Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Pershing Square 2012 Q1 Investor Letter Pdf

PERSHING SQUAREWe obtained Pershing Square’s 2012 Q1 investor letter (H/T: Valuewalk). Pershing Square is up about 2.5% through the end of May. In the investor letter Bill Ackman reports a return of 11.8% for the first three months of the year. Since Pershing Square isn’t 100% hedged, its net return declined along with the declines in the overall market.

Here is Pershing Square’s 2012 Q1 investor letter:

Pershing Square Q1 2012 investor letter