Bill Ackman's Pershing Square Sinks 4.7% In July, Dashing 2024 Gains
Portfolio Pulse from Nabaparna Bhattacharya
Bill Ackman's Pershing Square Holdings experienced a significant decline in July, erasing most of its 2024 gains. The fund's performance was impacted by a 24% drop in Universal Music Group's shares following disappointing earnings. Additionally, Ackman withdrew his IPO for a US-traded closed-end fund due to weak demand.
August 03, 2024 | 6:15 pm
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NEGATIVE IMPACT
Universal Music Group's shares fell 24% following disappointing earnings, significantly impacting Pershing Square Holdings' performance.
The 24% drop in Universal Music Group's shares was a major factor in Pershing Square Holdings' 4.7% decline in July, indicating a strong negative impact on the stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 80