Pershing Square is out with their Q3 2011 Letter. In it Bill Ackman & Co discuss their portfolio in great detail. He gives updates on JC Penny (JCP), Fortune Brands which is now Beam and Fortune Brands Home Security, Family Dollar, General Growth Properties, Citigroup, and Canadian Pacific Railway. YTD Pershing Square I is down 15.6% net of fees and Pershing Square II is down 15.9% net of fees.
Overall its a decent letter and is nice to get updates on the portfolio companies. Enjoy.
Pershing Square 3Q2011 Letter to Investors