.August 15, 2024 10:18:00 AM

Billionaire investor Bill Ackman’s hedge fund, Pershing Square Capital Management, has taken a new stake in Nike Inc. (NYSE:NKE), causing the sportswear giant’s shares to rise more than 3% intra-day.

Pershing Square disclosed a position of approximately 3 million Nike shares, valued at around $229 million at the end of the second quarter, in a 13F filing submitted to the U.S. Securities and Exchange Commission. The filing also revealed new stakes in investment management company Brookfield.

Ackman, known for his high-profile market plays, has attracted attention with these latest investments, including adding Nike to his growing portfolio.