Tuesday, 28 March 2017
Last updated 57 min ago
May 2 2014 | 2:16pm ET
Pershing Square Capital Management’s small March drop proved just a hiccup as the hedge fund rallied last month.
The activist hedge fund jumped 7.3% in April, The Wall Street Journal reports. The firm’s Pershing Square L.P. fund is up 18.7% on the year.
Pershing Square’s April jump was fueled by its investment in Botox-maker Allergan Inc. The hedge fund announced last month that it had teamed with Valeant Pharmaceuticals International to take a nearly 10% stake in Allergan, and that it was backing Valeant’s hostile takeover bid.
Pershing Square dipped 0.6% in March. The fund returned 3.8% in January and 7.3% in February; it was up 9% last month.
Allergan is Pershing Square’s largest-ever investment, and word of the hedge fund’s partnership with Valeant sent the company’s shares up sharply.