We’ve got the May numbers for Pershing Square Capital, activist investor Bill Ackman’s hedge fund.
May gross: -8.4%
Not great, but couldn’t it have been worse? You remember what was happening with Pershing in May — J.C. Penny.
The hedge fund is the retailer’s biggest shareholder (with 17.9% of the company) and in the middle of the month it missed earnings and started to tank. The market simply wasn’t convinced that the changes that Ackman was bringing to bare on the company would lead to success, and the stock fell like a rock.
It still hasn’t recovered from those disastrous earnings numbers, but at least its not plummeting anymore (you can see that in the chart below). And you can check out Ackman’s presentation on why he’s so bulling on the company here.
From Yahoo! finance:
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