Managers 'applaud' Ackman's Netflix exit

About $400m loss

Managers that hold Bill Ackman’s Pershing Square Capital have said they “applaud” his move to sell his Netflix stake, which incurred a roughly $400m loss.

Investment Week reached out to managers that hold Pershing Square within their top ten holdings. Credo Growth and JP Morgan Multi Manager Growth funds, which have 3.1% and 2.9% of their funds in the company respectively, declined to comment. Asset Value Investors, however, which has Pershing Square Holdings as the largest position in its £1.2bn AVI Global trust at 9%, was highly complementary of Ackman's decision. "Doubling down in these situations is actually the easy option," said Tom Treanor, head of research at the firm. "Yet often the most dangerous. Selling out was a brave decis...