Thursday, 29 September 2016
Last updated 45 sec ago
Mar 10 2014 | 2:50pm ET
It took Pershing Square Capital Management nearly all of last year to hit double-digit returns. This year, the firm has done it in two.
The New York-based firm is up more than 11% this year after rising 7.3% in February, The New York Times reports. Pershing Square was boosted by its roughly 10% stake in the common shares of both Fannie Mae and Freddie Mac.
If Pershing Square founder William Ackman is right about the two government-backed mortgage giants, they'll continue to fuel his returns: Last month, he said that if the hedge funds suing the U.S. government over their bailout of the companies succeeds, their share prices could soar by as 10- or 15-fold.