Pershing Square Returns Hit 30% On Burger King Deal

Aug 27 2014 | 7:17am ET

Pershing Square Capital Management’s winning streak continued this week, and has the hedge fund up about 30% on the year.

The New York-based hedge fund, up 27.2% through July, added to those gains with the news that Burger King Worldwide would buy Canadian doughnut chain Tim Hortons in a tax-inversion deal. BK shares soared, earning Pershing Square in excess of $200 million.

Pershing Square engineered Burger King’s return to the public markets in 2012 through a reverse-merger with its Justice Holdings blank-check company. The hedge fund owns a nearly 11% stake in BK.

Other winners for Pershing Square this year have been Allergan Inc., Fannie Mae, Freddie Mac and Herbalife Inc.


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