Ackman, Loeb, other hedge funds lose in May
Published: Wednesday, 6 Jun 2012 | 6:44 PM ET Text Size
BOSTON/NEW YORK (Reuters) – May’s stock market rout dealt a blow to many on Wall Street including several big hedge fund stars whose bets on prominent U.S. companies looked badly timed.
Even William Ackman and Daniel Loeb, two of the $2 trillion industry’s most respected players, failed to escape last month’s sharp sell-off and finished May in the red.
Ackman’s Pershing Square Capital Management lost 7 percent, dropping more than the Standard & Poor’s 500 index’s 6 percent decline. Loeb’s Third Point Partners dipped 2.6 percent, while the Third Point Ultra fund fell even more. Both managers are still in the black for the year, however.