PS PSUS Pershing Square USA Ltd Loading... : Bullish and Bearish Analyst Opinions

Pershing Square's new closed-end fund (PSUS) is being taken public at book value, despite the business earning a 19% return on equity for 22 years. The structure is tax-advantaged, low-cost, and liquid. Compounding at historical rates should grow NAV substantially over time, making it a cheap way to invest in Pershing Square.

Pershing Square USA (PSUS) is a unique closed-end fund that differs fundamentally from typical closed-end funds in terms of governance, scale, strategy, and performance. It has generated a 25% annual return versus the average 7% for equity closed-end funds. The oversubscribed IPO, combined with a gift of management company shares (Pershing Square Inc.) for every five shares purchased, makes it an attractive long-term investment and structurally less likely to trade at a discount.