Category: Portfolio News

After a 6-month period consulting with investors on how to improve the attractiveness of Pershing Square’s listed vehicle, the fund is seeking a London listing.

In 2002 the fund even raised a dedicated Argentina Recovery Fund which achieved a net return to investors of 190% in 36 months.

After recording a profit of close to $3billion on the sale of Allergan to Actavis in 2014, Pershing Square subsequently lost all these profits on the collapse of Valeant between the summer of 2015 and early 2016.

Glenview Capital was founded by Larry Robbins in 2002 and has since compounded at an 11% annual rate versus 6.9% for the MSCI World.

Since our November newsletter, when we talked about Louis Moore Bacon’s sea-change in trading opportunities, we have seen major renewed investor interest in the Global Macro strategy.

We just finished reading Lansdowne’s Q4 investor letter. At 40 pages of in-depth analysis that is not a sinecure.

Despite the poor showing in 2016, we enter 2017 with more excitement that we have felt for a number of years.

Most of our Legends made money in 2016. However, only VR Global and Transtrend really stood out. A number incurred meaningful losses.

Bill Ackman has paid a high price for being one of the most high-profile hedge fund managers in the world. He turned from hero to zero in the last 18 months since extraordinary strong returns made room for a period of very poor performance.

To illustrate the breadth of opportunities the Legends are positioned for, we will take a look at the Legends’ anticipated return drivers for 2017.

We were pleased to see Brevan Howard posting strong gains on the back of returning volatility in fixed income markets.

Three of our Legends have exposure to the common and/or preferred shares of U.S. mortgage giants Freddie Mac and Fannie Mae (‘GSEs’).

“The recent election in the United States has, in our view, launched nothing short of a sea change in the potential opportunity set for trading markets globally” – Louis Moore Bacon

One Legend who has been doing really well this year is Richard Deitz. His VR Global fund is up almost 15% year-to-date.

Robert Citrone was the head of global emerging market investments at famed hedge fund Tiger Management, before founding Discovery Capital Management in 1999.

Bill Ackman is nearing the 4th year of his short position in Herbalife, which he made public in December 2012.

Legends Fund portfolio manager Ruud Smets interviewed Lansdowne Partners chairman Stuart Roden at the Legends4Legends Conference in Amsterdam on September 15th.

On September 6th, Pershing Square reported a 9.9% stake in burrito restaurant chain Chipotle Mexican Grill.

Glenview Capital Partners was up 1.6% in September while having some of its most cautious positioning ever over the lifetime of the fund, with a historically low net exposure.