HEDGING FASHION: Investors Edward Lampert and William Ackman backed off on some of their holdings in the fashion and beauty industries, according to regulatory filings covering the first three months of the year. Lampert’s RBS Partners sold off 4 million shares of Gap Inc., whittling its stake down to 2.8 million shares. At Thursday’s closing price of $40.72, that leaves the fund controlled by the Sears Holdings Corp. chief executive officer with a stake valued at $113.5 million.

And Ackman, who encouraged Procter & Gamble Co. to make a change at the top (and the company obliged by bringing back A.G. Lafley), sold his stake in the consumer products giant completely. His Pershing Square Capital Management sold off the last of 739,605 P&G shares during the first quarter.

This story first appeared in the May 16, 2014 issue of WWD.  Subscribe Today.