Thursday, January 5, 2012

Bill Ackman's Pershing Square Reports 2011 Decline

Pershing Square Funds Report December Gains, But 2011 Declines

NEW YORK (Dow Jones)--The three funds run by Bill Ackman's Pershing Square posted gains in December but still reported losses between 1.1% and 2% for the year, according to investor letters.

Pershing Square LP, which manages $4.3 billion assets, gained a net 3.1% in December from a concentrated portfolio of 13 names, the letter said. For the year, it lost 1.1%.

The firm didn't mention any specific companies but said 78% of the fund's investments were in companies with a market capitalization of more than $5 billion, and 14% were in midcaps between $1 billion and $5 billion.

The $6 billion Pershing Square International fund gained a net 3% in December, while the smallest fund, Pershing Square II, which manages $82.9 million, gained a net 3.1% that month. For the year, the international fund lost 2%, and Pershing Square II dropped 1.4%. In comparison, the S&P 500 index rose 0.9% in December and was basically flat for the year.

(HT: Dealbreaker)

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