses -

115.57M shares of FNMA at a cost-basis of $2.29 and

63.5M shares of FMCC at a cost-basis of $2.14.

The combined investment outlay was ~$400M.

FNMA & FMCC currently trade at ~$1.80 per share. '

In March 2018, Pershing Square said their Fannie/Freddie pfds
now amount to 21% of the total investment in the two GSEs.

Pershing Square’s annual presentation in mid-February
reaffirmed their view that the position is a valuable
perpetual option on their eventual exit from conservatorship.

The spreadsheet below highlights changes to Pershing Square’s 13F stock holdings in Q4 2020: