Ackman's Pershing Square Narrows YTD Loss to -17.5%

Apr 30 2016 | 12:21am ET

Lost amid the media frenzy surrounding the ongoing saga of beleaguered Canadian pharmaceutical company (and former hedge fund darling) Valeant Pharmaceuticals, Bill Ackman’s Pershing Square is quietly recovering some lost ground. 

Ackman’s Pershing Square Holdings is down 17.5% for the year to date through April 26, according to updated return information on the vehicle’s website, a significant improvement from the -25.6% YTD loss it showed at the end of March. Several of the fund’s positions, including Platform Specialty Products, Mondelez and Canadian Pacific, either narrowed their losses or, in the case of Restaurant Brands, rose at a good pace in April.

Pershing Square Holdings is a publicly listed proxy for Ackman’s Pershing Square LP hedge fund. He raised $3 billion when he listed Pershing Square Holdings as a permanent capital vehicle in Amsterdam in October 2014. 

As of April 26, the net asset value per share of Pershing Square Holdings was listed as $17.29, compared to a price per share of $15.50 on that date. This discount has been subsequently narrowed, with the share price closing on Friday at $16.26. 

Pershing Square Holdings directly manages approximately $3.8 billion, while the total invested in the strategy via all Pershing affiliates, including Ackman’s flagship hedge fund Pershing Square LP, was around $11.6 billion at the end of March.

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