Sept 13 (Reuters) - Bill Ackman’s Pershing Square Capital Management cut its stake in mall owner General Growth Properties Inc to 3.7 percent from 8 percent, the hedge fund said in a filing with the U.S. Securities and Exchange Commission.
The fund was the second biggest shareholder in the company after Brookfield Asset Management Inc, which had reported a stake of about 39 percent as of Aug. 8.
Ackman has been a passive investor in GGP after he failed to secure a buyer for the company.
Pershing Square has been largely flat for the year, following a bruising August in which it lost 3.6 percent.
The sharp decline was largely driven by big bets on J.C. Penney Co Inc and Herbalife Ltd and have left Pershing Square, with $10.73 billion in assets, badly trailing the broader hedge fund industry and the overall stock markets.
Ackman sold his entire stake in J.C. Penney to Citigroup Inc last month after his campaign to overhaul the retailer failed.