Hedge fund maths: heads we win, tails you lose
Most fund managers share generously in good times, but are exposed to none of the losses in bad.
Add BT as a preferred source
WHEN do 1.5 and 16 add up to 72?
That's the riddle confronting investors in Pershing Square Holdings Ltd, the closed-end fund run by the prominent activist investor Bill Ackman.
In a letter to investors this month, Mr Ackman disclosed that through the end of November, the fund had declined 13.5 per cent this year after accounting for fees. (Pershing Square Holdings shouldn't be confused with Pershing Square LP, Mr Ackman's hedge fund, although the two vehicles have the same investment strategy.) That's obviously a big disappointment, considering the Standard & Poor's 500-stock index was up 7.6 per cent over the same period. But that's not what some big investors were complaining about to me this week.
Share with us your feedback on BT's products and services
TRENDING NOW
Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why
As more Asean states turn to Russia for fuel, will Moscow boost its influence in the region?
Succession in Singapore: Is the era of family empires coming to an end?
‘We’re not a bubble tea brand’: Chagee aims to double Asia-Pacific footprint to 600 stores by 2027
