Legends Fund gained 0.62% in June. It was a good result in a difficult month for hedge funds in general (HFRX Global HF Index: -0.48%) and negative equity markets (MSCI World TR: -0.50%).
Pershing Square Holdings, the Amsterdam and London listed vehicle of Pershing Square Capital, ended the year at a 21.5% discount to the underlying fund’s NAV. On January 2nd, Ackman announced his boldest step so far aimed at reducing the discount.
If we have to name one defining element that has held back hedge fund returns in recent years, it is the enormous glut of liquidity that has been lifting all boats.
Last month we reported on Pershing Square’s campaign to obtain one or more board seats at ADP. On November 7th it was announced that all of the current 10 directors had been reelected.
On September 28th Legends4Legends 2017 event took place, an annual conference that we organise together with Alternatives4Children to raise money for charities involved in improving the living standards of children.
After announcing a 2.3bln stake in ADP, Bill Ackman’s Pershing Square was given the cold shoulder by ADPs management and board. In response, the activist investor has set out to convincing the investment community of the opportunity for transformational change at ADP to achieve drastic margin improvement.
Egerton Capital is having a strong year. The fund has been outperforming equity markets by a healthy margin while carrying a net long exposure of just 50%. The fund recently established a position in Alaska Airlines.
Don’t miss this opportunity to hear the investment outlook of some of the world’s most successful investors, on September 28th at the Amsterdam EYE Museum!
It is with great pleasure that we announce the attendance of Robert Gibbins as a keynote speaker at the Legends4Legends conference on September 28th in Amsterdam.
Robert Gibbins’ Autonomy Global Macro Fund gained another 2% in July, bringing the year-to-date number to 14% in a period that most global macro funds have been struggling.