New York-based hedge fund firm Soroban Capital Partners has built a $500m stake in HVAC control systems specialist Johnson Controls International, joining activist investor Elliott Investment Management as one of the company's largest shareholders, according to a report by Bloomberg.

The report cites unnamed sources in revealing that news of Soroban's investment came after Elliott took a position worth over $1bn in the business, which makes appliances and equipment for commercial buildings as well as home comfort appliances. It also provides electronic systems for offices, schools, hospitals and data centres in areas such as ventilation, security and fire detection.

Shares of Johnson Controls were up about 0.4% in after the bell trading on Monday, with the stock now having gained nearly 20% this year, giving the company a market value of $46.5bn as of Friday's close.

Rivals Carrier Global and Lennox International have seen their stocks appreciate more than 50% during the past year, according to an earlier Bloomberg report.