Business
Ackman Calls Pershing Square USA’s Trailing Stock Price ‘Absurd’
Billionaire investor Bill Ackman held his first earnings call Thursday since he staged a simultaneous public listing of a new fund, Pershing Square USA, known by its ticker PSUS, and his management company, Pershing Square. Ackman told analysts that he was unhappy with the “frankly absurd” way in which shares in PSUS are trading. Most closed-end funds trade at a discount to the value of their underlying positions, but PSUS is an outlier. Its 22% discount was one of the widest of any U.S. closed-end fund that invested in public securities, according to the fund’s semiannual report.
Ackman said an active marketing program for PSUS would begin shortly with the goal of generating demand for the fund, especially among financial advisers, and narrowing the discount. Ackman told shareholders they could help by spreading the word. He also said he plans to launch a fund focused on venture investments. Read more:
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