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Billionaire investor Bill Ackman posted an 11% gain in March after turning $27 million into $2.6 billion with coronavirus bets

Billionaire investor Bill Ackman posted an 11% gain in March after turning $27 million into $2.6 billion with coronavirus bets
REUTERS/Shannon Stapleton



Bill Ackman's Pershing Square made an 11.1% net gain in March after betting that markets would tank due to the novel coronavirus.




The billionaire investor's hedge fund spent $27 million on hedges that surged in value to $2.6 billion during the market sell-off, balancing out declines in its equity portfolio.




Pershing Square recorded a 3.3% net gain for the first quarter, a sharp rebound from its year-to-date loss of 7.1% at the end of February.




Ackman denied that he deliberately scared investors to help his hedges last month,arguing that he was up front about Pershing Square's strategy.




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Bill Ackman's Pershing Square posted an 11.1% net gain in March after betting that the novel coronavirus would tank the stock market, according to its latest monthly report.
The billionaire investor's hedge fund spent $27 million on credit default swaps — which insure the buyer against an asset defaulting — on investment-grade and high-yield credit default swap indexes in February.
Those hedges ballooned in value to $2.6 billion after markets plunged last month, roughly offsetting Pershing Square's losses on its equity portfolio, Ackman said last week.
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