Pershing Square USA (PSUS)

Builds a concentrated portfolio of predominantly North American-listed, large-cap growth companies, with holdings across technology, digital commerce, payments, streaming, financial data and market infrastructure, medical devices, restaurants, mobility, and U.S. housing finance. Returns come from dividends and interest, realized gains or losses, and changes in portfolio value.

Relies on Pershing Square Capital Management to select investments and run daily operations; the board sets broad policies and oversees service providers and valuation. The mandate targets high-quality, undervalued businesses with predictable free cash flow and barriers to entry, while allowing derivatives, synthetic short positions, and eventual leverage.

Maintains regulated investment company status by meeting income, asset-diversification, and distribution requirements. Common shares have no creation or redemption mechanism and can trade independently from the portfolio’s net asset value.