According to CoinMeta, Bill Ackman's $5 billion fund is trading at a price about 20% below its net asset value ($NAV) despite the soaring S&P 500 index. Since the launch of the closed-end fund “Pershing Square USA” (.PSUS) in April, its stock price has failed to rise with the market and has instead continued to decline, currently trading in the $40 range. In contrast, the S&P 500 index has risen by nearly 14% since the beginning of the year. Ackman is dissatisfied with the low valuation of his fund, calling this phenomenon “simply absurd.” He pointed out that the net asset value per share of PSUS is estimated at $50.32, which is far higher than the current market price. In his most recent semi-annual report, Ackman noted that the discount on PSUS represents the biggest challenge he has faced since IPO and believes that a lack of understanding of his investment portfolio by the market is one of the reasons for this phenomenon.