UPDATE: Ackman's Pershing Square Funds Gain 1% In April
May 03 2012 - 2:27PM
Dow Jones News
Bill Ackman's $11 billion Pershing Square Capital Management
L.P. posted a nearly 1% gain for its funds last month, despite
choppy equity market conditions.
The $4.8 billion Pershing Square L.P. fund and the $6.5 billion
Pershing Square International fund both returned 0.9% in April,
bringing year-to-date gains to over 10%, according to the hedge
fund manager's letter to investors. Long/short equity hedge fund
managers lost 0.6% last month when the Standard & Poor's 500
index declined by 0.7% in April, according to the Dow Jones Credit
Suisse Core Hedge Fund Index. Managers' 2.0% year-to-date gains
trailed the index's 11.2% rally since the start of the year.
The April gains likely included profits from selling down Family
Dollar Stores Inc. (FDO) and Fortune Brands Home & Security
Inc. (FBHS). Pershing Square sold its entire stakes in the two
companies in April, according to a filing to the Securities &
Exchanges Commission.
Ackman still owns shares in eight other companies, according to
its quarterly fund holdings filing for the period ended Dec. 31,
including Citigroup Inc. (C), Kraft Foods Inc. (KFT) and Canadian
Pacific Railway Ltd. (CP).
The activist hedge fund manager is currently engrossed in a
bitter proxy fight with Canadian Pacific Railway in a bid to elect
seven new directors to the company's 16-person board and install
Hunter Harrison as the rail company's chief executive.
On Thursday, he received a significant vote of confidence as
proxy advisory firm Institutional Shareholder Services recommended
investors vote in favor on Ackman's director slate at Canadian
Pacific's annual meeting on May 17. The endorsement will likely
sway votes Ackman's way as many large institutional investors take
voting directions from ISS and other proxy advisory firms.
-By Amy Or, Dow Jones Newswires; +1 212 416 3142;
amy.or@dowjones.com
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