Pershing Square Reduces Canadian Pacific, Zoetis Stakes

Pershing Square Capital Management's Bill Ackman made few changes to holdings in the second quarter except for a couple of big cuts to existing positions. Ackman reduced Pershing Square's stake in Canadian Pacific Railway Ltd. to 9.8 million shares from 13.9 million. Earlier in the month, Ackman said he was divesting Pershing's $1.4 billion stake in the railroad. Ackman also trimmed Pershing's 41.8 million share stake in Zoetis Inc. to 21.2 million shares.