Hedge fund manager Bill Ackman is on the comeback trail.
His fund Pershing Square is up 24.7 percent in 2019 through Tuesday, according to the fund’s website. The fund has made a number of headlines in the past year for new stakes in Starbucks and Hilton Worldwide Holdings.
Ackman explained in his most recent shareholder letter that the recent outperformance has been driven by investments in ADP, Lowe’s, Starbucks and Chipotle. During the third quarter of 2018, Pershing dissolved its stake in global packaged foods company Mondelez and took a stake in coffee giant Starbucks.
Ackman’s average cost for Starbucks was $51 a share, according to his presentation made at the Grant’s Interest Rate Observer conference, which means the hedge fund manager is already up about 37 percent on the investment.
This is a developing story. Check back for updates.
