Two of the institutional investors comprising William Ackman's US$12 billion hedge fund are planning to ask more information on the investment made in beleaguered retailer JC Penney. The investors are two state pension funds seeking clarification on the share value drop of the retailer of as much as 21% this year alone.

These state pension funds oversee assets amounting to US$120 billion and are formally requesting Ackman to provide more information on Pershing Square Capital Management's portfolio. It is also seeking to understand the long-range plan to turn around JC Penney's lines. The pension fund managers did not want to be identified because the meetings with Ackman are still to be set up.

This is a clear indication that some investors are growing uneasy with the stake that Pershing Square has in JC Penney. The pension plan managers are also concerned about other large scale investments by Ackman such as Herbalife.