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Alternative Market Briefing

Pershing Square hedge fund loses YTD gains after China decline

Thursday, August 27, 2015

Komfie Manalo, Opalesque Asia:

William Ackman’s Pershing Square Capital Management lost all its gains so far this year, following the market rout caused by Chinese worries.

In a report to investors on Wednesday, Ackman said that his hedge fund, Pershing Square, had returned 10% (net) YTD through the end of July but all this was erased following the huge declines in the Chinese stock market. Ackman said that the slowing Chinese economy has severe repercussions to his hedge funds, reported the New York Times.

Pershing Square’s top five holdings, including Valeant and Canadian Pacific were down between five and 15% so far during the month of August.

Separately, the paper said, Pershing Square highlighted a potential conflict of interest between the fund and the personal investment of an employee related to the recent acquisition of Sprout Pharmaceuticals by Valeant. Ackman acquired a less than 1.5% stake in Sprout before its $1bn sale.

The paper also said that Leon Cooperman’s Omega Partners was down 11% as of the end of last week, Ray Dalio’s Bridgewater Associates’s Pure Alpha fund was down 4.7% for the month, and David Einhorn’s Greenlight Capital went down 9% for the year in August.

According to Bloomb......................

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