For Ackman's Portfolio, Burgers Have Been Better Than Burritos
(Bloomberg) -- Bill Ackman’s foray into the restaurant industry has brought a mixed bag.
The billionaire’s hedge fund, Pershing Square Capital Management, is the largest shareholder in both Chipotle Mexican Grill Inc. and Restaurant Brands International Inc., the parent company of Burger King. And the two bets have gone in very different directions this year.
Restaurants Brands, meanwhile, has surged this year. Buoyed by strong results at Burger King, the stock briefly touched a record high on Thursday. Ackman has made more than $1.1 billion on his stake in the company, which also operates Tim Hortons and Popeyes. That includes profits taken in July when he sold some of his shares in the company.
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