Ackman says Pershing Square Holdings up 0.1 percent this year

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Two days after billionaire investor William Ackman customer said that he was money on all his money back, he said on Thursday that its publicly traded Pershing Square Holdings Ltd.-portfolio was barely in the black so far this year.

William “Bill” Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks at the son Investment Conference in New York City, USA, 8. May 2017. REUTERS/Brendan McDermidThe broader S&P 500 stock index gained 2.1 at the same time.

“While 45 days is much too short to assess investment performance for a long-term strategy, we believe that the recent progress is to be representative of the actual business progress for PSH and for our portfolio companies, during this time,” Ackman wrote in the letter seen by Reuters.

On Tuesday, Ackman told investors on a conference call that all the funds are in the “slightly positive” welcome news after its $8 billion Pershing Square Capital Management posted three consecutive years of losses.

Chipotle Mexican Grill Inc, where Pershing Square has seats, two-board-and played a major role in the selection of the burrito chain’s new chief executive, helped fuel gains on the Fund.

Mortgage giants Fannie Mae and Freddie Mac, whose common shares game pay prices by around 50 percent since January, were among the biggest losers.

In spite of these losses, Ackman indicated that he will stick with the bet.

“We continue to believe that Fannie and Freddie offer a highly attractive potential reward relative to risk for the patient investor, particularly in the current share prices, in the vicinity of their lowest, since we have our investments in 2013,” he said.

To Ackman, the hedge Fund is not the only prominent company lost on Fannie and Freddie this year. Two weeks ago, Daniel Loeb of third point, told investors in a letter that the company was one of the five biggest losers in the first quarter.