Investor Bill Ackman is trailing the S&P 500 this year by about 10 percentage points as he readies the sale of a new closed-end equity fund—Pershing Square USA—that could total $25bn.

The investor roadshow for the new fund—which will trade under the ticker PSUS—began 9 July, and the deal is expected to price early in the week of 29 July at $50 a share.