Fannie Mae (FNMA)

[navycmdr]

Bill Ackmans Pershing Square

Kept Steady:

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 ~$2 per share. In March 2018, Pershing Square said their

Fannie/Freddie pfds now amounts 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.