Air Products and Chemicals (NYSE:APD) is a selection for the real-money Inflation-Protected Income Growth portfolio. In this brief video, portfolio manager Chuck Saletta talks about why he plans to part ways with Air Products & Chemicals' stock despite its great performance.

Air Products and Chemicals still looks like an operationally solid company with strong cash flows. It has a decent balance sheet and a covered and growing dividend. It has a great culture for growth and still looks like it has a decent potential future.

The one key problem: its valuation. Activist investor Bill Ackman has called it a $200 stock with the right leaders in place. The company's market price reflects a bit of hope that he's right, above and beyond what the company looks to be worth based on its fundamentals.

As a result, the iPIG portfolio plans to sell its stake once the Fool's disclosure policy allows, as long as Air Products and Chemicals' stock remains above $115.

To follow the IPIG portfolio as buy and sell decisions are made, watch Chuck's article feed by clicking here. To join The Motley Fool's free discussion board dedicated to the IPIG portfolio, simply click here.

Chuck Saletta owns shares of Air Products & Chemicals. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.