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The Hedge Fund Report Card

Performance isn’t the only factor that determines how well a firm fares in the eyes of its investors — but it’s by far the most important.

Illustration by Matthew HollisterLast year was a disaster for William Ackman’s Pershing Square Capital Management. The New York–based activist hedge fund firm posted a 20.5 percent loss, the worst year in its 13-year history, and endured widespread criticism for two of its worst-performing bets: its huge stake in controversial drugmaker

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