By Rob Copeland
Bill Ackman's Pershing Square L.P. hedge fund returned 25% in
the first half of the year, according to an investor update, helped
by the activist investor's backing of a hostile takeover bid for
Botox maker Allergan Inc.
By comparison, the S&P 500 index climbed more than 6% during
the 2014 first half.
New York-based Pershing Square rose 2.4% in June, the update
indicated. Overall, Pershing Square Capital Management LP now
manages $14.7 billion.
Mr. Ackman, known for taking large, concentrated bets, has been
even more outspoken that usual this year in backing Valeant
Pharmaceuticals International Inc.'s bid for Allergan. His firm
also continues to criticize nutritional supplements maker Herbalife
Ltd., which Pershing Square believes is a pyramid scheme. Herbalife
has denied the accusation.
A Pershing spokeswoman wasn't immediately available for
comment.
Write to Rob Copeland at rob.copeland@wsj.com
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