Ackman's Pershing Square down $1.2B since March

|By:, SA News Editor

William Ackman's very public fights over Herbalife and J.C. Penney have proven to be rather costly: the value of assets under management at the activist investor's Pershing Square firm were reportedly down by $1.2B at the end of September from $12.4B on March 1.

Pershing's main fund is up 0.5% on the year, well below the S&P 500's 20% return.

Pershing Square recently suffered a loss of over $600M on the sale of its JCP stake, while it's also down on a bet against Herbalife. Ackman this week restructured his $1B short position on the company in order to limit the losses.

This was corrected on 10/07/2013 at 10:39 AM. A Pershing Square spokesman told the WSJ, which was the source for this MC, that the total client assets managed by the hedge-fund firm declined $1.2B from March to Sept. 30. An earlier version of the article said the drop was $2B, citing a regulatory filing from Q1. After the article was published, Pershing Square provided a smaller client-asset total for Q1.