Hedge fund manager William Ackman posted fresh gains in November even as his big short position on Herbalife lost more money, leaving his fund with double-digit returns for the year.
Ackman's flagship Pershing Square fund earned 1.4 percent after fees last month, leaving the $12 billion fund up 10 percent for the year to date, according to an investor update sent to clients and seen by Reuters.
The gains were nowhere near as strong as October's blowout when Pershing Square climbed 7.9 percent. Ackman's returns last month also lagged the Standard & Poor's 500 index, which gained 2.8 percent.
(Read more: Ackman vs. Herbalife)