Managers Unload Banks
Mr. Ackman hasn't disclosed specific intentions for P&G but said he is interested in meeting P&G Chairman Bob McDonald. Activist hedge-fund managers often accumulate a sizable stake in a company by purchasing shares and related options before pushing for corporate changes. Pershing reduced its Citigroup stake to 1.1 million shares from 26.1 million at the end of the previous quarter. Meanwhile, John Paulson's Paulson & Co. reported no holdings in Metlife Inc. and SunTrust Banks Inc., down from 1.8 million shares and 5.7 million, respectively, at the end of the first quarter. Paulson also reported reduced holdings in J. P. Morgan Chase, Hartford Financial Services, Capital One Financial Corp. and Bank of America Corp.. Activist investor Nelson Peltz's Trian Fund Management LP, reported it no longer had a stake in Dominos Pizza Inc. and lower stakes in Kraft and Tiffany TIF +0.61% & Co. while adding to a position in Ingersoll-Rand IR +1.76% PLC and reporting a previously disclosed stake in Lazard Ltd. LAZ +0.32% Trian didn't publicly report all holdings as of the end of June. Confidential information was filed separately with the SEC, the firm said in Tuesday's filing, as it did at the end of the first quarter. In June, Trian disclosed it had taken on a 5.6 million share stake in Lazard. In a presentation, Trian said it supported Lazard management's efforts to cut costs and wring more profitability out of the firm, and Trian also pushed for governance changes to Lazard's board. Trian also increased its holdings of Ingersoll-Rand by 7.5 million shares in the second quarter, according to Tuesday's filing. In the first quarter, the firm reported it held 5.9 million shares. On Monday, Ingersoll-Rand said Mr. Peltz would join its board as he pushes to improve profitability at that company.