Is it time to invest in Pershing Square, the British investment trust led by an outspoken US billionaire?

By ANNE ASHWORTH, Daily Mail, 13 January 2024:

Until late last year, the billionaire US activist investor Bill Ackman was almost unknown outside Wall Street and the City, despite a series of corporate battles.

But his fame has now spread worldwide in the wake of his successful free-speech campaign to unseat the president of his alma mater Harvard…

Since the trust was founded in 2004 it has delivered a cumulative total net asset value (NAV) return of 1,762 per cent. This contrasts with 488 per cent for the S&P 500 index. Yet the shares stand at a 32 per cent discount to its NAV…

If you, like me, are fascinated by all this, you are not alone. Analysts too see the potential.

James Carthew of QuotedData also argues that Ackman and his colleagues seem to be embarrassed by the discount. He comments: ‘It’s way too wide – given that this is a no-nonsense portfolio of big American companies.’

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