BOSTON, Dec 15 (Reuters) - Billionaire hedge fund investor William Ackman, whose funds have been suffering double-digit losses this year, on Tuesday told investors that 2015 could be the firm’s worst ever but noted that clients are generally sticking with him.
“If the year finishes with our portfolio holdings at or around current values, 2015 will be the worst performance year in Pershing Square’s history, even worse than 2008 during the financial crisis,” Ackman wrote in a 17-page letter that was seen by Reuters.
He added, however, that investors have asked for only a minimal amount of money back recently and that the firm was not forced to sell out of positions in order to meet redemption requests. “Our net redemptions were nominal at $39 million or 0.2 percent of capital for the third quarter, and $13 million or 0.1 percent in the fourth quarter,” the letter said. (Reporting by Svea Herbst-Bayliss; Editing by Ken Wills)