- Pershing Square took a hit earlier this year
- Star manager Bill Ackman is bullish on the US economy
Bill Ackman’s Pershing Square Holdings (PSH) will buy back $100mn (£79mn)-worth of shares as it attempts to close a persistent discount to net asset value (NAV) after a difficult second half of the year for the trust.
Ackman’s vehicle has been unpopular with investors recently despite an outstanding long-term track record that has seen it outperform the S&P 500 since its listing in the UK in 2017. This was exacerbated by Ackman’s fundraising flop earlier this year, where a planned US float of a closed-end fund fund.