2015 has been tough for Bill Ackman, as we noted previously [3], having extended his year-to-date losses to 21.2%.
But Q3 was particularly noteworthy in its unhedged magnificence. As the following table shows, of all his positions, his only positive contributors to returns added a whopping 0.1%, not so much his other 13 positions...
Pershing Square's Q3 Contributors to Returns...
[4]
It appears Bill Ackman is taking the "Zero Hedge" mantra to heart.
And for many of the names, things have got considerably worse since the end of Q3...
[5]
And now - with the Valeant-Allergan transactions under question - one wonders what related liquidations may do to Q4's returns. [6]
Charts: Bloomberg