This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. https://www.barrons.com/articles/bill-ackmans-fund-gained-58-last-year-why-it-looks-like-a-buy-51578432963 Activist investor Bill Ackman is coming off a blockbuster year in which his publicly traded fund generated a 58.1% gain. But investors remain wary of him as the fund, Pershing Square Holdings, languishes at a 28% discount to its net asset value.