Ackman's Fund Drops 26% as Universal Music Bid Falters

Pershing Square Holdings, the publicly listed fund giving retail investors access to Bill Ackman's bets, lost 26% in the first half of 2022—the period he pursued an unsolicited takeover of Universal Music Group. The fund had gained 27% in 2021. The reversal shows the risk of concentrated activist plays, especially contested deals in volatile markets.