UPDATE 1-Ackman sells part of Mondelez stake
BOSTON, March 16 (Reuters) - Billionaire investor William Ackman adjusted his battered hedge fund portfolio on Wednesday when he sold 20 million shares of snack maker Mondelez International, one day after another key holding, Valeant Pharmaceuticals, lost half of its value. In a three paragraph letter sent to investors after the close of trading on Wednesday and seen by Reuters, Ackman said his firm, Pershing Square, has no plans to sell other investments right now and has "substantial uninvested cash." The letter came one day after Pershing Square lost about $800 million when Valeant was pummeled after raising the possibility that it may default on its debt and posting a worse-than-expected financial outlook. Ackman's Pershing Square Holdings has now lost 26.4 percent since January, marking one of the worst performances in the hedge fund industry this year.