Bill Ackman Just Bought Visa, Mastercard, and S&P Global Stock. Each One Collects a Toll on Somebody Else's Sale.
Pershing Square's three biggest new stakes are in companies that get paid when somebody else's customer transacts. Together, they were bigger than any single bet in the filing.
Overview
Bill Ackman doesn't buy much. Pershing Square (NYSE:PS) runs one of the most concentrated portfolios in fund management (just 14 companies as of June 30), and new names show up rarely.
So a quarter in which the fund opened three positions of about $1.1 billion each is unusual. That's what Pershing Square's latest 13F filing, which landed in mid-August, revealed. The fund bought Visa (NYSE:V), Mastercard (NYSE:MA), and S&P Global (NYSE:SPGI) during the second quarter -- three stakes worth about $3.3 billion at quarter-end.
Details
And the three purchases share one trait. Each company collects a small fee on transactions it doesn't originate, fund, or take risk on.
Source
Originally published at www.fool.com.