Pershing Square Capital Management managed to beat the markets in July, rising 1.5% on the month.
The return tops the 1.26% return for the Standard & Poor's 500 Index. But Pershing Square still has a long way to go to catch the broad-market index for the year.
The S&P was up more than 10% through the first seven months of the year. Pershing Square's $4.5 billion flagship was up just 3.8% over that period, and its offshore Pershing Square International 3.5%.
It's been a busy few months at the activist hedge fund. In June, it helped engineer a reverse merger to bring Burger King Worldwide back to the New York Stock Exchange, a deal that left it with 12% of the fast-foot chain. A month earlier, it won a proxy fight with Canadian Pacific Railways, seeing its entire seven-director slate, including Pershign Square founder William Ackman, elected to the company's board of directors. Last month, it announced it had made its largest-ever initial investment in a company, buying 1% of Procter & Gamble, and also bid farewell to its first analyst, Scott Ferguson, who will launch his own hedge fund.