(Bloomberg) -- Bill Ackman’s main hedge fund erased most of its 2024 gains in the last half of July, another blow to the billionaire who pulled his IPO for a US-traded closed-end fund this week because of lackluster demand.
Pershing Square Holdings was up 8.7% as of mid-July for the year. The hedge fund lost 4.7% in the month, ending with a gain of 0.7% year-to-date.
A spokesperson for Pershing Square declined to comment.
One significant contributor to the decline was Pershing Square’s stake in Universal Music Group NV, the world’s biggest record label. Shares tumbled 24% after it reported disappointing earnings last week.
Ackman spent recent weeks on a road show to generate interest in his US-traded closed-end fund, which he initially estimated could raise $25 billion. He pulled the deal on July 31 after the expected raise fell to $2 billion.
The S&P 500 Index was up 15.8% year-to-date through July.
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