March 25, 2020 / 7:20 AM / 6 days ago

Ackman's Pershing Square takes off credit market hedges - letter

LONDON, March 25 (Reuters) - Veteran investor Bill Ackman told clients on Wednesday that he had taken off credit market hedges and reinvested the money into new and existing stock holdings after turning “increasingly positive” on stock and credit markets.

In a letter to investors announced to the stock exchange by his listed fund, Pershing Square Holdings Ltd, Ackman said the fund had completed the exit from its hedges on March 23, generating proceeds of $2.6 billion. (Reporting by Simon Jessop, editing by Sinead Cruise)

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