Hedge fund manager Bill Ackman announced that his firm has permanently retired from activist short-selling, according to a report by Markets Insider on Tuesday.
Popular for his campaign against nutritional supplement maker Herbalife, Ackman, in his annual letter, stated that Pershing Square Capital Management is stepping back from such bets.
Ackman disclosed that some of its investors over the last year had requested the company to change its approach to become a quieter investor it has been over the last five years.
Ackman further stated that the companies have sought positive, constructive engagements with portfolio companies and their boards and management teams.
Pershing Square’s quieter constructive engagements, which account for a majority of their investments, are unpopular as constructive engagements do not generate media attention compared to proxy contests.