Billionaire investor Bill Ackman’s newly launched U.S.-listed investment vehicle stumbled on its market debut.
On April 29, its first day of trading, the closed-end fund Pershing Square USA Ltd. (PSUS) closed at $40.90, down 18% and well below its IPO price of $50. Earlier indications suggested a range between $42.5 and $47.5, according to Reuters.
They traded up more than 4% on Thursday at $42.71, still below the IPO price.
The asset manager, Pershing Square Inc. (PS), closed at $24.2 on April 29 and rose 15% to close at $28 on April 30.Â
What is Pershing Square, and what did its IPO offer investors?
Pershing Square USA is a closed-end investment company managed by Pershing Square Capital Management, which is owned by Pershing Square Inc.
To attract demand, Ackman structured the IPO with an added incentive. Participating investors received one share of Pershing Square Inc. for every five PSUS shares purchased, at no additional cost. But the perk did little to prevent a weak open.
Ackman said the company favors retail investors, but also attributed the IPO stumble to them.
“Retail investors don’t know how to invest in IPOs,” he said on a call on April 30, Reuters reported.
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What stocks does Bill Ackman buy?
Ackman has repeatedly said he wants to run a fund similar to Warren Buffett’s Berkshire Hathaway.
His disclosed holdings show a highly concentrated portfolio, with 11 stocks spanning tech, consumer, and real estate, according to Whale Wisdom’s data based on 13F filings.
“Hedge funds are sort of known for managing money for rich people. And now we have the opportunity for someone with $50, could be a long-term shareholder,” Ackman told CNBC on April 29.Â
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As of the Q4 2025 filing, Pershing Square Capital Management’s top positions include:
- Brookfield Corp. (BN) 18.15%
- Uber Technologies (UBER) 15.90%
- Amazon (AMZN) 14.28%
- Alphabet (GOOG) 12.46%
- Meta Platforms (META) 11.37%
- Restaurant Brands International (QSR) 10.05%
- Howard Hughes Holdings (HHH) 9.69%
- Hilton Worldwide Holdings (HLT) 5.60%
Smaller positions include Seaport Entertainment Group and Hertz Global Holdings, each making up less than 1% of the portfolio.
In the fourth quarter of 2025, Ackman reshuffled his tech holdings, adding 2,673,569 shares of Meta Platforms and 3,784,508 shares of Amazon, while cutting his stake in Alphabet by a combined 4,325,836 shares across its two share classes.
Ackman has fully exited Chipotle Mexican Grill (CMG), one of his long-term investments.
The portfolio has not changed dramatically in recent quarters as Ackman tends to follow Buffett’s strategy, holding positions for years rather than trading in and out.
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