Pershing Square Up 10% Through Nov.

Dec 4 2013 | 2:17pm ET

When Pershing Square Capital Management has been in the news this year, the news has been almost uniformly bad. The hedge fund's $1 billion short against Herbalife Inc. has suffered a $500 million paper loss and dragged firm founder William Ackman into a nasty public feud with Carl Icahn. And Pershing Square's huge investment in J.C. Penney Co. also cost it a half-billion dollars this year.

But in spite of those sizeable setbacks, the $12 billion New York-based firm is poised to post very respectable returns, indeed, this year. Pershing Square's flagship hedge fund is up 10% this year after rising 1.4% last month, easily topping most industry indices.

Pershing Square's offshore International Fund is nearing double digits, up 9.4% after a 1.2% jump in November.

Most of the firm's turnaround is due to its 7.9% return in October.

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