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So even Bill Ackman's PSH (closed end fund listed on LSE) is at a ~30% discount to NAV, where the NAV is marked to market.
Liquidation value of any closed end fund will probably warrant a ~5-10% discount to NAV due to taxes/liquidation costs etc.
But when even Bill Ackman a star manager, operates a closed end fund that trades at ~30% discount to NAV, NAV is not reality. Mr Market's discount is reality. So if Ackman deserves a 30% discount, then most less-known/capable ones probably do deserve their 50% discount.
Overview of 2023 Performance
PSH’s discount to NAV narrowed by 4.5% from 33.2% in the beginning of 2023 to 28.7% at year end, and has narrowed further to 27.0% thus far in 2024(3)
https://assets.pershingsquareholdings.co...tation.pdf
Liquidation value of any closed end fund will probably warrant a ~5-10% discount to NAV due to taxes/liquidation costs etc.
But when even Bill Ackman a star manager, operates a closed end fund that trades at ~30% discount to NAV, NAV is not reality. Mr Market's discount is reality. So if Ackman deserves a 30% discount, then most less-known/capable ones probably do deserve their 50% discount.
Overview of 2023 Performance
PSH’s discount to NAV narrowed by 4.5% from 33.2% in the beginning of 2023 to 28.7% at year end, and has narrowed further to 27.0% thus far in 2024(3)
https://assets.pershingsquareholdings.co...tation.pdf