PSUS
Old-school stocks, new-school swagger
Bill Ackman is basically telling the market: “Sure, chase the shiny AI stuff — I’ll take the profitable giants everyone forgot to love.” In a Monday update, he said Pershing Square USA Ltd. has already deployed nearly 85% of its capital since the fund’s April 29 IPO.
The shopping cart is pretty loaded:
- Meta
- Microsoft
- Amazon
- Uber
- Brookfield
- Restaurant Brands
Ackman says these are the kinds of “high quality durable growth companies” that look cheap when investors are busy staring at the next hot thing.
The double-discount trick
Here’s the part that makes the value-hunter crowd smile: PSUS itself has been trading about 20% below net asset value. So if you buy the fund now, you’re not just buying the stocks inside it — you’re buying them at a discount to a discount. Very garage-sale, but make it Wall Street.
Ackman and affiliates have reportedly bought more than 10 million shares, topping $500 million across the IPO and open market. That’s the kind of public confidence boost fund investors tend to notice.
Why you should care
For investors, this is less about one stock and more about a live stress test of Ackman’s playbook. If PSUS catches a rerating, the discount could narrow and the fund could get a cleaner read on whether Wall Street still pays up for his version of “boring” mega-cap quality.
Big picture: the market may be obsessed with the new toy aisle, but Ackman is betting the old furniture still works just fine.