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Investors pull $600 million from Ackman's fund: Report

Bill Ackman
David Orrell | CNBC

Investors are fleeing from Bill Ackman's Pershing Square Capital funds, withdrawing $600 million during the first six months of the year according to Fortune.

The cash outflow equals about 5 percent of the total amount the fund manages, but 30 percent of what could have been withdrawn since the start of the year under the fund's rules, Fortune reported.

News of the investors' flight comes as the hedge fund hosts its second quarter conference call with investors on Wednesday, amid a couple of high-profile bad bets.

Ackman bet on Valeant Pharmaceuticals which has proved disastrous, and against Herbalife, which instead has seen its shares rise in recent days.

Overall, Ackman's funds have dropped about 40 percent since last August, according to Fortune.

Read the full Fortune story