Pershing Square Capital Management, the hedge fund firm founded by Bill Ackman, bounced back from its loss-making 2022, with a return of 26.7% last year, beating the broader stock market, according to a report by Reuters.

The report cites an investor update as revealing that the firm, which lost 8.8% in 2022, as interest rate concerns, inflation fears and geopolitical tensions all combined to hit stock market prices, almost matched the 26.9% gain seen in 2021, but is still way short of the 70.2% and 58.1% returns seen in 2020 and 2019, respectively.

While Pershing Square hasn't provided details on what fulled its gains, long-time portfolio company Chipotle Mexican Grill climbed more than 63% last year, an addition to the firm's portfolio in 2023, rose 55%.