Bill Ackman of Pershing Square Capital revealed a new stake in Starbucks on Tuesday at a conference in New York.
The fund has 15.2 million shares, about $900 million worth. Starbucks shares popped more than 3 percent Tuesday afternoon amid the news. The move higher pushed the stock into positive territory for the year, up 1.8 percent.
In the food and beverage space, Pershing also holds shares of Chipotle Mexican Grill, Restaurant Brands International, which is the parent of Burger King and Tim Horton’s, and Mondelez.
The activist investor said in August that the fund had taken a new undisclosed position that made up about 10 percent of the portfolio. The fund also disclosed new stakes in United Technologies and Lowe’s Companies.
Through September, Pershing Square had $8.3 billion of assets under management and its net performance was up 15.8 percent.
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