Big name fund managers lose money in March as US rally stalls

Boston

SOME of the world's most prominent hedge-fund managers suffered losses last month as the US stock market's rally stalled, but most are still boasting gains for the quarter.

William Ackman's US$20 billion Pershing Square Capital Management, which ranked among last year's best performers with a 40 per cent gain, dipped 3.1 per cent in March as shares in Herbalife Ltd, a stock he bet would fall, climbed anew. For the year, however, the fund has gained 3.5 per cent, an investor said on Thursday.