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Pershing Square up 31.9 pct, Ackman says stable capital base to help firm

(Reuters) – Hedge fund manager William Ackman said in his annual letter to shareholders that his Pershing Square Holdings fund has gained 31.9 percent since the start of 2019, the best start to the year in the firm’s 15-year history. Ackman also said that his publicly traded fund, Pershing Square Holdings, now makes up $6 billion of the firm’s $8 billion in assets. Because the capital base is stable, where investors need to sell to another investor before exiting, Ackman expects it will help the firm in delivering higher rates of return over time.

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