Hedge fund Pershing Square Holdings cut its year-to-date losses to 12% in October putting on 10% over the month, according to a report by Bloomberg. The gain was ahead of the S&P 500 index, which was up 8%, but trailed the 14% increase of the Dow Jones Industrial Average, its best monthly return since 1976.

Hedge fund Pershing Square Holdings cut its year-to-date losses to 12% in October putting on 10% over the month, according to a report by Bloomberg. The gain was ahead of the S&P 500 index, which was up 8%, but trailed the 14% increase of the Dow Jones Industrial Average, its best monthly return since 1976. 

Pershing Square's top three holdings – Universal Music Group, Lowe’s Cos, and Chipotle Mexican Grill – all underperformed the markets in October.

Universal, which is down 20% so far in 2022, was only up 6% in Octiber, while Lowe’s -26% for YTD – saw a 2.36% gain. Chipotle, meanwhile, was more or less flat in October leaving it down 18 per cent for 2022.

Pershing Square portfolio 'winners' for October include Hilton Worldwide Holdings (+11%), Restaurant Brands International (+9%), and Howard Hughes (+12%).