I made a small (1% of net assets) investment in Pershing Square Holdings (PSH.L). This is a closed end fund trading on the London Stock Exchange that is managed by Pershing Square Capital Management, the fund founded and managed by William Ackman. Pershing Square funds did very well from 2004 to 2014, which is when they launched the closed end fund. They did very poorly in the next three years:
PSH lost 20.5%, 13.5%, and 4% in each of 2015, 2016, 2017. However, NAV has gained 15% or so year to date. The stock trades at a 27% discount to NAV. Given the past good performance, the return of good performance this year, and the substantial discount which the company is trying to reduce, I thought this was worth trying. Ackman and the firm are in the news for a $900 million investment in Starbucks, discussed here.
If you are wondering why a US hedge fund is listed in London, it's because it's not legal to offer hedge funds to retail investors in the US.
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