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 as if almost all of the fund's investments 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:

Pershing Square

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

Pershing Square

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