Ackman's Target Fund Drops 33.3% In February

Pershing's option debacle in TGT is reaching fever pitch. PSIV's drop in February was 3 times the drop in Target shares, according to an emailed statement to the few left investors in the fund. This follows PSIV's 40.1% drop in January. As we wrote, Ackman will allow Target fund redemptions in March, and put in some of his personal wealth in the fund. Since inception, PSIV is down 93%!