Investors have begun pulling money from Pershing Square, the hedge fund helmed by billionaire investor Bill Ackman.
According to numbers released by Pershing, its public fund’s net asset value went up from June to July. However, the fund’s total assets under management went down.
You can contrast the two months here. With a little math, you can see that redemptions totaled about $430 million in the second quarter.
Earlier this month Ackman addressed a Fortune story about his redemptions, saying that they were relatively low. He said they were 37% lower than the average of the last eight years.
“My guess is that our redemption that we’ve received as percentage of capital are probably among the lowest in the industry, and that’s really because we benefit from a very stable capital base, and that’s because our investors have been incredibly supportive of us and we appreciate that support had enabled us to, I think, to be very effective and to take a long-term view,” Ackman said on his second-quarter call to investors.
Pershing Square had the worst year in its history in 2015, down 20% against the S&P 500. This was mostly because of the firm’s long position in Valeant Pharmaceuticals, a stock that has lost 90% of its value since last October. Ackman’s very public short crusade against Herbalife didn’t help matters either.
Pershing Square would not comment on this story.