Pershing Square Holdings to join FTSE 100 in latest reshuffle
Pershing Square Holdings will be promoted to the FTSE 100 following the latest reshuffle of the blue-chip index.
Billionaire fund manager Bill Ackman’s portfolio will replace Homeserve, which is being relegated to the FTSE 250 after just two quarters in the big leagues.
Other changes include the addition of real estate investment firm Hammerson and chemicals group Elementis to the more domestically-focused FTSE 250.
They will replace Scottish Investment Trust and engineering firm Fisher (James) & Sons.
Pershing’s promotion comes after the $11.4bn fund reported gains of 62.8 per cent for the year so far following growth of 13.4 per cent last month alone.
Ackman recently told investors the firm was having its best year ever, adding that he remained “bullish” for 2021.
However, he warned of possible volatility in the coming months as the Covid-19 pandemic continues to create uncertainty.
The billionaire investor said he had put on a new hedge to protect against swings. He earned $2.6bn from a hedge earlier this year, using the profits to buy up more of the stocks he already holds at cheaper prices.