Bill Ackman’s Pershing Square Capital Management reported a straight record performance in 2020 with a fund return of 70%, according to Bloomberg. The fund had a net return of 4.6% in December alone, while the annual return surpassed Ackman’s 2019 record of about 58%.
- Pershing Square capitalized on the lucrative credit hedge to grow earnings in the lead-up to the coronavirus crisis and the subsequent market selloff.
- Back-to-back returns for Pershing Square corrects three consecutive years of losses after disastrous bets on Valeant and Herbalife Nutrition.
- The year marked a return for human-run hedge funds after years of being outclassed by computer-driven quantitative strategies.
Pershing Square’s annual return was higher than the 16% gain in the S&P 500 Index.
