Hedge-fund managerBill Ackman'sPershing Square Holdings, Ltd. (OTC:PSHZF) shed shares of a home improvement retailer and reduced its stake in a fast-casual diner, while maintaining most of its other holdings, according to a 13F report filed with the SEC on Wednesday.

Patience Wearing Thin?Pershing Square divested all 1.25 million shares it held inLowe's Companies, Inc.(NYSE:LOW) by the end of the fourth quarter, valued at $277.19 million at the time. Retailers are navigating a challenging economic landscape as cautious consumers withhold discretionary spending.

Lowe's competitor,Home Depot, Inc. (NYSE:HD), recently reported first...