One ugly chart shows how Bill Ackman's investments were decimated

Pershing Square just posted a first-quarter letter to shareholders running through the hedge fund's investments.

The fund, and its founder Bill Ackman, had a torrid start to the year.

It seemed almost all of the fund's investment went against it, led by Valeant, the giant pharma company.

The following chart from the first-quarter letter spells out exactly how bad the first three months of the year were.

The fund has enjoyed something of a rebound through April, making a 10% return over the month. The gross return for the year to April 30 is now negative 17.5%.

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