Billionaire investor Bill Ackman posted an 11 gain in March after turning 27 million into 2.6 billion with coronavirus bets

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Bill Ackman's Pershing Square made an 11.1 net gain in March after betting that markets would tank due to the novel coronavirus.

The billionaire investor's hedge fund spent 27 million on hedges that surged in value to 2.6 billion during the market sell-off, balancing out declines in its equity portfolio.

Pershing Square recorded a 3.3 net gain for the first quarter, a sharp rebound from its year-to-date loss of 7.1 at the end of February.

Ackman denied that he deliberately scared investors to help his hedges last month,arguing that he was up front about Pershing Square's strategy.

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Bill Ackman's Pershing Square posted an 11.1 net gain in March after betting that the novel coronavirus would tank the stock market, according to its latest monthly report.

The billionaire investor's hedge fund spent 27 million on credit default swaps which insure the buyer against an asset defaulting on investment-grade and high-yield credit default swap indexes in February.See the rest of the story at Business InsiderNOW WATCH: A top economist has a radical plan to change the way Americans vote: weighted votingSee Also:Buy these 14 stocks flush with the cash reserves to survive a prolonged coronavirus crisis, BTIG saysBank of America examined the stock market during every recession since 1929 and concluded the recent meltdown is not over. Here's its trading strategy for a deeper crash.'Could have been worse': Consumer confidence fell less than expected in March amid the coronavirus pandemic but experts warn the pain is just beginning

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