Bill Ackman's Pershing Square just disclosed a 9.9 percent stake in Chipotle Mexican Grill, a stock that has dropped 42 percent in the past year.
Pershing Square cited those positions as laggards in its interim financial report in June. Valeant shares have plunged more than 70 percent this year, while Herbalife's stock has climbed about 17 percent.
Still, Pershing's performance has improved lately. It saw monthly returns of 2.7 percent and 5.8 percent in July and August, respectively.