Activist fund Pershing Square regains its balance

Pershing Square, US activist Bill Ackman’s fund, struggled when it floated in 2014. But it is now reviving and looks cheap.

915_MW_P22_Funds

Mondelez and Cadbury: double-digits but dull
(Image credit: Copyright Joel Anderson)

The more popular a fund's stockmarket flotation, the worse the subsequent performance. Investors have often backed a star fund manager only to be disappointed. Prime examples include Fidelity China in 2010, Woodford Patient Capital in 2015 and Pershing Square in late 2014.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Max King
Investment Writer

Max has an Economics degree from the University of Cambridge and is a chartered accountant. He worked at Investec Asset Management for 12 years, managing multi-asset funds investing in internally and externally managed funds, including investment trusts. This included a fund of investment trusts which grew to £120m+. Max has managed ten investment trusts (winning many awards) and sat on the boards of three trusts – two directorships are still active.

After 39 years in financial services, including 30 as a professional fund manager, Max took semi-retirement in 2017. Max has been a MoneyWeek columnist since 2016 writing about investment funds and more generally on markets online, plus occasional opinion pieces. He also writes for the Investment Trust Handbook each year and has contributed to The Daily Telegraph and other publications. See here for details of current investments held by Max.