After the glory of the Ackmanaissance, a 3% return for Pershing Square Capital Management this year doesn’t seem like much. After all, Ack & co. returned 25% in January of last year alone on their way to a 58% return for the year. On the other hand…

Various hedges “more than compensated” for recent market declines that hit portfolio companies, Ackman said in a letter to shareholders….

The S&P 500 index has lost nearly 15% so far this year.

“Despite recent market declines, we believe that equity and credit markets have not sufficiently discounted the economic risks of coronavirus,” Ackman said.

Ackman’s Pershing Square gains nearly 3% in early 2020, warns of volatility [Reuters]