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.

RELATED STORIES

Ackman’s Target Hedge Fund Misses Big In ‘08


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...