Bill Ackman has said he is done with the noisy and aggressive proxy battles that made him one of Wall Street’s best-known agitators. It is a consequence of the maturity and heft that Pershing Square Capital Management has built, as a fund with about $18.5 billion in assets under management.
Pershing Square Holdings, the star hedge fund manager’s listed vehicle, is finding it harder to capture the imagination of British investors. The shares trade 37 per cent lower than the value of its assets, but the magnitude of that discount belies a returns record that is building in stature and consistency.
The FTSE 100 constituent is an oddity among London’s investment trusts. The vehicle is a reflection of the approach taken by Ackman’s Pershing
