Pershing Square Jumps 25% during the First Half of 2014
Pershing Square, an activist hedge fund management company founded and run by Bill Ackman, reported the raise of 25% during the first half of 2014, ranking the billionaire as one of this year's top hedge fund industry performers.
Ackman
told clients of his Pershing Square Capital Management hedge fund that
its main portfolio rose 2.4 percent in June, putting the fund up 25
percent for the year, according to two investors.
The
performance marks a huge comeback for Ackman from 2013, when big losses
on Herbalife and J.C.Penney hurt the portfolio. In last year's first
half, the fund was up roughly 6 percent.
Strong
gains in its top holdings, including Canadian Pacific, Air Products
& Chemicals and Burger King Worldwide helped fuel the rise. Ackman
has spent much of June trying to convince pharmaceutical company
Allergan, in which he is the biggest investor, to sell itself to rival
Valeant Pharmaceuticals, with which he is working to negotiate a deal.
Source: Reuters
