New York (HedgeCo.net) – In an article on Tuesday, we pointed out how David Einhorn’s Greenlight Capital and Daniel Loeb’s Third Point lost 5.3% and 5.2% in August. While these two managers might be licking their wounds a little, they both came out of August better than their fellow manager Bill Ackman.

Reuters reported yesterday that Ackman’s Pershing Square Holdings dropped 9.2% in August and that decline erased almost all of the year to date gains. The fund enjoyed the first half of the year with holdings in healthcare stocks Allergan and Valeant as biotech and pharma performed very well in the first half of the year, but the two sectors have been hit pretty hard in the last month and a half.

Investors may have more patience with Pershing Square than with other funds as the fund gained over 40% last year. Not all hedge funds will afforded this luxury as very few can claim such a return from 2014.

Rick Pendergraft
Research Analyst
HedgeCoVest