Bill Ackman is having his worst year ever, and is about to host a call to discuss it

Hedge fund billionaire Bill Ackman, founder of $12 billion Pershing Square Capital, is hosting a quarterly conference call this morning and answering investors’ questions.

The call is scheduled for 10 am EDT and will last one hour. We’ll be covering it live.

Pershing Square is having the worst year in its history.

Pershing Square Holdings, his fund’s publicly traded vehicle, has fallen 25.6% in the first quarter. Last year, Pershing Square suffered its “worst year” in its history, losing 20.5%.

Ackman’s returns so far this year have been mostly dragged down by Valeant Pharmaceuticals’ massive decline. Ackman is the largest hedge fund shareholder with more than 30.71 million shares, or a 9% stake.

Since disclosing a position in the first quarter of 2015, his fund’s losses to date on his Valeant investment are estimated at north of $2.5 billion.

In March, Valeant’s stock got hit hard after the company reported fourth-quarter earnings results that fell below analysts’ expectations and cut its revenue forecast for the year. Just a week later, Ackman joined Valeant’s board. The board also said that it would be searching for a new CEO, replacing Michael Pearson.

It’s been a tough run for Valeant, which has been sliding since late 2015 because of scrutiny in Washington, DC, over drug-price increases and accusations from a short seller. Just last month, the company confirmed that it was part of several ongoing investigations.

This week, Valeant said its ad hoc committee has completed its internal review and found no additional issues beyond the $58 million misstatement that forced the company to delay its 10-K filing.

Ackman, a well-known activist investor, makes large, concentrated bets in a handful of companies. This year, many of his long positions have dropped, while his only short bet, Herbalife, has made gains.

Here’s a rundown of how his stock holdings have performed in the first quarter:

  • Valeant (VRX): -74%
  • Platform (PAH): -32.9%
  • Fannie Mae (FNMA): -14.63%
  • Freddie Mac (FMCC): -17.28%
  • Canadian Pacific (CP): +3.99%
  • Howard Hughes (HHC): -6.42%
  • Restaurant Brands International (QSR): +3.93%
  • Air Products & Chemicals (APD): +10.71%
  • Zoetis (ZTS): -7.49%
  • Mondelez (MDLZ): -10.53%

Meanwhile, Herbalife, a multilevel marketer that sells weight-loss shakes, has climbed more than 14% in the first quarter.

Ackman has been betting against the company since 2012 on the belief that it’s operating a “pyramid scheme” that preys upon poor people. Herbalife has denied his allegations.

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