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PSH : closed-end fund

Pershing Square Holdings: closed-end fund

A chance to access a concentrated portfolio of quality US companies with high discounts Pershing Square Holdings is a Euronext-listed closed-end fund managed by a high-profile activist manager. The fund owns a concentrated portfolio of quality US companies. Pershing trades on a 29%* discount to NAV, which we regard as unsustainably wide for a portfolio of large-cap, liquid securities, particularly given the manager’s activist strategy.

*AVI estimate at 31 December 2019