Pricing of Hedge Fund Closed End Funds

[EllensPage]

So I own shares of Pershing Square PSHZF (Aka Ackman’s fund).
As of today it’s down 1.5% when every single one of it’s top positions are up:
PSH
13.86
-0.72 (-4.94%)

PSHZF
14.15
-0.23 (-1.60%)

ZTS
47.84
+0.34 (0.72%)

CP
130.17
+0.26 (0.20%)

QSR
41.66
+0.28 (0.68%)

APD
138.99
+0.50 (0.36%)

MDLZ
45.11
+0.21 (0.47%)

VRX
22.22
+2.26 (11.32%)

Can anyone give me some possible reason why this happens? Why is there such a discount between NAV and price?

 

[jeffj0110]

Article below provides some justification for the shares to be trading at a discount to NAV.
http://www.investopedia.com/articles/investing/070616/ackmans-pershing-s...
Since this isn’t an ETF like structure (at least I don’t think it is), there isn’t any mechanism to force the shares to trade close to NAV. Any liquidity issues with the shares can cause them to trade at a discount or premium. An Open End Fund, while not being tradable intra-day, does allow all redemptions/subscriptions to trade at the end of day at NAV after it is calculated.
Hope this helps.

 

[EllensPage]

All I’m saying is why is there this enormous disconnect between how the fund performs daily and what the underlying positions indicate. This is where everything ended up at market’s close. Unless Ackman has a doomsday machine hidden in his portfolio, there’s no possible way it could be down 1.5% own today.
PSH
13.86
-0.72 (-4.94%)

PSHZF
14.15
-0.23 (-1.60%)

ZTS
48.09
+0.60 (1.26%)

CP
131.08
+1.17 (0.90%)

QSR
41.92
+0.54 (1.30%)

APD
139.36
+0.87 (0.63%)

MDLZ
45.20
+0.30 (0.67%)

VRX
23.06
+3.10 (15.53%)

 

[CFAbeatmeup]

Are you sure the price isn’t yesterday’s price? Fund pricing is generally done at 4-5PM EST, it seems you originally posted at 2PM. Is it an ETF or mutual fund? If ETF, are you sure those positions are exhaustive or only the top holdings?