This content is from:Portfolio

The Morning Brief: Ackman’s Public Fund Off to Slow Start in March

William Ackman’s Pershing Square Holdings is off 0.5 percent for the month through March 17. The publicly traded fund, managed by New York-basedPershing Square Capital Management, is up 6.3 percent for the year.

___

Matthew Iorio’s White Elm Capital Partners fund is back in positive territory. The hedge fund, managed by the Greenwich, Connecticut–basedWhite Elm Capital, posted a 3 percent gain in February and is now up 1.4 percent for the year. It lost nearly 13 percent last year, citing big losing bets on mortgage loan servicer Ocwen Financial Corp. and two toxic affiliated companies, according to its year-end report. The fund has a net exposure of 63.12 percent, or 71.18 percent in just its equities portfolio, according to its February monthly report.

___

Christian Leone’s New York–based Luxor Capital Group reported that it owns nearly five million shares, or 12.2 percent, of Silver Eagle Acquisition Corp., a special purpose acquisition company that went public in July. The SPAC is led by media executives Harry Sloan and Jeff Sagansky.

___

Deutsche Bank raised its price target on hedge fund favorite Walgreens Boots Alliance on Thursday, from $82 to $89, even as the drugstore chain trimmed its earnings estimates in part to reflect the declining value of the euro. However, Deutsche tells clients it is expanding its multiple of earnings for the industry group. Greenwich, Connecticut-basedViking Global Investorsis the seventh largest investor in the company, while New York-basedJana Partnersis the tenth largest shareholder. It is also Jana’s largest holding.