Ackman’s Pershing Sq Holdings lost more than 25% in the first quarter. Since inception at the start of 2013 the fund is now down more than 9%. Total. Total returns were nearly 70% as recently as last July.
Pershing Sq Holdings is one of several of funds run by Ackman, who claims a 14% 12yr return on assets run with PSH’s unique style.
Based on the Pershing Sq website the firm has collected roughly $450 million in management and incentive fees. Total investor losses now total more than $1 billion. In 2014 Pershing Sq was up 40% net of fees. More than a 1/3 of those gains came from a position in Allergan; shares Ackman bought ahead of leading a takeover bid for the Botox maker.
That stake (still possibly under investigation) eventually morphed into the Valeant holding that threatens Pershing Sq today.
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