Legends Fund returned +1.48% in April. In comparison the HFRX Global Hedge Fund Index (EUR) was down 0.17%.
News & Insights
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.
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.