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Bill Ackman On His Mondelez Sale $MDLZ

Bill Ackman's Pershing Square dumped 20 million shares of Mondelez today. He calls the sell portfolio management, but there's no doubt the 50% fall in Valeant shares yesterday (now down 80% since Ackman went activist) is weighing on the fund and his decisions. 

Dear Pershing Square Investor:
After the close, we completed a block sale of 20 million shares of Mondelez International. As a result of the sale, we now own a 5.6% stake in the company, are the third largest owner, and have substantial uninvested cash. We reduced our stake because Mondelez had become an outsized position in light of its initially large size and its outperformance relative to other holdings. We continue to believe in the potential for operating improvements and margin expansion that we expect will lead to substantial further increases in value. As a result, it remains our largest exposure. We are reducing the position size for portfolio management purposes only.
We have carefully reviewed the balance of our holdings and have concluded that they are appropriately sized. As such, we have no current plans to sell any of our other investments.
Please call the investor relations team or me if you have questions about the above.