Despite Target stock being down only 9.6% in January, Bill Ackman got 4x the beating as he was using options instead of stock to express his bullish bet. Pershing Square IV, which is how The Target fund is formally known, is down a whopping 89.5% since inception.Ackman writes in his Feb 5 investor letter: "While PSIV and Target stock have declined materially, we still believe our fundamental investment case for Target stock will ultimately be realized, although not within the original time frame we had initially estimated.”
The fund which was started in 2007 with $2 billion in capital, and currently has only $210 million left, will get a personal injection from the hedge fund whiz of $25 million.
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