Bill Ackman’s flagship vehicle, Pershing Square Capital Management, has started 2026 on the back foot, with its main listed fund, Pershing Square Holdings, down 11.1% year to date through 24 February, according to a report by Barron’s.
The decline contrasts with a near 1% positive total return for the S&P 500 over the same period and comes at a sensitive time for Ackman, who is reportedly preparing a potential IPO of his management company alongside a new US-focused closed-end fund.
Pershing...
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