Bill Ackman remains confident in his investment in retailer J.C. Penney, despite a year-to-date decline of nearly 44 percent.
Pershing Square, Ackman's $10 billion hedge fund, is the largest shareholder in J.C. Penney . He told the audience at the CNBC and Institutional InvestorDelivering Alpha conference that he believes that the department store chain has the biggest potential upside of any company in Pershing Square's portfolio.
"We can make 15 times our money," Ackman said
Ackman described the companies recent setbacks as "a PR problem."
Ackman also stood by Ron Johnson, the former Apple executive Ackman recruited to run J.C. Penney.