Pershing Square USA, Ltd. Common Shares (PSUS)

The next fund from Pershing Square could be complementary to its current options.

Pershing Square USA gives you access to Bill Ackman, but it comes with a unique twist that investors need to understand.

There are still opportunities to buy Ackman's top stock ideas from last quarter.

Microsoft became very cheap in the first quarter. It still is.

Ackman and his team at Pershing Square Capital Management typically only own 10-12 stocks at any given time.

This NYSE-listed investment vehicle reported a recent insider buy, underscoring ongoing direct equity alignment at the firm.

Investors could get much better returns with a little more legwork.