---
title: "Bill Ackman Just Gave Investors a First Look at What's Inside His New Fund"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/290352253.md"
description: "Bill Ackman's new $5 billion closed-end fund, Pershing Square USA (PSUS), recently disclosed its first portfolio holdings. The fund holds significant positions in Amazon, Microsoft, Meta, Uber, Brookfield, Restaurant Brands International, Fannie Mae, and Freddie Mac, mirroring his existing Pershing Square Holdings. While the fund offers permanent capital for long-term investing, it carries a 2% management fee and currently trades at a discount to net asset value."
datetime: "2026-06-21T14:10:51.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/290352253.md)
  - [en](https://longbridge.com/en/news/290352253.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/290352253.md)
generator: "portal-rs"
---

# Bill Ackman Just Gave Investors a First Look at What's Inside His New Fund

Bill Ackman launched a new $5 billion closed-end fund for U.S. investors in April, **Pershing Square USA** (PSUS +0.96%). The fund benefits from permanent capital, which means Ackman can make investment decisions without worrying about cash inflows or outflows. That gives him the ability to focus on long-term results.

Ackman recently gave the public a sneak peek at what they'll see when Pershing Square USA files its first portfolio disclosure in a couple of months. Not surprisingly, there's a lot of overlap with his older fund, **Pershing Square Holdings** (PSHZF 2.67%). Ackman disclosed eight of the 12 stocks Pershing Square USA has bought since its initial public offering (IPO) seven weeks ago.

![A candlestick stock chart on a desk with a laptop and money-related decor.](https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzUyNDIvZ2V0dHlpbWFnZXMtY2FuZGxlc3RpY2stc3RvY2stY2hhcnQtb24tYS1kZXNrLXdpdGgtbGFwdG9wLmpwZyZ3PTM4NDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

Image source: Getty Images.

## Some familiar names

The eight stocks Ackman disclosed aren't huge surprises for anyone who's followed the billionaire investor for awhile. They're names he's openly mentioned are undervalued opportunities in today's market for one reason or another.

-   **Amazon** (AMZN +2.90%)
-   **Microsoft** (MSFT +0.19%)
-   **Meta Platforms** (META +1.86%)
-   **Uber Technologies** (UBER +1.45%)
-   **Brookfield** (BN 0.67%)
-   **Restaurant Brands International** (QSR 0.98%)
-   **Federal National Mortgage Association** (FNMA +0.79%)
-   **Federal Home Loan Mortgage** (FMCC +0.67%)

Ackman has called out Amazon, Microsoft, and Meta as "old-fashioned" tech companies in today's market. While semiconductor stocks and neocloud companies are soaring, these three behemoths are being largely ignored by the market. He believes that's led to a significant buying opportunity.

He previously disclosed the purchase of Microsoft for Pershing Square USA ahead of the 13-F portfolio disclosure for Pershing Square Holdings. That filing revealed that Ackman and his team sold **Alphabet** stock in favor of Microsoft. Ackman made it clear that he still sees upside for Alphabet, but with limited capital, he thinks the better opportunity is Microsoft right now. Combined, Microsoft, Amazon, and Meta account for more than one-third of the total invested capital of Pershing Square Holdings.

Expand

![Microsoft Stock Quote](https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL01TRlQucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

## NASDAQ: MSFT

Microsoft

Today's Change

(0.19%) $0.71

Current Price

$379.62

### Key Data Points

Market Cap

$2.8T

Day's Range

$373.31 - $381.37

52wk Range

$356.28 - $555.45

Volume

1.6M

Avg Vol

35.9M

Gross Margin

68.31%

Dividend Yield

0.94%

Ackman has also discussed how index inclusion can have a tremendous impact on valuations due to the large amounts of capital in index funds. That's led to buying opportunities for companies outside of major indexes like the **S&P 500**. Restaurant Brands and Brookfield are Canadian companies, so they're not eligible for the U.S.-based index. As a result, Restaurant Brands trades for a discount relative to peers like **McDonald's**, and Brookfield trades at a lower multiple than **KKR**.

