저자: NicoKritikos · 외국인
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Pershing Square USA(PSUS) IPO를 소개하며 폐쇄형 펀드 구조, 성과수수료 없음(관리보수 2%), 모회사 PSI 주식 증정 조건을 설명. 애크먼의 과거 성과(연 23% vs S&P 14%, 22년 누적 1,100%+ vs 330%)를 근거로 제시하고, 본인은 10주 청약을 계획한다고 밝힘. 다만 IPO 가격 예측이나 이후 주가 방향에 대한 명시적 전망은 없음.
다듬은 글
Okay. What is going on guys? Welcome to Stock Talk with Nico Criticos. Today, we're going to do some analysis on a very interesting IPO coming out and that is for Pershing Square ticker PSUS or PSUS. So, after doing a little bit of research here, I am going to take a chance with this one and I have 10 shares queued up right now at an average cost of I think it's between 50 and 60 dollars is what they're estimating.
But, the interesting thing here is that this IPO is a combined offering for PSUS and PS. To participate, your request must be for a minimum of five shares and in multiples of five shares. And for every five shares of PSUS allocated, you will receive one share of PS which I think is the parent company Pershing Pershing Square for no additional consideration.
So, I should get two free shares of PS um for my 10 shares that I'm buying. Now, right now the price range again it's it's around 50 to 60 dollars. They're estimating the final price will come out soon and then IPO I believe is April 28th, I want to say. Let's see here. I think it's April 28th. So, we'll see what happens with that.
The information is that Pershing Square USA PSUS is a new closed end investment company launched by Bill Ackman's Pershing Square Capital seeking to raise up to 10 billion dollars in a a combined IPO aiming to list on the New York Stock Exchange under the ticker PSUS. The fund aims to mirror Ackman's high conviction activist strategy by investing in 12 to 15 undervalued North American companies.
This is a closed end fund aiming for permanent capital structure targeting a mix of institutional and retail investors. Shares are priced at about 50 dollars with a target of at least 5 billion dollars. The fund is going to charge a 2% management fee, but unlike traditional hedge funds, it will not charge a performance fee which is which is very interesting.
The IPO is combined with the public listing of PS Pershing Square like I said and investors in the private placement will receive shares in the management company PSI for every 100 closed end fund shares. Okay. Then we come over here, we can see why would somebody want to invest in this? Well, Bill Bill Ackman is a very uh famous investor.
While he has faced high-profile public failures like his short on Herbalife or the Netflix sell-off, his recent performance has been among the strongest in the hedge fund industry. So, he and they have entered what he calls a permanent capital era since 2018 focusing on long-term compound returns. And it looks like the numbers are there to back that up because last year Pershing Square returned 34% while the S&P only returned 18%.
Over the last eight years, they average 23% per year while the S&P only average 14%. Then over the last 22 years since 2004, their fund is up over 1,100% which is crazy and the S&P is only up 330%. Ackman is famous for his massive individual trades such as turning a 27 million dollar hedge into a 2.6 billion dollar profit during the 2020 market crash.
Between 2012 and 2017 though, his listed fund significantly underperformed the S&P 500 which is kind of scary, but again you look at the past decade or two and the numbers are looking a lot better. They're looking like he's he significantly outperforms. Investors are flocking to this IPO for several structural and strategic reasons.
Number one, no performance fees. In a major move to attract retail investors, the new Pershing Square USA fund will not charge the traditional 20% performance fee which is crazy cuz that's a lot. It only charges a management fee which is again 2%. Ackman explicitly aims to build the next Berkshire Hathaway which is quite the ambitious goal there.
By using public IPO funds as permanent capital, he can hold stocks for years without being forced to sell during a market panic. Unlike an index fund that owns 500 companies, Ackman only invests in 12 to 15 companies and people invest because they want a high conviction bet on his specific stock picking ability.
So, to sweeten the deal, investors will get a free stake in the parent management company PSI for every set amount of shares they buy which that has me interested because you look up PSI and one share of that is 111 dollars. So, if I get two of those, I'm going to get 220 dollars worth and I should get I should get 220 dollars worth roughly for my 600 investment maybe even 500 investment.
So, I'm interested in that. I'm going to take a chance with this one. Um but, let me know what you guys are doing down below and I will see you in the next video.
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