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Investors are fleeing Bill Ackman’s private hedge fund
Investors are abandoning Bill Ackman’s private hedge fund at a rate that could threaten its existence, according to reports.
About two-thirds of the cash that could be withdrawn at the end of the year was in fact pulled from Pershing Square Capital Management, the Wall Street Journal reported on Thursday (paywall).
Citing unidentified sources, the paper said Blackstone Group, the buyout fund headed by Stephen Schwarzman, was among those frantically withdrawing their cash. JPMorgan Chase also has removed Pershing Square from its list of recommended funds for clients, according to the report.
With redemptions continuing into 2018, assets under Pershing Square’s management plunged to around $8 billion at the end of March — down from a peak of $20 billion in July 2015.
Sources told The Post the $8 billion total consists of $3.9 billion in Pershing Square Holdings Ltd., which is Ackman’s publicly traded entity, $3 billion in private fund Pershing Square Capital Management and $1.1 billion in employee capital.
Investors in the private fund are limited to withdrawing one-eighth of their holdings per quarter. Owners of Pershing Square Holdings stock are free to sell shares any time.
The exodus of cash follows three years of underperformance, largely caused by a bad bet on Valeant and a recently abandoned short on Herbalife.
The results sank Pershing’s private fund by 27.4 percentage points between 2015 and 2017, according to the company’s annual report, while the S&P 500 ratcheted upward by 35.1 percentage points.
The private fund lost another 5 percent through the first quarter, while Pershing’s public fund gave up 8.6 percent.
Despite recent setbacks, Ackman’s private fund has had an impressive 14-year run, returning 494 percent, after fees, compared to 221 percent for the S&P 500.
Pershing Square, which declined to comment for this story, did raise an additional $500 million over the summer — a sign that “a lot of people still believe in Ackman,” a source said.
From: LCHEKROUN@makor-cm.com At: 04/06/18 09:15:30
To: LAURENT CHEKROUN (MAKOR SECURITIES LO ) Subject: FW:
http://doyoutrustthiscomputer.org/watch
>>> Up
* Acciona Upgraded to Buy at Goldman; Price Target 73 Euros
* Aker BP Upgraded to Buy at SpareBank; Price Target 242 Kroner
* CYBG Upgraded to Outperform at Macquarie; PT 3.50 Pounds
* Monte Paschi Upgraded to Equal-weight at Barclays; PT 3.10 Euros
* Morrison Upgraded to Hold at Berenberg
* Sopra Steria Upgraded to Add at AlphaValue
* Schoeller-Bleckmann Raised to Buy at Raiffeisen Centrobank
* Suez Raised to Outperform at Raymond James; PT 13.10 Euros
* Tesco Upgraded to Buy at Berenberg
* UniCredit Upgraded to Overweight at Barclays; PT 19.50 Euros
* Verbund Upgraded to Neutral at Macquarie; PT 24 Euros
* Wacker Chemie Upgraded to Buy at Kepler Cheuvreux; PT 165 Euros
>>> Down
* Ence Downgraded to Hold at Kepler Cheuvreux; PT 6.40 Euros
* Orkla Downgraded to Sell at DNB Markets; PT 78 Kroner
* SEB Downgraded to Neutral at Macquarie; PT 92 Kronor
>>> Initiation
* Ritchie Bros Reinstated at RBC With Sector Perform
* Vifor Pharma Rated New Buy at William O'Neil & Co Incorporated
>>> Call