Tue, May 17, 2022
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Pershing Square falters as investors exit

Friday, April 06, 2018

Bailey McCann, Opalesque New York:

Bill Ackman's bets on Valeant and Herbalife may have been a bridge too far for investors. The Wall Street Journal is reporting that after three years of poor performance most investors have left Pershing Square. Redemptions have been steady since last year, according to people familiar with the fund.

Assets under management at the firm were just over $8 billion at the end of March. That's down from the approximately $20 billion Pershing managed in 2015. WSJ is further reporting that rather than seeking new money, Ackman is stepping back from investor relations and cutting staff.

Ackman exited his positions in Valeant and Herbalife last year. He's also made some smaller bets in recent months that paid off including a $100 million profit on Nike. However, none of this is enough to reverse three years of losses. Ackman has said he's confident in his portfolio and is considering a share buyback program for his publicly traded fund. It is unclear if these recent gains will be enough to slow redemptions.

Pershing Square isn't the only high profile hedge fund to be facing outflows. Brevan Howard and Paulson & Co two other blue-chip firms have also struggled to hold on to investors as performance lags. Brevan Howard's Master Fund lost 5.4% last year, capping off several years of poor performanc......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Long/short equity hedge fund with bear market experience has a winning quarter[more]

    B. G., Opalesque Geneva: Experience during a Russian bear market lasting five years enabled Christian Putz to identify certain investment patterns in the market which he now applies to his current investment strategy. London-based ARR Inv

  2. Schroders acquires European renewable infrastructure manager Greencoat Capital[more]

    Laxman Pai, Opalesque Asia: British multinational asset management company Schroders has completed the acquisition of a 75% shareholding in Greencoat Capital, one of Europe's largest investment managers dedicated to the high-growth renewable infrastructure market. The remaining 25% is owned by Gr

  3. Opalesque Exclusive: Global equity manager focuses on symbiotic value chains[more]

    B. G., Opalesque Geneva: A global equity manager has made a point of focusing on the phenomenon of shrinking supply chains and avoiding zero-sum business models. London-based Tollymore Investment Partners is a private partnersh

  4. Satori Capital intros energy transition fund, a long/short equity strategy[more]

    Laxman Pai, Opalesque Asia: Dallas-based alternatives manager founded on the principles of conscious capitalism, Satori Capital has launched Satori Environmental, a long/short equity strategy that primarily invests in securities impacted by the global energy sector's shift from fossil-based s

  5. The Big Picture: With the war, E, S, and G have collectively moved back to the fore[more]

    B. G., Opalesque Geneva: In this interview, Dr. Patrick Welton, founder and CIO of Welton Investment Partners, offers his observations on the major macro themes expected to affect the comm