Bill Ackman's $5 Billion Fund Trades 20% Below Its NAV as S&P 500 Soars — And High Fees Aren't Helping The disparity between the market value and net asset value (NAV) of Pershing Square USA, Bill Ackman's $5 billion closed end fund, has reached an alarming 20%.
While the S&P 500 soars to new heights, Ackman's fund trades at a significant discount, leaving investors questioning the fund manager's strategy. Market Sentiment vs.
Fund Performance The NASDAQ 100 has outperformed the S&P 500 by a wide margin, with tech heavy indices continuing to rise. Pershing Square USA, however, has struggled to keep pace.