Pershing Square USA trades 20% below its net asset value
Bill Ackman’s $5 billion fund has declined since its launch in April.
The fund’s share price has trended downward from $50 to the $40 range.
The S&P 500 has risen nearly 14% year-to-date, while the NASDAQ has performed even better.
The fund’s net asset value per share is $50.32, roughly 20% higher than its current market price.