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In a month that was supposed to be one of the toughest for hedge funds, Pershing Square Capital Management reportedly saw a 12.2 percent net gain—and a 15 percent gain before fees.
This capped off a stellar year for the hedge fund, which is run by Bill Ackman. It is reportedly up 35.5 percent before fees for the year. The returns were first reported by Bess Levin of DealBreaker, a site that frequently posts hedge fund returns.
(Full disclosure: I was the editor-in-chief of DealBreaker from early 2006 until 2008, when I handed over the reins to Levin, who had been my colleague there since mid-2006 and remains a personal friend.)
In the post-Madoff era, those kind of returns will—and should—prompt skepticism. How could Ackman produce those kind of gains?
This question sent a website called Insider Monkey digging into the SEC filings. What it found is an example of the value and dangers of investigating the returns of hedge funds.
Here’s the post from Insider Monkey :
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