Ackman says hedge fund up 27 per cent year to date, dumped Berkshire

Billionaire investor William Ackman is seen at the Economic Club of New York at the New York Hilton Midtown in on Nov. 12, 2019.William Ackman’s hedge fund is boasting double-digit gains at a time many portfolios have sunk along with the economy during the coronavirus pandemic, after the billionaire investor plowed cash into a number of companies he already owned and dumped Warren Buffett’s Berkshire Hathaway among other stocks.

Ackman, who began worrying about the health and market impact of the pandemic months ago, famously hedged his portfolio with a $27 million bet that turned into a $2.7 billion windfall that he reinvested in the stock market in late March, buying bigger stakes in companies he was already betting on.

Money was used to buy more stock in Agilent Technologies , Starbucks, Restaurant Brands International , Lowe’s Cos Inc and Hilton Worldwide Holdings , he said, arguing these large companies have best-in-class technology to weather the pandemic. Ackman was early in closing down his Manhattan office and sending staff to work from home. When millions of other Americans were told to stay away from the office, Ackman pounced on the beaten-down stock of Lowe’s, arguing that the time for long-delayed home improvement projects is now.

globeinvestor Easy decision to dump Berkshire.

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