Bill Ackman’s Pershing Square Capital stepped up a bet in Google-parent company Alphabet while lowering a large stake in Lowe’s during the second quarter, according to a regulatory filing. Ackman’s firm purchased roughly 1.3 million shares of Alphabet’s class C stock, bringing that position to $1.1 billion, according to the hedge fund’s latest 13F filing with the Securities and Exchange Commission. Pershing Square’s stake in the Google parent’s A shares was unchanged in the second quarter and stood at $261 million. Meanwhile, the firm parted with more than 25% of its position in home improvement and supplies company Lowe’s , bringing Pershing’s total position to $1.6 billion in the second quarter, down from about $2 billion. Pershing Square also downsized holdings in Chipotle and Restaurant Brands International . The firm’s position in Canadian Pacific Railway dissolved in the second quarter, the filing showed, which is the result of its merger with Kansas City Southern. Pershing Square now has a stake in the new company, known as Canadian Pacific Kansas City , worth $1.2 billion. Ackman’s fund managed roughly $10.8 billion 13F securities at the end of the second quarter, according to WhaleWisdom.com .