Ackman Calls PSUS Trading Discount "Absurd," Plans to Address It

Bill Ackman called Pershing Square USA's trading discount "frankly absurd" on a Q2 2026 earnings call and said the firm intends to close the gap between PSUS's share price and its $50.32 NAV. He did not specify a mechanism. Closed-end fund sponsors typically use buybacks, tender offers, or structural conversion. PSUS IPO investors are down 5.9% while NAV has risen 2%.