Pershing Square owned Nike for four months, recently sold the position, and Nike's stock rose 34% during that period.

There are three parts: (a) Pershing Square held Nike for about four months; (b) it had sold the whole position shortly before the 2018 statement; (c) Nike's share price rose about 34% while it was held. TRUE: all three hold, with a holding period of about 3.5–4.5 months and a price rise of 31–37% measured from Pershing Square's purchase dates to its sale dates (or from its stated cost to its exit price). MOSTLY TRUE: all three hold, but the price rise was 28–31% or 37–40%, or the holding period was a little outside the 3.5–4.5 month range. MIXED: one of the three parts is clearly wrong, for example a much longer holding period or a price rise outside 25–43%. MOSTLY FALSE: two parts are wrong. FALSE: Pershing Square did not hold Nike in that period, or had not sold it.

Set before the research began.

1. E1 Reviewing Bill Ackman's Q1 Trading Activity: Sells Nike And Howard Hughes Hedge Fund Alpha (article by Andy Pai, Finbox.io) · 26 June 2018

   “The largest stock sale for the quarter was Nike Inc (NYSE: NKE). Pershing Square sold its position in the company worth $365.0 million.”

2. E2 Digrin – Dividend Portfolio Tracker Digrin

   “| September 2017 | $45.43 | $51.85 |”

3. E3 Digrin – Dividend Portfolio Tracker Digrin

   “| January 2018 | $59.97 | $68.22 |”

4. E4 Digrin – Dividend Portfolio Tracker Digrin

   “| March 2018 | $58.58 | $66.44 | | February 2018 | $58.92 | $67.03 | | January 2018 | $59.97 | $68.22 | | December 2017 | $54.98 | $62.55 |”

5. E5 Digrin – Dividend Portfolio Tracker Digrin

   “| December 2017 | $54.98 | $62.55 | | November 2017 | $52.94 | $60.42 | | October 2017 | $48.18 | $54.99 | | September 2017 | $45.43 | $51.85 |”

6. E6 2018 Annual Report Letter Only Pershing Square Holdings, Ltd. · 7 August 2025 Own record

   “We exited our investments in Mondelez International, Nike Inc., and Herbalife Ltd in 2018, and Platform Specialty Products Corporation in 2019.”

7. E7 Bill Ackman: 6 Nike transactions (Pershing Square Capital Management / Bill Ackman Portfolio) Stockcircle

   “The first Nike trade was made in Q4 2017. Since then Bill Ackman bought shares three more times and sold shares on two occasions.”

8. E8 Bill Ackman: 6 Nike transactions (Pershing Square Capital Management / Bill Ackman Portfolio) Stockcircle

   “New holding (+5.84M shares) Q4 2017 Avg closing price $57.49 Price range $50.83 - $64.81”

E1 confirms Pershing Square sold its $365.0 million Nike position in Q1 2018, and E6 confirms the exit came in 2018. E7 and E8 place the first purchase in Q4 2017, which fits a holding period of about four months. No source gives Pershing Square's purchase or sale dates, or its cost or exit price. The monthly figures in E2–E5 and the Q4 2017 price range in E8 do not give Pershing Square's actual entry and exit prices; depending on the exact dates, they allow rises from a few percent up to about 34%, so the 34% figure cannot be checked against the 31–37% band.