Courtesy of ZeroHedge. View original post here.
It has been a twofer from Bill Ackman's Pershing Square this afternoon, which first released its latest weekly performance moments ago, revealing that as of May 10 it was down -1.7% for the month, but also -19.4% YTD, back to its worst 2016 performance since April 12.
Ackman also released his disastrous Q1 Portfolio Update, in which he made zero macro comments, and instead spent the entire letter defending his various investments such as Air Products, Canadian Pacific (of which he sold 30% of its position on April 22), Fannie Mae, his Herbalife short which recently has cost him even more hundreds of millions in losses, Howard Hughes Company, Mondelez (where he also sold 20 million share on March 16), Nomad Foods, Platform Specialty Products, Restaurant Brands, and Zoetis (where he sold a 16.85mm share block on May 9 taking his stake from 8.6% to 5.0%).
Why all the liquidations? Because of Valeant of course, which remains Ackman's biggest headache, and to whose defense he dedicated the most time.
And speaking of defense, his book certainly needs it. Here is a table showing the investments that add or (mostly) detracted at least 50 bps of gross performance.
One wonders just how many billions in redemptions Pershing Square is seeing as of this moment.
Finally, Ackman announced that a member of his team, Bill Doyle, has left the company and instead will be working part-time at an entity that oversees private investment for Ackman's family. But we thought that was Pershing Square.
Full letter below
