Below please find Bill Ackman and Pershing Square's Q1 2012 letter. For the quarter they gained 9.3% bringing the total net return since inception to 411.8% (21.88% net IRR). In the letter he discusses his opinion on the main portfolio companies - Canadian Pacific, JC Penney, Justice Holdings (Burger King), General Growth Properties, and Citigroup. I highly recommend reading the letter as he has some good insight into how each of their companies operates. This is especially interesting since the performance on each of these (Burger King excluded) has been really rocky of late and the prudent investor might take time to add to their own analysis.
So without further delay - enjoy.
Pershing Square - 2012.06.12