The net asset value of Pershing Square Holdings rose 36.9% in the first quarter and remains up more than 38% so far this year.
Pershing's 2019 success, well ahead of the broader stock market, is in large part thanks to the outperformance of a handful of Ackman's stock picks.
Ackman first bought Chipotle stock in 2016 at an average price of $405 per share. Since then, the stock has gained 76% to about $713 Friday.Jin Lee | Bloomberg | Getty ImagesThe net asset value of Pershing Square Holdings, Ackman's publicly traded vehicle, rose 36.9% in the first quarter of 2019 and remains up more than 38% so far this year, according to a shareholder letter released Friday. By comparison, the S&P 500 is up 14.7% and has returned 15.6% this year.
"Despite the 63% year-to-date increase in the share price, we believe that Chipotle is in the early innings of its transformation," he wrote to stakeholders.
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