Bill Ackman's hedge fund, Pershing Square Capital, invested in Valeant two years ago. That position has cost the fund dearly ever since.
Bill Ackman just announced that he has sold out of his hedge fund's Valeant stock holding, a position that has cost the fund dearly.
Ackman's firm, Pershing Square Capital, invested in Valeant two years ago. Later that year, the drugmaker started to run into a spate of problems that wiped more than 90% off of its market value. Reuters estimated that the investment caused Ackman to suffer roughly $3 billion in losses.
Here's how Pershing Square has done in the years since investing in Valeant, based on data from the firm's publicly traded vehicle, which serves as a proxy for its flagship hedge fund:
- YTD 2017 through March 7: -1.5%
- 2016: -13.5%
- 2015: -20.5%
Here's Valeant's performance:
- YTD 2017 through March 7: -19%
- 2016: -85.7%
- 2015: -29%
Meanwhile, over the past several months, the S&P 500 has been ripping higher:
- YTD 2017 through March 7: 6%
- 2016: 9.5%
- 2015: -0.73%
