May 15, 2018 / 3:22 PM / a year ago

Pershing Square's Ackman says portfolios are up for the year

BOSTON, May 15 (Reuters) - Billionaire investor Bill Ackman said on Tuesday all his funds are now in the black for the year to date, marking a turnaround after several years of losses for Pershing Square Capital Management.

Ackman told investors on a call that all funds are in “slightly positive territory” as of Friday, helped by gains in investments in Chipotle Mexican Grill Inc and Automatic Data Processing Inc. The roughly $8 billion firm had three straight years of losses in 2017, 2016 and 2015.

Ackman said his team was also working on establishing a new position that will be substantial. He declined to name the company. (Reporting by Svea Herbst-Bayliss Editing by Susan Thomas)

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