The Pershing Square USA fund, launched in April, has seen its share price decline while the S&P 500 gained nearly 14% year-to-date. Its net asset value (NAV) is estimated at $50.32 per share, but it trades in the $40-range. Ackman attributed the discount partly to "technical factors from the IPO" and ineffective marketing, noting the fund's portfolio composition was largely unknown. The fund also carries an annual management fee of about 2%, significantly higher than standard ETFs. In recent months, Pershing Square has acquired stakes in companies including Visa, Mastercard, Netflix, S&P Global, Intercontinental Exchange, and Alcon.