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I know that pershing square holdings is trading at amsterdam exchange. I saw on website (http://pershingsquareholdings.com) that symbol is PSH. However, scottrade, TD Ameritrade and morningstar don't recognize the co. Any expert in the this field? I am not looking to buy but curious about discount.
Good morning. Pershing has started trading in Amsterdam the other day, which was kind of a disappointment as most of these prior public hedge funds have been London funds (Third Point, BH Macro.) I don't think there's a US brokerage that allows global trading on Amsterdam (Etrade's global trading does not, nor does Fidelity's, but both allow trading in London.)
There has not yet been made a US pink sheet equivalent/foreign ordinary share been made available. Not sure when that will happen, then it becomes whether or not a brokerage will allow trading in it. You also have to be careful when buying foreign ordinary shares via some brokerages as you will get hit with an unlisted fee at some brokerages beyond the initial trade commission. Foreign ordinary shares on the pink sheets in the US have a symbol that ends with "F".
Third Point's publicly listed London fund has pretty much always traded at a discount - during the 2008 period, I think the discount to NAV actually reached 50% at one point. London fund RIT Capital Partners is another interesting option, as the Rothschild-chaired fund (RIT = Rothschild Investment Trust) is a multi-asset, go-anywhere fund (public/private investments/funds, real assets, etc. etc.)
Also, Meb Faber's book, "The Ivy Portfolio" goes into these funds in detail and his website has also discussed these funds at times. I believe Faber was actually going to create an ETF or CEF of them (which would have been great), but never did. Unfortunately, it remains difficult for US investors to get into these funds - the pink sheet equivalents do carry definite risks (lack of liquidity, for one.)
I didn't get any (already own HHC and CP and it is SORT of Fairholme-y in that it's a consistently concentrated portfolio so you could follow along to some/all degree with relative ease), but for anyone interested I do now see a pink sheet listing as of today: PSHZF.pk (Pershing Square Holdings)
Comments
There has not yet been made a US pink sheet equivalent/foreign ordinary share been made available. Not sure when that will happen, then it becomes whether or not a brokerage will allow trading in it. You also have to be careful when buying foreign ordinary shares via some brokerages as you will get hit with an unlisted fee at some brokerages beyond the initial trade commission. Foreign ordinary shares on the pink sheets in the US have a symbol that ends with "F".
Third Point's publicly listed London fund has pretty much always traded at a discount - during the 2008 period, I think the discount to NAV actually reached 50% at one point. London fund RIT Capital Partners is another interesting option, as the Rothschild-chaired fund (RIT = Rothschild Investment Trust) is a multi-asset, go-anywhere fund (public/private investments/funds, real assets, etc. etc.)
Also, Meb Faber's book, "The Ivy Portfolio" goes into these funds in detail and his website has also discussed these funds at times. I believe Faber was actually going to create an ETF or CEF of them (which would have been great), but never did. Unfortunately, it remains difficult for US investors to get into these funds - the pink sheet equivalents do carry definite risks (lack of liquidity, for one.)
Meb Faber's articles:
http://mebfaber.com/2013/08/12/investing-with-third-point/
http://mebfaber.com/2012/08/13/hedge-fund-etf/
http://mebfaber.com/2009/01/28/listed-hedge-funds-3/
Some of the ones discussed in those articles have changed or are no longer available.