ADVERTISEMENT

One stock helped decimate Bill Ackman's hedge fund performance (VRX)

Bill Ackman's hedge fund, Pershing Square Capital, invested in Valeant two years ago. That position has cost the fund dearly ever since.

Bill Ackman just announced that he has sold out of his hedge fund's Valeant stock holding, a position that has cost the fund dearly.

ADVERTISEMENT

Ackman's firm, Pershing Square Capital, invested in Valeant two years ago. Later that year, the drugmaker started to run into a spate of problems that wiped more than 90% off of its market value. Reuters estimated that the investment caused Ackman to suffer roughly $3 billion in losses.

Pershing Square isn't the only hedge fund that had made a big bet on the stock. Jeff Ubben's ValueAct and John Paulson also have big stakes. Ackman has been the most outspoken of the hedge fund managers, though.Here's how Pershing Square has done in the years since investing in Valeant, based on data from the firm's publicly traded vehicle, which serves as a proxy for its flagship hedge fund. We've compared those numbers to Valeant's and the S&P500's performance.

FOLLOW BUSINESS INSIDER AFRICA

Unblock notifications in browser settings.
ADVERTISEMENT

Recommended articles

US troop withdrawal from Niger hangs in the balance

US troop withdrawal from Niger hangs in the balance

Detained Binance executives sue Nigerian authorities for human right violation

Detained Binance executives sue Nigerian authorities for human right violation

Nigeria's central bank increases minimum capital base for banks

Nigeria's central bank increases minimum capital base for banks

Sony’s creators convention redefines the creative landscape for content creators

Sony’s creators convention redefines the creative landscape for content creators

Exploring the popularity of progressive jackpot slots in Indonesia

Exploring the popularity of progressive jackpot slots in Indonesia

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

10 African countries with the lowest life expectancy according to the World Bank

10 African countries with the lowest life expectancy according to the World Bank

Kenyan women are more obese than their men - here’s why

Kenyan women are more obese than their men - here’s why

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

ADVERTISEMENT