Ackman’s bet on Target also hits Loeb, Sandler


Activist investor Bill Ackman isn’t the only marquee manager to suffer from his ill-timed bet on the shares of embattled retailer Target.

As first reported in the May edition of Absolute Return, Dan Loeb’s Third Point and Ricky Sandler’s Eminence Capital invested in the special purpose vehicle Ackman founded last June exclusively to purchase Target.

Despite a 38% drop in Target’s stock price from a year earlier, Ackman is sticking to his guns by picking up additional shares. The founder of $6 billion Pershing Square Capital Management has recently added $100 million to his already $2 billion long