Soaring Chipotle shares have helped Pershing Square recover from a damaging 9.5% loss made in the first two weeks of February amid a market rout and widespread equities sell-off.

New York-based Pershing Square International, a fund run by billionaire activist Bill Ackman, is down almost 4% year-to-date, according to industry figures, meaning it has recovered half of its 2018 losses since last week.