Why $PSUS deserves a premium to NAV and $PS deserves a premium multiple | Marlton's James Elbaor

About this episode

James Elbaor discusses the potential for $PSUS to trade at a premium to NAV and $PS's competitive positioning against major peers.

James Elbaor of Marlton makes the case that $PSUS will trade at a premium to NAV instead of the typical closed-end fund discount and that $PS will ultimately trade at a premium multiple to peers like Blackstone, KKR, Apollo and Carlyle given its lean team and advantaged fee structure. We push on every part of that, including whether Ackman's portfolio is just an expensive S&P hug, why London still doesn't fully credit him, and whether Spark gives Pershing a real path into Universal Music Group. Sponsor: Fiscal.ai. Real-time fundamental data for global equities, plus one of the leading data connectors for Claude and ChatGPT. Get 15% off at fiscal.ai/yav Chapters: 0:00 Intro and the divergent thesis 1:05 Sponsor: Fiscal.ai 2:20 Marlton's lens on closed-end funds and UK trusts 5:00 $PSUS: scale, structure, why it's already the largest US equity CEF 7:30 The case for a premium to NAV instead of a 15 to 20% discount 12:30 $PSUS vs $PSH London: who can own what, and why it matters 15:20 The 40-Act book and Ackman's macro hedging history 17:50 Track record with and without the COVID hedge 22:00 Why London still does not fully credit Bill 23:50 "But isn't it just Google, Amazon…

People in this episode

Host: Andrew Walker

Guest: James Elbaor

Topics covered

• closed-end funds
• investment strategy
• premium valuation
• portfolio management
• market analysis

Keywords

• $PSUS
• $PS
• premium to NAV
• closed-end funds
• investment strategy
• Marlton
• Ackman
• London
• Universal Music Group

Sponsors

Fiscal.ai

Mentioned in this episode

Organizations: Marlton, Blackstone, KKR, Apollo, Carlyle, Pershing, Spark

Products: $PSUS, $PS, Universal Music Group

Places: London

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