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From the Mar 2022 issue-the-com_b1wntjtqpy652f
$860 MillionAckman’s long-only funds Pershing Square Holdings and Pershing Square International were up nearly 27 percent and 19 percent, respectively. Gains were led by Lowe’s, Universal Music Group, interest rate swaptions, and Hilton Worldwide. The firm initiated an interest rate hedge in late 2020 and early 2021. Early this year,
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