Earlier this week, hedge fund manager Bill Ackman wrote a letter to Pershing Square investors notifying them that unless something wild happens in the next 11 or so trading sessions we've got left this year, 2015 is going to be remembered as an annus fucking horribilis in the many, many history books hedge fund scholars will write about Pershing Square. But while other, lesser hedge fund managers grappling with similar results would likely be facing redemptions en masse, Ackman is pleased to report that Pershing Square investors can't and won't quit him, no matter how bad things get.
Billionaire hedge fund investor William Ackman, whose funds have suffered double-digit losses this year, on Tuesday told investors that 2015 could be his firm's worst ever, but said clients are generally sticking with him. "If the year finishes with our portfolio holdings at or around current values, 2015 will be the worst performance year in Pershing Square's history, even worse than 2008 during the financial crisis," Ackman wrote in a 17-page letter that was seen by Reuters. Investors in funds operated by Pershing Square Capital Management have asked for only a minimal amount of money back recently, Ackman wrote in the letter, saying that the firm, founded in 2004, was not forced to sell out of positions in order to meet redemption requests.
He could spend 99 percent of the firm's assets under management on a documentary exposing the truth about Herbalife and they'd still stick with him.