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Ackman’s Pershing Square Holdings, Ltd. Falls 13% During August

Pershing Square Holdings, Ltd., the publicly traded stock of Bill Ackman's activist hedge fund, Pershing Square has lost around 13% in August amid the market turbulence.

Pershing Square Holdings, which went public last October and trades on the Amsterdam exchange, is structured as a close-end fund and reports its net asset value every week on Thursday. The NAV is based on closing prices from the prior Tuesday. It is important to note that the loss here is specifically referring to the NAV of the public vehicle and not the investment returns of Pershing Square (although we will have that number in the coming days).

The fund's NAV as of close of business on 25 August 2015 was $25.24, as of the close of business on Tuesday, 25 August. However, at the beginning of the month...