market folly

Bill Ackman's hedge fund firm Pershing Square Capital today filed a 13D with the SEC regarding shares of Air Products & Chemicals (APD).  Per the filing, Pershing Square owns a 9.8% of the company with 20,545,284 shares.

This is a brand new position for the hedge fund and the 13D contains the standard boilerplate that Pershing sees the company as an attractive investment and may engage in disucssions with management.

The filing was required due to portfolio activity on July 22nd.

Per Google Finance, Air Products & Chemicals "has a portfolio of products, services, and solutions that include atmospheric gases, process and specialty gases, performance materials, equipment, and services. It is a supplier of hydrogen and helium and operates in markets, such as semiconductor materials, refinery hydrogen and natural gas liquefaction. Its segments include Merchant Gases, Tonnage Gases, Electronics and Performance Materials, and Equipment and Energy."

For more from this hedge fund, we've also posted up Pershing Square's presentation on Procter & Gamble.