Pershing Square Capital Management chief Bill Ackman's win streak showed no signs of stopping halfway through 2019.
. Ackman manages the public vehicle's portfolio though investment firm Pershing Square Capital Management.
In a May letter to Pershing stakeholders, Ackman highlighted "significant progress" at burrito chain Chipotle under CEO Brian Niccol, noting strong same-store sales and transaction growth. That operational execution helped buoy Chipotle, which was up 70% through the end of June. "Despite the 63% year-to-date increase in the share price, we believe that Chipotle is in the early innings of its transformation," Ackman wrote at the time. The activist investor first bought Chipotle stock in 2016 at an average price of $405 per share. Since then, the stock has gained 77% to about $717 on Tuesday.
The 2019 gains may help attract flows back into Ackman's fund, which suffered a string of losses in recent years. In early 2018, the fund's assets were down by roughly half from their $20 billion peak in 2015. Pershing Square's net asset value dropped by 4% in 2017 while the
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