Birmingham Business Journal – The hedge fund created by activist investor William Ackman to buy up shares of Target Corp. lost 40.1 percent of its value in January, according to a Bloomberg News report.
Since creating the fund, called Pershing Square IV, Ackman has acquired a 9.7 percent stake in Target. He recently attempted to convince Target to spin off its real estate holdings into an investment trust. However, company officials decided not to pursue the strategy. Ackman also urged Minneapolis-based Target to sell off its credit-card receivables. It completed the sale of half of its receivables last year.