A $1,000 stake in Bill Ackman‘s hedge fund, Pershing Square Capital Management, at its 2004 launch would have been worth roughly $26,000 as of August 2026, according to Pershing Square’s own fund disclosures. That’s about 15.6% a year for nearly 23 years.
Compare that to the roughly 11% a year for the S&P 500 (^GSPC -0.87%) over the same stretch.
Ackman’s 15.6% annual return more than doubled the S&P 500’s result
An average gap of nearly 5% every year over that stretch makes a massive difference in the end. Take a look at just how different your results would be based on where you put your $1,000.
| 2004–2026 | Value of $1,000 | Annualized return | Total return |
|---|---|---|---|
| Pershing Square | $26,000 | 15.6% | 2,500% |
| S&P 500 | $11,000 | 11% | 1000% |
| Nasdaq… |
