Sad tidings from the hedge fund return unit at Dealbreaker (often first, but in this case shamelessly lifted from Bloomberg):

William Ackman's hedge fund that invests solely in Target Corp. fell 40.1 percent in January, bringing the loss since inception to 89.5 percent, according to a letter sent to investors.

We love the WA. We are so sad. (Call us, Bill. Seriously).
Ackman's Pershing Square Target Fund Falls 40.1% in January [Bloomberg]