NEW YORK, Feb 19 (Reuters) - Billionaire investor Bill

Ackman's plans to turn real estate company Howard Hughes

Holdings ( HHH ) into a diversified holding company will not

impact how his investment portfolios buy and sell stakes in

companies.

Ackman's flagship Pershing Square Holdings

portfolio will continue to buy large stakes in large companies

while Howard Hughes will buy controlling stakes in small

companies, he explained on a conference call.

"These are two different worlds," he added, noting it is

possible to pursue both types of investment strategies.