(Reuters) Billionaire investor William Ackman’s hedge fund sold a stake in Automatic Data Processing, the firm’s biggest holding, as the value of the investment grew over the last months, a regulatory filing released on Tuesday shows.
Pershing Square Holdings now has a 7.2 percent economic stake in the human resources outsourcing company, down from 8.3 percent previously. The $8.5 billion hedge fund now owns 7.9 million shares of common stock and 23.9 million shares underlying listed and over-the-counter American-style call options, the filing shows.
