Billionaire investor William Ackman has managed to erase his entire 40 percent return of 2014, a performance that put him at the pinnacle of the hedge fund world.
Ackman's Pershing Square Holdings portfolio has lost 17.3 percent so far in 2016, the fund told investors on Wednesday. Added to last year, when it lost 20.5 percent in a relatively flat year for markets, the fund's declines are now greater than its 2014 gain.
Valeant Pharmaceuticals, which was Ackman's main loser in 2015, was also to blame for this year's drop. Valeant's stock declined 16 percent from Feb. 17 through Tuesday amid questions over its earnings, providing the final bit of fuel for Ackman's fund to burn through its gains.