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