While John Paulson might be suffering some bad migraines this year, Bill Ackman, CEO of Pershing Square, is probably enjoying himself. A letter obtained by ValueWalk, shows the hedge fund to be up 9% gross as of the end of February. 1.8% of the return came in the prior month. The net returns are 7.7% for year to date, and 1.4% for February. According to Morgan Stanley Research, across all strategies hedge funds are up 4.1% YTD. Morgan Stanley also notes that Long/short hedge funds are up 5.5% and YTD.
Bill Ackman’s Pershing Square only has 14 positions, all of which are long positions. Since the market has rallied significantly in March, Ackman’s fund likely is up even more, although we will not specifics until April.
David Einhorn's Greenlight Capital was down 0.1% for the first quarter, underperforming the S&P 500's 6.2% return. In their letter to investors, which was reviewed by ValueWalk, the Greenlight team said a lot happened during the first quarter even though they made just a handful of changes to the portfolio and essentially broke even. Q1 Read More
80% of Pershing’s portfolio consists of large cap stocks. The total assets under management (AUM) of the firm is now over $11 billion. The flagship hedge fund makes up over half of the AUM.