UPDATE: Pershing Square launched a closed-ended fund in the US in April 2026, but it has yet to have much effect on PSH's own discount. Pershing Square made an offer for UMG in early 2026, but then sold its holding a few months later after failing to get support from UMG's management. PSH returned 21% in 2025 but -13% in the first six months of 2026.
PSH Pershing Square Holdings (ticker: PSH) was launched as a private fund at the end of 2012, listed on Euronext in October 2014, and in London in May 2017 (although there is a separate private fund that follows the same strategy that dates back ...
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Baillie Gifford US Growth (ticker: USA) was launched at 100p in March 2018, and it employs Baillie Gifford's distinctive growth style with the ability to hold up to 50% of its portfolio in unquoted companies. The shares rose about 50% over the first two years but then surged from 150p to nearly 400p by early 2021. The shares trod water during the rest of 2021 but then sank as low as 140p and a discount of up to 25% during 2023 as interest rates moved higher and inflation took hold. Saba Capital disclosed a 5% stake in August 2023, and in December 2024, USA was one of seven trusts where it requ...
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JPMorgan American (ticker: JAM) can trace its origins back to 1881. It was a generalist trust up until 1982 before deciding to concentrate on North American equities. JAM runs a main portfolio of large-cap shares, which has been divided into separate value and growth segments since a strategy refinement in 2019, plus a second portfolio of US small-cap shares that typically varies between 0% and 10% of its assets. Tim Parton, the manager of the growth part of the large-cap portfolio, is retiring in early 2024 and is being replaced by Felise Agranoff. Jonathan Simon looks after the value part of...
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UPDATE: A revised version of this profile was published in June 2025.
Pershing Square Holdings (ticker: PSH) is the third-largest investment trust on the London market with net assets of around £8bn. Although it traces the history of its returns back to 2004, the trust was first listed on the Euronext market in Amsterdam in 2014 before adding a London listing in 2017. Pershing Square is run by the hedge fund manager Bill Ackman, who is a big fan of the investing approach taken by Warren Buffett, and it runs a very concentrated portfolio of between 8 and 12 positions. Ackman has a history of a...
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UPDATE: CGI returned -20% in 2022, 18% in 2023, 27% in 2024, 18% in 2025, and 9% from January to mid-September 2026, so it is lagging behind the strong returns produced by most other trusts in the North America sector.
Canadian General Investments (CGI) was launched in 1930 making it one of the oldest surviving North American closed-ended funds. Its main listing is in Toronto but it has also been listed in London since 1995. CGI has produced a compound annual return of 12% over the last five decades and a double-digit annualised return in each of the last three decades. It has been managed by...
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UPDATE: A revised profile for this trust was published in March 2025.
Baillie Gifford US Growth launched in 2018, making it the first new Baillie Gifford trust to list since Baillie Gifford Shin Nippon in 1985. Modelled on the popular open-ended Baillie Gifford American fund, US Growth also invests in unlisted companies and it has been one of the best-performing investment trusts on the London market since its IPO. It's consistently traded at a small premium but in common with most other Baillie Gifford trusts, it's been a pretty volatile ride.
2018 was the last year that we saw a significan...
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