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