Bill Ackman’s Pershing Square Capital, got pounded in September. The hedge fund was the best-performing last year, returning 40.4%.
Last month the fund’s publicly traded vehicle, fell 12.5% for the first nine months of the year, according to a performance update.
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Ackman was dragged down by the fund’s large stake in Valeant Pharmaceuticals. Pershing Square bought earlier this year 19, 473, 933 Valeant shares, or an approximately 5.7% stake and become the third-largest shareholder.
Things have changed as shares of Valeant fell by more than 22% after the Democrats on the House Oversight and Government Reform Committee sent a letter to the committee’s chairman, Jason Chaffetz.
They asking him to subpoena the Canadian pharmaceutical company for documents related to price increases of acquired drugs.
Read the full story at Business Insider, by Julia La Roche