Hedge fund manager Bill Ackman took March by storm, gaining 10.6 percent during the month and narrowing his losses for the year to 1.7 percent, according to results for his Pershing Square Holdings publicly traded hedge fund, Institutional Investor reports.
There’s plenty of good news at Pershing Square, including an interest rate hedge against inflation that has been the year’s top performer. In fact, before the market rally in late March, the hedge was the only positive contributor to the portfolio — gaining 7.3 percentage points on a gross basis through March 22 — with the exception of a renewed stake in Canadian Pacific, previously one of Pershing Square’s most successful proxy campaigns.
But while Ackman is adroitly managing the geopolitical turmoil roiling the markets, he is facing unrelated headwinds. These are mostly tied to his beleaguered special purpose acquisition company, Pershing Square Tontine Holdings, including his plans to replace it with a newfangled security called a SPARC, or special purpose acquisitions rights company.
The hedge fund manager still needs validation from the SEC and the corporate CEOs he is wooing. Read more.
