Ackman’s Target Is Still Target

Jul 17 2008 | 9:09am ET

With Target Corp. stock down almost 40% in the past year, activist hedge fund manager William Ackman is giving the hedge fund he set up to invest in the retailer a vote of confidence.

Ackman’s Pershing Square Capital Management added at least $100 million to the roughly $2 billion fund, Bloomberg News reports. Ackman himself added $5 million, and solicited new investments from both current and new investors.

The fund may put the new money to use in a variety of ways, either increasing its stake, which stood at 12.6% in January, in Target or extending the duration of the options that make up the bulk of its portfolio. Target stock has fallen consistently over the past year, peaking three days before Ackman announced his stake.

Ackman has pushed Target to buy back stock, extract cash from its real-estate holdings and sell off its credit-card portfolio.


In Depth

Q&A: Fund Administration Comes To The Cloud

Jul 14 2017 | 7:23pm ET

The fund administration sector has been steadily implementing new technology, such...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Rastegar: PE Real Estate Gains Momentum as Uncertainty Rises

Jul 21 2017 | 6:04pm ET

The steady march of equity markets and fundamental shift in the direction of Fed...