Bill Ackman is finally seeing green this spring.
The hedgie behind Pershing Square said Tuesday that all of his funds are in “slightly positive territory.”
“I guess I would say I’m pleased to report that we’ve had good progress since our last quarterly update,” Ackman said on a call with investors.
The good news comes after three consecutive years of losses and redemptions for the now-$7.8 billion hedge fund.
Recent gains in major holdings such as Chipotle Mexican Grill and Automatic Data Processing were the biggest contributors to the fund’s better performance.
Ackman also discussed Pershing Square’s investment in United Technologies, which he thinks should be split into three companies — as does fellow hedgie Dan Loeb of Third Point.
“We think each business would trade at a very attractive valuation. And more importantly, be able to operate more effectively as independent companies,” Ackman said.
“This is one of the last remaining conglomerates … other than Berkshire Hathaway, conglomerates have not had a great track record,” he added.
Ackman teased another investment the fund recently made but stopped short of giving details.
Source: New York Post