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 and FMCC currently trade at $1.36 and $1.40 per share respectively. In March, Pershing Square said their Fannie/Freddie pfds now amount to 21% of its total investment in the two GSEs. They said it is a hedge in case the resolution favors pfds more than the common.
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