Will CMG be the next VRX for Bill Ackman? Ackman’s Pershing Square hedge fund has already positioned itself to dump its CMG stake. However, CMG is finally showing signs of life. Chipotle (NYSE: CMG ) is now one of the major focuses of activist investor Bill Ackman after Pershing Square dumped its Valeant Pharmaceuticals (NYSE: VRX ) stake. Ackman showed he has the patience to wait out a turnaround, as exhibited with VRX. However, Ackman is cleaning up his portfolio.