Wednesday, 28 September 2016
Last updated 1 hour ago
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.