Pershing Square Claws for 6% Gain in Q1
Pershing Square, a hedge fund run by Bill Ackman, gained 6 percent in Q1, according to reports in the N.Y. Post, citing an investor letter. Gains include profits on Ackman's $1 billion short position in Herbalife Ltd. (NYSE: HLF) which came under attack from activist Carl Icahn.
Despite the win, the fund underperformed relative to the S&P 500, which gained 10 percent. However, as a whole hedge funds lagged broader market in Q1. Ackman has a large position in struggling retailer J. C. Penney (NYSE: JCP). In Q1 J.C. Penny declined 23 percent, which certainly didn't help his bottom line.
Besides Herbalife, which gained 14 percent in Q1, Pershing Square profited from gains in Canadian Pacific Railway Limited (NYSE: CP) and Procter & Gamble Co. (NYSE: PG).
Despite the win, the fund underperformed relative to the S&P 500, which gained 10 percent. However, as a whole hedge funds lagged broader market in Q1. Ackman has a large position in struggling retailer J. C. Penney (NYSE: JCP). In Q1 J.C. Penny declined 23 percent, which certainly didn't help his bottom line.
Besides Herbalife, which gained 14 percent in Q1, Pershing Square profited from gains in Canadian Pacific Railway Limited (NYSE: CP) and Procter & Gamble Co. (NYSE: PG).
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