Bill Ackman’s Pershing Square Capital Management has re-entered the ranks of the world’s 20 best performing hedge funds, following a bumper year for the New York money manager after dropping off the list in 2015.

The New York fund, which has $17.9bn in assets under management, generated net gains worth $3.5bn in 2023, bringing its overall gains since its inception in 2004 up to $18.8bn, research by LCH Investments shows.