Bill Ackman's $5 billion fund trades 20% below its NAV as S&P 500 soars — and high fees aren't helping

Investors who bet on Bill Ackman's acumen probably aren't feeling all that enthused right now.

Since the Pershing Square founder released his closed-end fund "Pershing Square USA" (PSUS) in April, it hasn't followed the broader market's uptrend. Quite the contrary: The share price for Ackman's fund has only gone down since its $5 billion opening.

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Those IPO investors bought PSUS at $50 per share , but it has since trended downward and is now trading in the $40-range .

By comparison, the S&P 500 is up nearly 14% year-to-date, while more tech-heavy indices like the NASDAQ-100 are doing even better.

​But what really has Ackman annoyed is how cheap his fund's shares are relative to their net-asset value (NAV).​