Ackman's Pershing Square USA Trades 20% Below NAV, Calls Discount 'Frankly Absurd'

3-line summary

• Pershing Square USA (PSUS), Bill Ackman's closed-end fund launched in April at $50 per IPO share, is now trading in the $40 range, roughly 20% below its estimated net asset value of $50.32 per share, according to a Yahoo Finance/Moneywise report.
• The S&P 500 is up nearly 14% year-to-date over the same period, while PSUS has declined; Ackman told the Wall Street Journal the discount rate is 'frankly absurd.'
• In Pershing Square's semi-annual report, Ackman identified the discount to NAV as the fund's 'biggest challenge since the IPO,' calling it one of the widest discounts of any U.S. closed-end fund invested in public securities.

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