A Bet On Rising Rates Drives Ackman's First Quarter Gains
percent during March. The biggest winner for Ackman’s Pershing Square Holdings so far in 2021 has been a bet on rising interest rates made in the form of a derivative known as an interest rate swaption. Interest rate swaptions had added 3.8 percentage points to the portfolio by March 23, according to a letter to shareholders in the funds annual report, released earlier this week. Last year, more than a third of Pershing Square’s outsize gains came from shorts on credit CDS. While it closed ...
Source: institutionalinvestor.com