Billionaire investor Bill Ackman’s Pershing Square Holdings hedge fund was hit hard by a rapid decline in Valiant Pharmaceuticals stock price in 2015.
The hedge fund, usually a darling of Wall Street, was down 20.5% in 2015, with most of its losses arriving in the second half of the year.
Pershing Square, one of the industry’s most closely watched hedge funds, said it ended December nearly flat with a 0.3% gain for the month.
Two weeks ago Ackman warned investors that the fund was headed towards the worst year in its 11-year history.
In comparison, Ackman scored a 40% gain in 2014, when he ranked among the industry’s best performers.
As Business Pundit recently reported, Ackman continued to purchase shares in Valiant, even as questions over the company’s business practices continued to mount.
He sold 14% of his shares in Valeant Pharmaceuticals last week to pay a tax bill that was due for his company.
Ackman is still one of the largest shareholders in Valeant Pharmaceuticals and for the most part he has remained an outspoken activist investor for the company.