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Filings Show Rocky Quarter for Many Hedge Funds

By Tony Seruga

William A. Ackman of Pershing Square Capital ManagementCreditEduardo Munoz/Reuters

Some of the richest investors on Wall Street on Monday gave the world a glimpse of how they make their money. Or, in the case of the last quarter, how many of them lost money for their clients.

Investors like William A. Ackman, Larry Robbins, Leon G. Cooperman, Daniel S. Loeb, David Einhorn, Jeffrey W. Ubben and many more lost billions of dollars in large measure because the shares of the companies they placed bullish bets on plummeted over the summer and fall.

Grantham Mayo Van Otterloo, the large hedge fund co-founded by Jeremy Grantham, increased its stake in Valeant Pharmaceuticals just as the Canadian drug company came under siege and its shares tumbled. In the third quarter, the Boston-based firm added 6.5 million shares of Valeant to its portfolio, making it one of the firm’s largest stock holdings…

Filings Show Rocky Quarter for Many Hedge Funds

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