Lastly, Ackman continues to pound the table on Fannie and Freddie. He believes their removal from conservatorship would be a massive value unlock. Pershing Square Holdings has held the stocks for over a decade. In March, he said both stocks are "stupidly cheap" and could increase 10x from their prices at the time. That sent shares rocketing higher, but they've since come down a bit from the comment-driven spike.

All of the above still look like good buying opportunities, considering most have traded sideways or down since the end of April when Pershing Square USA made its IPO.

## Should you buy Pershing Square USA?

If you want to keep up with Ackman's investments in real time, Pershing Square USA offers the best way to do just that. But there are a couple of important details to consider before doing so.

First, the fund charges a 2% annual management fee. That means you need to expect Ackman and his team to significantly outperform the market to justify that fee. While it might not sound like much, consider that the majority of active fund managers fail to outperform the market after fees that are generally much lower.

The new fund is off to a rough start, too. Its net asset value is down 5% since its IPO. Additionally, since Pershing Square Holding's inception at the end of 2012, its net return has trailed the market. However, Ackman's limited partnership dramatically outperformed in the nine years before that.

Expand

![Pershing Square USA Stock Quote](https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL1BTVVMucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

## NYSE: PSUS

Pershing Square USA

Today's Change

(0.96%) $0.38

Current Price

$39.79

### Key Data Points

Market Cap

$4.0B

Day's Range

$39.20 - $40.04

52wk Range

$37.15 - $50.00

Volume

488.7K

Avg Vol

1M

The second thing to consider is that the fund trades well below its net asset value. At its most recent update on June 16, investors paid just $0.84 on the dollar for the assets inside Pershing Square USA. That discount is due to liquidity risk and the impact of the management fee. But it's not a constant value. That means investors face increased volatility on a concentrated portfolio of already volatile stocks.

Lastly, it's important to keep in mind that Ackman is generally a long-term investor, often employing a buy-and-hold strategy. That means patient investors will likely be able to get in relatively early alongside Ackman on individual stocks if they simply wait to see what's disclosed in the company's quarterly filings with the Securities and Exchange Commission (SEC). That could be a better opportunity for most investors, giving them greater control over their portfolios and individual holdings.

While investors will have to wait to find out the last four stocks in Pershing Square USA, it's likely they'll still be good investment opportunities by the time the public learns about them in a couple of months.

### Related Stocks

- [MSFT.US](https://longbridge.com/en/quote/MSFT.US.md)
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- [METU.US](https://longbridge.com/en/quote/METU.US.md)
- [PSUS.US](https://longbridge.com/en/quote/PSUS.US.md)
- [METD.US](https://longbridge.com/en/quote/METD.US.md)
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- [FBYY.US](https://longbridge.com/en/quote/FBYY.US.md)
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- [PSHZF.US](https://longbridge.com/en/quote/PSHZF.US.md)
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- [MSFY.US](https://longbridge.com/en/quote/MSFY.US.md)
- [AMZN.US](https://longbridge.com/en/quote/AMZN.US.md)
- [UBER.US](https://longbridge.com/en/quote/UBER.US.md)
- [BN.US](https://longbridge.com/en/quote/BN.US.md)
- [QSR.US](https://longbridge.com/en/quote/QSR.US.md)
- [FNMA.US](https://longbridge.com/en/quote/FNMA.US.md)
- [FMCC.US](https://longbridge.com/en/quote/FMCC.US.md)
- [GOOGL.US](https://longbridge.com/en/quote/GOOGL.US.md)
- [GOOG.US](https://longbridge.com/en/quote/GOOG.US.md)
- [.SPX.US](https://longbridge.com/en/quote/.SPX.US.md)
- [MCD.US](https://longbridge.com/en/quote/MCD.US.md)
- [KKR.US](https://longbridge.com/en/quote/KKR.US.md)
- [KKRS.US](https://longbridge.com/en/quote/KKRS.US.md)
- [KKR-D.US](https://longbridge.com/en/quote/KKR-D.US.md)
- [KKRT.US](https://longbridge.com/en/quote/KKRT.US.md)

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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**