Bill Ackman on CNBC talking JC Penney

His tag team partner, Einhorn, has come under some fire with fines for Insider Trading levied by UK regulators.

Bill Ackman's Pershing Square Reports 2011 Decline

Pershing Square Funds Report December Gains, But 2011 Declines
By Amy Or of DOW JONES NEWSWIRES

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)