Billionaire Bill Ackman Has 45% of His Hedge Fund's $13.4 Billion Portfolio Invested in Just 3 Stocks

The billionaire activist investor has made some big moves in his portfolio recently.Bill Ackman likes to focus on just a few companies at a time. His hedge fund, Pershing Square Capital, invests in high-quality businesses with stocks that Ackman feels have become mispriced relative to their intrinsic value. He then uses his sway as a large shareholder to influence management and unlock value.Ackman's activist investor strategy requires a highly concentrated portfolio. He needs to buy enough of a company to ...