Zero Hedge has a post on Pershing Square’s most recent 13F. The most notable change is a big position in Citigroup:
He’s also increased his position in Kraft, which is interesting because Nelson Peltz has completely sold out of Trian’s position:
Trian has been whittling down its stake in Kraft since last year, when Kraft made a hostile bid for Cadbury. Kraft later acquired Cadbury for roughly $19 billion in February. Warren Buffett, Kraft’s largest shareholder, was not a big fan of the deal.
In 2007, Peltz pushed for changes at Kraft when he first reported owning a large stake in the world’s No. 2 food company. He eventually won two seats on its board.
Kraft reported Aug. 5 second-quarter profit rose 13% to $937 million as it reaped the benefit of Cadbury and overhead costs savings.
The profit topped the consensus analysts’ estimate. But Kraft softened its sales outlook, citing higher Cadbury inventories and aggressive discounting at U.S. food retailers.
Kraft shares closed Friday at $29.50. Shares are up more than 8% for 2010.