Wednesday, 25 November 2015
Last updated 6 hours ago
Sep 5 2013 | 1:20pm ET
A brutal summer for Pershing Square Capital Management has nearly wiped out the firm's 2013 gains.
The activist hedge fund lost another 3.6% in August, Reuters reports. Coupled with its 2.2% drop in July, the loss leaves Pershing Square—which was up about 8% through the middle of July—with a positive return of just 0.3% on the year.
In a letter to investors, Pershing Square chief William Ackman did not specify which investments were responsible for the swoon. But the firm is known to have taken large losses on its $1 billion short against nutritional supplements company Herbalife, and late last month sold off its entire 18% stake in struggling retailer J.C. Penney Co. at a loss of about $500 million.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…