Hedge fund manager Bill Ackman, the CEO of $19 billion Pershing Square Capital Management, is killing it again this year.

Reuters' Svea Herbst-Bayliss reports that the 48-year-old activist investor posted gains of 5.8% in February. Pershing Square is up 6.5% this year, the report said.

Meanwhile, the S&P 500 is up just over 2% this year.

Ackman had a monster year in 2014, netting 40.4% for the year thanks to his hugely profitable stake in Allergan.

For the most part, 2014 was a challenging year for hedge funds. According to the research firm Preqin, hedge funds on average returned just 3.78%, the lowest annual return since their 1.85% loss in 2011. For comparison, the S&P 500 rose 13% last year.

Ackman has said before that he wants to have "one of the greatest investment track records of all time." He has also said he would like to surpass legendary investor Warren Buffett's record. He is ranked No. 19 on fund-of-funds LCH Investments' "Greatest Money Managers" list.

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