“The three funds run by Bill Ackman’s Pershing Square Capital Management L.P. posted gains in December but still reported losses between 1.1% and 2% for the year, according to investor letters,” reports MarketWatch. “The performance numbers are net of fees.”
Pershing Square’s flagship fund, which manages approximately $4.3 billion in assets, performed best of the three. It gained a net 3.1% in December and finished the year down 1.1%. The Pershing Square International fund has $6 billion in assets under management. It gained marginally less than the flagship fund during the month of December, netting a 3% return, but its 2011 performance was the worst of the Pershing Square’s three funds, with a -2% return. Pershing Square II, which has just $82.9 million in assets under management, gained 3.1% in December to finish 2011 with a total return of -1.4%. In comparison, the S&P 500 had a total return of 2.1% in 2011, including dividend payments.
According to MarketWatch, “The firm didn’t mention any specific companies but said 78% of the fund’s investments were in companies with a market capitalization of more than $5 billion, and 14% were in midcaps between $1 billion and $5 billion.”