Which manager of a UK-listed fund is most deserving of ‘star’ status? Royal London’s James Clarke, perhaps? James Thomson at Rathbone Global Opps? Or the Mauritius-based Terry Smith?
While the trio occupies the podium on FE's sector-agnostic 'Alpha Managers' ranking, as measured by their funds’ 10-year performance, Bill Ackman of Pershing Square Holdings (PSH) ought to be in the frame – even if a decade-long comparison can’t be made until the fund celebrates the 10th anniversary of its London listing in October.
Given the trust trades at a 27 per cent discount to net asset value (NAV), ‘celebrates’ might be the wrong word. But despite the discount and lack of a tech focus during this time, Pershing’s headline return has been almost unmatched. Viewed on shorter horizons, we can drop ‘almost’: over five years, the closed-end fund is up 234 per cent, versus 100 per cent from the S&P 500, 25 per cent from the All-Share, and 174 and 157 per cent from the best-in-class equity investment trust and open-ended funds, respectively, per FE.