Pershing Square Holdings (PSH) is a closed-end investment fund run by Bill Ackman.
The fund recently released its annual report and it’s extremely interesting to dig into it to discuss whether Ackman is doing well or poorly, if it’s a good time to invest in the fund now, to look at a few of his positions, and to elaborate on the everlasting debate between active and passive investment strategies.
The Fund’s Performance
PSH’s return in 2017 was a negative 4% which is extremely bad when comparing it to the 21% the S&P 500 delivered. Since inception, the fund is up a cumulative 1.5% while the S&P 500 is up 108%. More →