Saturday, 20 December 2014
Last updated 1 day ago
Jul 3 2014 | 7:35am ET
Pershing Square Capital Management surged in the first half, banishing memories of a difficult—if ultimately successful—2013.
The New York-based hedge fund added 2.4% in June to finish the first six months of 2014 up 25%, it told clients. The returns make the $14.7 billion firm one of the few hedge funds to be handily beating the broader markets this year; the Standard & Poor’s 500 Index rose 6.1% in the first half.
Unlike last year, when Pershing Square’s most prominent investment—a $1 billion short against Herbalife—weighed heavily on returns, this year’s headline bet has been a big winner: Shares of Allergan Inc., which makes Botox, have soared since the hedge fund announced a nearly 10% stake in the company earlier this year.
Pershing Square is working with Valeant Pharmaceuticals International on the latter’s $53 billion bid for Allergan. Valeant has launched a hostile tender offer for the company, while Pershing Square is seeking the ouster of a majority of its board.
Pershing Square has also trimmed its losses on Herbalife this year after several probes into the company, which hedge fund founder William Ackman says is a pyramid scheme, were launched.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.