FILE PHOTO: William ‘Bill’ Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermid/File Photo
BOSTON (Reuters) – Billionaire investor William Ackman told investors on Wednesday that his funds have gained as much as 27% this year and that the stocks he already owns are still cheap after the coronavirus sparked a historic market sell off in March.
Ackman, who began worrying about the health and market impact of the pandemic months ago, hedged his portfolio and began buying up bigger stakes in portfolio companies that had been beaten down. He also said that he exited positions in Berkshire Hathaway (BRKa.N), Blackstone Group (BX.N) and Park Hotels & Resorts (PK.N) in the last weeks.
Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama