Tuesday, 25 October 2016
Last updated 1 hour ago
Feb 5 2014 | 9:39am ET
Pershing Square Capital Management's second-half revival extended into January, as the New York-based activist hedge fund rose 3.8% to open 2014.
Pershing Square did not elaborate on how it made the return as the Standard & Poor's 500 Index dropped by nearly as much. But the firm profited from Suntory Holdings' deal for distiller Beam Inc., which counts Pershing Square as its largest shareholder. Other constituents of firm founder William Ackman's concentrated portfolio also did well, including Burger King Worldwide, which rose 6.08% last month.
Pershing Square returned 9% last year, with most of the gains coming in the second half—and in spite of huge, highly-publicized losses on Herbalife and J.C. Penney Co.
Pershing Square's offshore International Fund rose 4.1% on the month.