Highfields Capital Management’s Air Products & Chemicals APD Stock Holding History

Highfields Capital Management’s Portfolio APD Stock Details APD Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2015 Q4	–	Sell	-2,067,206	Closed	-$244M	–	78
2015 Q3	$244M	Sell	2,067,206 -394,996	-16%	-$50.3M	2.15%	13
2015 Q2	$312M	Hold	2,462,202	–	–	2.8%	11
2015 Q1	$345M	Sell	2,462,202 -767,510	-24%	-$106M	3.07%	11
2014 Q4	$431M	Sell	3,229,712 -1,074,679	-25%	-$136M	3.66%	7
2014 Q3	$518M	Buy	4,304,391 +161,346	+4%	+$19.7M	4.04%	6
2014 Q2	$493M	Buy	4,143,045 +1,081,000	+35%	+$121M	3.62%	7
2014 Q1	$337M	Buy	3,062,045 +1,080,865	+55%	+$115M	2.83%	9
2013 Q4	$205M	Buy	+1,981,180	New	+$200M	1.67%	20

Other funds holding APD

PSCM

Pershing Square Capital Management New York $13.7B AUM 13.45% 1-Year Est. Return

State Farm Mutual Automobile Insurance Bloomington, Illinois $127B AUM 32.55% 1-Year Est. Return

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

Barrow, Hanley, Mewhinney & Strauss Dallas, Texas $30.5B AUM 29.95% 1-Year Est. Return

State Street Boston, Massachusetts $2.9T AUM 29.55% 1-Year Est. Return

BIT

BlackRock Institutional Trust San Francisco, California $675B AUM 16.07% 1-Year Est. Return

Viking Global Investors Stamford, Connecticut $35.7B AUM 21.3% 1-Year Est. Return

Franklin Resources San Mateo, California $408B AUM 30.18% 1-Year Est. Return

Capital World Investors Los Angeles, California $733B AUM 35.63% 1-Year Est. Return

T. Rowe Price Associates Baltimore, Maryland $865B AUM 30.76% 1-Year Est. Return

Highfields Capital Management's APD Position: Q4 2015 in Review

Highfields Capital Management sold out of Air Products & Chemicals (APD) in Q4 2015, closing a stake of 2,067,206 shares — an estimated $244M sold.

Highfields Capital Management first reported a position in APD in Q4 2013 and held it in 8 quarters. The position peaked at $518M in Q3 2014. 809 funds tracked by Wall St. Rank hold APD as of Q4 2015.

Highfields Capital Management reported no remaining Air Products & Chemicals position as of Q4 2015 after selling out during the quarter.
Highfields Capital Management sold 2,067,206 Air Products & Chemicals shares in Q4 2015, an estimated $244M.
Highfields Capital Management first reported a position in Air Products & Chemicals in Q4 2013 and held it in 8 quarters.
Highfields Capital Management's Air Products & Chemicals position peaked at $518M in Q3 2014.
809 funds tracked by Wall St. Rank held Air Products & Chemicals as of Q4 2015.

Based on Highfields Capital Management's 13F filing for Q4 2015, filed 16 Feb 2016.