market folly

CNBC is reporting that Bill Ackman's activist firm Pershing Square Capital Management has sold $610 million worth of Restaurant Brands (QSR) in a block trade, selling 10 million shares at $61 per share.

After this trade, Pershing would still own 29 million shares of QSR using the latest figures from their first quarter 13F filing.  While QSR was previously Ackman's top holding, this sale means there's potential for it to slip down a spot to his second largest holding, behind Air Products (APD).

For more on this hedge fund, check out Pershing Square's Q1 letter here.

Per Google Finance, Restaurant Brands is "a quick service restaurant (QSR) company. The Company had over 20,000 restaurants in more than 100 countries and the United States territories, as of December 31, 2016. It operates through two segments: Tim Hortons (TH) and Burger King (BK). Tim Hortons restaurants are quick service restaurants with a menu that includes blend coffee, tea, espresso-based hot and cold specialty drinks, baked goods, including donuts, Timbits, bagels, muffins, cookies and pastries, grilled paninis, classic sandwiches, wraps and soups, among others. Burger King restaurants are quick service restaurants that feature flame-grilled hamburgers, chicken and other specialty sandwiches, French fries, soft drinks and other food items. The Company operates coffee roasting facilities in Hamilton, Ontario and Rochester, New York. The Company sells its raw materials and supplies, including coffee, sugar, paper goods and other restaurant supplies to Tim Hortons restaurants."