Bill Ackman stood firm on his commitment to Valeant during his quarterly call to Pershing Square investors on Monday. According to Ackman, the “bumpier” ride comes with the territory for the industry-leading fund.

The Numbers

Pershing Square has now lost more than $2 billion on paper on Valeant alone, the largest paper loss that the $15 billion fund has ever registered. However, Pershing investors have reason to maintain confidence in Ackman in a down year. Pershing has delivered an average annual return of about 15 percent since it was created in 2004, among the best track records in the industry.

Ackman’s reputation has taken quite a hit this year as several of his investments have been going in the wrong direction, and Pershing Square is down 19 percent year-to-date. However, it was only a year ago that the fund gained 40 percent.

Valeant’s Woes

Ackman’s Valeant stake has been…

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