Bill Ackman’s Pershing Square has gone negative year to date, reversing from a 10.1% gain as of July, according to The Wall Street Journal on Wednesday. The hedge fund blamed its losses on “significant volatility” and worries about China, the Journal said, citing Pershing’s letter to investors. But Pershing also sought to reassure investors by pointing out that it aims to invest in “stable, cash-generative businesses that have limited exposure to macroeconomic events.” U.S. stocks have been battered in recent days with the S&P 500 down nearly 6% in 2015 on mounting worries about the Chinese economy and uncertainties over the timing of the U.S. interest-rate hike.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News