When it comes to his investment in Target, billionaire activist investor Bill Ackman has been way off the mark.

Ackman’s hedge fund Pershing Square Capital Management suffered another round of bloodletting last month in a fund that invests solely in retailer Target, bringing the fund’s total losses since its inception to a mind-blowing 93 percent.

The fund, known as Pershing Square IV, lost 33.3 percent in February – more than triple the 9 percent drop that Target’s shares recorded during the month. Ackman typically relies on a combination of stocks and options, which can distort returns.

The crushing losses, which have become a stain on Ackman’s otherwise solid reputation for making money, come just one month after Ackman delivered a long mea culpa to investors apologizing for the fund’s “dreadful performance.”

“Bottom line, PSIV has been one of the greatest disappointments of my career to date,” said the letter.

Officials from Pershing Square didn’t return a request for comment.