Pershing Square Q3 Investor Letter

Bill Ackman‘s Pershing Square Capital Management reported disappointing returns for the third quarter of 2017.

Pershing Square Holdings was down 3.7% after fees during the third quarter, according to the fund’s recent letter to investors.

Chipotle Mexican Grill and Mondelez International were the major detractors, while the top performers were Fannie Mae and Automatic Data Processing in the third quarter.

Click here to download a copy of Pershing Square’s Q3 investor letter.