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Pershing Square fund contrite on slide in Target holdings

February 10, 2009|Bloomberg News

William Ackman told investors in a hedge fund that invests only in Target Corp. that he was "deeply disappointed" in its performance and that those wishing to exit can do so in full next month.

"I apologize profusely for the fund's results to date," Ackman said in an investor letter. Ackman also offered a fee waiver for those who invest in other Pershing Square funds.

Pershing Square reduced its economic exposure in Target, including options, to 10.5% from 12.9%, the firm said Monday in a regulatory filing. It reported a 9.7% stake in the Minneapolis discount chain.

Target, like other retailers, has suffered as consumers slashed spending to cope with rising joblessness and declines in the value of their homes and stock holdings.

Ackman said last week that he would personally add $25 million to the fund, and employees and board members would put up more cash.

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