Nike Inc. (NYSE:NKE) shares gained more than 3% intra-day today following news that billionaire investor Bill Ackman’s hedge fund, Pershing Square Capital Management, has taken a new stake in the sportswear giant.

The hedge fund disclosed its position of approximately 3 million Nike shares, valued at around $229 million at the end of the second quarter, in a 13F filing submitted to the U.S. Securities and Exchange Commission. The filing offers a snapshot of Pershing Square’s equity holdings and reveals that the fund also added new stakes in investment management company Brookfield during the same period.

Ackman, known for his high-profile market plays, has drawn attention with these latest investments, adding Nike to his growing portfolio.