Pershing Square Hedge Fund Ends First Half Up 25%

By Dow Jones Business News, 
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By Rob Copeland

Bill Ackman's Pershing Square L.P. hedge fund returned 25% in the first half of the year, according to an investor update, helped by the activist investor's backing of a hostile takeover bid for Botox maker Allergan Inc.

By comparison, the S&P 500 index climbed more than 6% during the 2014 first half.

New York-based Pershing Square rose 2.4% in June, the update indicated. Overall, Pershing Square Capital Management LP now manages $14.7 billion.

Mr. Ackman, known for taking large, concentrated bets, has been even more outspoken that usual this year in backing Valeant Pharmaceuticals International Inc.'s bid for Allergan. His firm also continues to criticize nutritional supplements maker Herbalife Ltd., which Pershing Square believes is a pyramid scheme. Herbalife has denied the accusation.

A Pershing spokeswoman wasn't immediately available for comment.

Write to Rob Copeland at rob.copeland@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


  (END) Dow Jones Newswires
  07-02-141517ET
  Copyright (c) 2014 Dow Jones & Company, Inc.


This article appears in: Mutual Funds


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