Pershing Square reduced its stake in UMG, yet maintained its largest position.

Bill Ackman's Pershing Square Capital has announced its decision to reduce its stake in Universal Music Group (AS:UMG). Despite the sale, UMG continues to be the largest position in Pershing Square's portfolio. At the beginning of the day, Pershing Square reported that UMG accounted for approximately 27% of its assets. After the sale, UMG maintained its status as the largest asset position, now comprising about 17% of the firm’s portfolio.

The decision to sell a portion of UMG shares follows the company's impressive performance, significantly outperforming the majority of Pershing Square’s portfolio this year, attributed to its strong recent results. Pershing Square praised the UMG management team, led by SLG, for their extraordinary efforts in growing the company. Ackman expressed his belief that UMG is one of the best businesses they have owned, adding that he feels comfort and profitability holding a stake in UMG amidst uncertainty.