Pershing Square, Third Point, Greenlight Suffer A Painful August

Pershing Square, Third Point, Greenlight Suffer A Painful August  by Stock Pucker

In August, per HFR, the average fund lost 2.2% (versus the S&P 500’s 6% fall) and is down 1% for the year. Some big name funds aren’t so lucky.

Bill Ackman’s Pershing Square was down 9.2% in August, putting the fund down 0.1% for the year.

Top holding Mondelez was down 6% for the month of August, no. 2 holding Valeant was off 10.5%, no. 3 Air Products was down 2%, no. 4 Canadian Pacific (CP) was down 10%, no. 5 Zoetis (ZTS) down 8% and no. 5 Restaurant Brands (QSR) off 11%. Collectively, eight make up the bulk of the long-only portfolio.

David Einhorn’s Greenlight Capital was down 5.3% in August and now down 13.8% for the year.

Top holdings Apple and General Motors were down 7% and 6.6%, respectively, in August. Everyone wants to talk about SunEdison, which was off 55% for the month, with Micron Tech and CONSOL also being down 11% and 8%, respectively, for the month. Einhorn was cutting some of his long and short bets in August, though.

Dan Loeb’s Third Point was off 5.2% last month, but still up 1.2% for the year.

Third Point’s top holding, Baxter (BAX) was off 4% in August, no. 2 holding Amgen was down 14% and no. 3 Allergan (AGN) was down 8.2%.  Collectively, the three make up about 40% of the long-only portfolio.

Barry Rosenstein’s JANA Partners was down 4.3% in August and down 2.9% for the year.

JANA’s top holding, Qualcomm, was down 12% in August. Other top holdings off big in August were Walgreen, down 10.4%, and ConAgra (CAG), down 5.4%.

Other activists down in August were Cliff Robbins’ Blue Harbour, off 2.6% for the month, and Scott Ferguson’s Sachem Head Capital, down 2%.

Jeff Ubben’s ValueAct Capital, up 1.6% in 2Q, the standout of sorts – although it remains to be seen how he did in August. YTD through June, ValueAct is up 8%.

Learn More about activist strategy

By all accounts, it wasn’t a pretty August for ValueAct either, however. Top holding Valeant was down 10.5% in August, no. 2 holding Microsoft took a 7% hit during the month, no. 3 Halliburton (HAL) was off 6%, no. 4 Fox (FOX) off 17.5%, no. 5 Adobe down 4%. Collectively, the top 5 holdings make up 60% to 65% of its long-only portfolio.

That’ll be 2 and 20.

Don’t forget – sign up for our free daily newsletter to stay in the activist investing know.

Pershing Square

For exclusive info on hedge funds and the latest news from value investing world at only a few dollars a month check out ValueWalk Premium right here.

Multiple people interested? Check out our new corporate plan right here (We are currently offering a major discount)



Be the first to comment on "Pershing Square, Third Point, Greenlight Suffer A Painful August"

Leave a comment

Your email address will not be published.