Billionaire investor William Ackman's fund surged 3.8 percent in January, handily beating the stock market's decline and taking some of the sting away from last year, when losing trades involving J.C. Penney and Herbalife dragged on his fund's performance.
Ackman's $12 billion Pershing Square Capital Management told clients that its Pershing Square LP fund gained 3.8 percent, after fees, last month according to a performance update sent to investors earlier on Tuesday and seen by Reuters.
The Standard & Poor's 500 index dropped 3.5 percent in January and the average hedge fund slipped 0.24 percent, according to data from Hedge Fund Research.
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Ackman did not say which bets powered returns during the month, but it is clear that his holding in Beam helped with the stock surging 22 percent this year in the wake of news that Japan's Suntory will buy the company.
As an activist investor, Ackman tends to hold only a handful of stocks at a time. In January he listed 14 positions, including two short positions.