PSH exited its investments in Air Products, Hilton, Nomad Foods, an undisclosed position and Valeant during 2017.
Mostly true True in substance, wrong in a detail.
Factual: Statements about the present or the past, checked against the record: did they hold up?
The second judge would not resolve this claim; the verdict shown is the first judge's.
Said for an organisation they lead or work for; it counts on both records.
What would count as true or false
Judge against Pershing Square Holdings' 2017 annual report and interim reports. TRUE: PSH fully exited all five positions (Air Products, Hilton, Nomad Foods, an undisclosed position and Valeant) during calendar 2017. MOSTLY TRUE: all five were exited, but the final sale of one fell just outside 2017, or one exit was nearly complete rather than total. MIXED: roughly two or three of the five were exited in 2017. MOSTLY FALSE: only one of the five was exited in 2017, or most exits happened in another year. FALSE: none of the listed exits occurred in 2017.
Set before the research began.
Evidence (3)
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E1 Morning Brief: Pershing Square Liquidating its Nomad Stake Institutional Investor · 7 September 2017
“Bill Ackman’s Pershing Square Capital Management, L.P. is selling up to 33.3 million shares of Nomad Foods in a public offering”
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E2 Pershing Square 1Q17 Shareholder Letter May 11 2017 PSH Scribd (reposting Pershing Square 1Q17 shareholder letter) · 11 May 2017 Own record
“As reported in our Annual Letter dated March 28, 2017, we exited our position in Valeant during the quarter. In addition, we sold one of the undisclosed positions in our portfolio as a result of certain business developments.”
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E3 Bill Ackman's Pershing Square 3rd Quarter Investor Letter GuruFocus · 15 November 2017 Own record
“We exited Air Products and Nomad since our last quarterly communication, generating substantial gains for the funds while freeing up capital for new investments.”
Reasoning
Pershing Square's first-quarter 2017 letter (E3) says PSH exited Valeant during the first quarter of 2017 and sold one undisclosed position. Its third-quarter 2017 letter (E4) says PSH exited Air Products and Nomad, and an independent report from September 2017 (E2) confirms Pershing Square was selling its Nomad shares in a public offering. No evidence covers the Hilton exit, so only four of the five exits are confirmed as happening in 2017. None of the evidence contradicts the claim.
Cite this claim
Bill Ackman, “PSH exited its investments in Air Products, Hilton, Nomad Foods, an undisclosed position and Valeant during 2017.” (said 2018). Verdict: mostly true. Reliability API, claim c_cc2c0a4d3940, method 0.1.0+c876030c, dataset release v1.1.2. https://epistacklabs.com/claims/c_cc2c0a4d3940
This claim is in dataset release v1.1.2, with the same verdict.
Reply to this claim
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