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RiverNorth and MacKay Municipal ManagersTM* Launch the RiverNorth Managed Duration Municipal Income Fund II, Inc (RMMZ)

Bill Ackman s Fund Is Still a Cheap Way to Play a Ride Up

Shares of Pershing Square Holdings (PSH. the Netherlands) trade around $33.75, a 25% discount to the most recent weekly net asset value of $44.73 on Dec. 22. The NAV discount is likely a little wider now given the appreciation in some of the fund’s holdings since Dec. 22. U.S. listed closed-end equity funds trade at discounts averaging nearly 10%. The shares mainly trade in Europe on Euronext and the London Stock Exchange, where the fund was recently added to the FTSE 100 index thanks to its rapid appreciation in 2020. The shares are also lightly traded in the U.S., on the “pink sheets” under the ticker PSHZF.

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