Ackman Fund Fell 12% In 2008

Jan 8 2009 | 2:13am ET

While a more “Target-ed” hedge fund was battered last year, Pershing Square Capital Management’s largest fund suffered less than many of its peers. Pershing Square International, which manages almost $3 billion, fell 12% in 2008, hardly the kind of performance that pleases investors but better than the average hedge fund, which saw even larger double-digit losses last year.

The fund fell just 0.2% in December, the firm told investors in a Monday letter, Bloomberg News reports. It, too, was burned by retailer Target Corp.’s 31% decline on the year, but not nearly as badly as its Pershing Square IV fund, which invests exclusively in Target—with double leverage—and which lost 68% last year.

The International fund also lost money on its investments in Dr Pepper Snapple Group, Borders Group and Barnes & Noble.

Pershing Square is headed by noted activist investor William Ackman.


Ackman’s Target Hedge Fund Misses Big In ‘08

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...