NAV of Ackman's Pershing Square Holdings Back over $17/Share

Sep 30 2016 | 8:01pm ET

The net asset value of Bill Ackman’s Pershing Square Holdings, the public version of his Pershing Square LP hedge fund, climbed back above $17 per share as of September 27. 

Ackman’s beleaguered hedge fund vehicle remained down -5.3% for the month, up 2.9% for the quarter and -18.8% for the year through that date, with the final three trading days in September not yet reflected in the numbers. Despite the steep losses, the fund’s performance has actually improved over the levels seen in the first quarter, when it was down as much as 26%. 

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. 

The public vehicle has traded at a persistent discount to NAV for most of this year. It has averaged around 11% since January and cresting 17% in the week through Tuesday, widening over the past weeks as the fund’s eight-week stretch of positive results between early July and the end of August gave way to a weaker September. 

Pershing Square Holdings directly managed $4.474 billion at the end of August, while the total invested in the strategy via all Pershing affiliates, including Ackman’s flagship hedge fund Pershing Square LP, was around $11.9 billion. 

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