We 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:
