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In disclosing a 1.1% holding he said he sees growth potential for coffee chain despite recent struggles
William Ackman’s activist hedge fund has built a roughly 1.1% stake in Starbucks Corp., a so-far friendly bet that the coffee giant will recover from recent stumbles and weather the departure of its longtime leader, Howard Schultz.
Mr. Ackman unveiled Pershing Square Capital Management LP’s investment in the Seattle coffee company during a presentation Tuesday at a conference in New York, his first such appearance in several months. He took the stage with an unsweetened Starbucks ice tea.