Insider Monkey – Hedge funds up Ackman’s P&G bet (Cincinnati) Six months after hedge-fund manager Bill Ackmanpurchased a $2 billion stake in The Procter & Gamble Company (NYSE:PG), the lineup of major investors at the consumer products giant has taken a subtle but noteworthy shift.
Hedge funds like Ackman’s Pershing Square Capital Management now own 4.4 percent of institutional shares, double their holdings from June 30. While their overall share of the company is still small, they could be an influential voting bloc for change if the company’s current turnaround efforts falter. “These guys are lining up and making their bets,” said Pete Sorrentino, a portfolio manager with Huntington Asset Advisors in Norwood.
