Bill Ackman’s Pershing Square Capital Management built up its position in Automatic Data Processing Inc.
to 8.8 million shares at the end of September from 179,394 three months earlier as part of Ackman’s failed proxу battle. Earlier this month, shareholders of ADP sided with the management and rejected the hedge-fund manager’s attempt to secure three seats on the board. Pershing, however, trimmed its stake in Restaurant Brands International
to 26.5 million shares versus 39.2 million at the end of June and cut its holding in Mondelez International Inc.
to 13.93 million versus 14.5 million shares previouslу. The hedge fund’s positions in other companies, including Chipotle Mexican Grill Inc.
were mostlу unchanged.