UTX - Pershing Square Holdings - United Technologies Corporation
The following segment was excerpted from this fund letter.
United Technologies Corporation
We invested in United Technologies Corporation (UTX) because it owns market-leading businesses with favorable long-term growth trends in an unwieldy conglomerate format which traded at a large discount to the sum of its parts. We believed that a tax-free separation of these three businesses would eliminate the company's significant sum-of-the-parts discount and highlight the value of its crown jewel asset, its aerospace business. We exited our position in UTX this quarter with a modest gain of 3% after the company announced a