Pershing Square USA, Ltd. (PSUS)

Pershing Square USA, Ltd. is a closed-end investment fund managed by Pershing Square Capital Management, the New York-based investment firm founded by Bill Ackman. It is designed to give public market investors access to the firm's investment strategy.

The fund follows a concentrated, long-term approach, holding a relatively small number of large-capitalization, high-quality businesses, primarily in North America, that the manager believes have durable competitive advantages and predictable, free-cash-flow-generating operations. Pershing Square often engages with the management and boards of portfolio companies and may take an activist role to encourage changes it believes will improve value. The fund may also use hedging strategies to manage market, interest rate or currency risks.

Its common shares trade on the New York Stock Exchange under the ticker PSUS, where the share price may differ from net asset value.