Can Bill Ackman save the closed-end fund?

Illustration: Satoshi Kambayashi

May 5th 2026|4 min read

An aSSET MANAGER’s job is harder than merely beating the market. They must also deal with investors’ foibles. In private, some sound like doctors complaining about patients. Everyone is an expert these days, goes the typical gripe, especially after conversing with a large language model. Yet clients still don’t know what’s good for them. Sovereign-wealth funds spurn liquidity arrangements that may drag down returns, then discover their countries urgently need cash to buy weapons. Individuals clamour for faddish, overvalued stocks, then want their money back when prices crash.