Hedge fund titan Bill Ackman, the CEO of $12 billion Pershing Square Capital, dropped a hint about his latest investments.

He included the following slide in an investor presentation:

At 13% of capital, the value of those positions would work out to be about $1.56 billion combined.

An activist investor, Ackman takes large positions in a handful of companies and pushes for changes from management.

Some of his investments right now include Valeant (VRX), Chipotle (CMG), Fannie Mae (FNMA) and Freddie Mac (FMCC), Mondelez (MDLZ), and Restaurant Brands International (QSR), among others. He is short Herbalife (HLF).

Pershing Square has posted some disappointing returns in recent years. The fund’s pubicly-traded vehicle fell 13.5% in 2016 after declining 20.5% in 2015.

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Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.

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