Bill Ackman’s Pershing Square International is up 23% through June 13 compared to 9.3% gains for all of last year, report Katherine Burton and Kelly Bit in today’s Bloomberg Brief, citing an unnamed source who is familiar with the hedge fund’s performance. This means that Pershing Square is on track to beat its already strong first quarter results, despite difficult trading conditions in recent months.

Bill Ackman Pershing Square

Pershing Square was up 11.10% through the end of March, making it the sixth best performing investment fund behind Cumulus Energy Fund, Tyrus Capital Opportunities Fund, Tyrus Capital Event Fund, Merchant Commodity Fund, and Passport Special Opportunities Fund.

Pershing’s high profile positions have had the biggest impact on performance

Even though Pershing Square’s high profile Herbalife short hasn’t done well this quarter, the long positions filed at the end of the first quarter are all flat or up so far this quarter and they easily make up the additional gains. The firms biggest long position, Canadian Pacific Railway (NYSE:CP) jumped from a reported price of $150.43 to $179.30 in trading today (Pershing Square reported owning 17.1 million shares); Air Products & Chemicals (NYSE:APD) rose from $119.04 to $129.65 (20.5 million shares); while Burger King Worldwide Inc (NYSE:BKW) was essentially flat and Beam Suntory Inc (NYSE:BEAM) was locked in at $83.50 because of an acquisition deal made with Suntory earlier this year that recently closed.

Platform Specialty Products Corp (NYSE:PAH) rose from $19.05 to $27.44 (33.3 million shares); Howard Hughes Corp (NYSE:HHC) rose from $142.71 to $151.57 (3.6 million shares); Apartment Investment & Management Co. (NYSE:AIV) rose from $30.22 to $32.07 (3.7 million shares); Allergan Inc (NYSE:AGN) rose from $124.10 to $165.01 (600,000 shares); and Home Properties Inc. (NYSE:HME) rose from $60.12 to $62.75 (470,000 shares).

23% YTD gains fits with what we know about Pershing Square’s holdings

Obviously Pershing Square may have changed some of its positions since the end of last quarter, and there is the issue that returns between the flagship fund and Pershing Square International don’t have to line up exactly, but just based on those long positions you would expect roughly a 13% gain since the end of 1Q14 or a 25% gain since the beginning of the year. Allow for some trading activity and the losses from the increase in Herbalife Ltd. (NYSE:HLF)’s share price ($57.27 to $63.90 so far this quarter), and the 23% YTD gain makes sense.