Pershing Square Holdings (PSH), the $7.1 billion London-listed hedge fund managed by New York-based William (Bill) Ackman, appears to have managed the carnage inflicted on global equity markets by coronavirus-related factors rather well, according to the most recent letter sent to shareholders on 9 March.

While the assets of other investment funds tanked, especially those that invested exclusively in equities, PSH’s increased from £19.53 per share to £21.13 per share. 

“As we explained in our March 3, 2020 communication, we have acquired large notional hedges with asymmetric payoff characteristics which will ...