Hedge fund manager William Ackman's flagship fund slipped only 0.1 percent last month even after two major holdings moved in the wrong direction, according to an investor alert from Pershing Square.

The $12 billion hedge fund told investors that its fund was off 0.1 percent last month and is up 3.6 percent for the year.

The news comes only days after retailer JC Penney , a big holding, lost 17 percent on the last day of the month while supplements company Herbalife , which Pershing Square is shorting, climbed 7.6 percent on the last day of February.

(Reporting By Svea Herbst-Bayliss)