Key Takeaways
- • Bill Ackman's Pershing Square Capital Management unveiled six new holdings—Netflix, Visa, Mastercard, S&P Global, Alcon, and Intercontinental Exchange—marking the hedge fund's largest portfolio overhaul in years.
- • Ackman acquired approximately 3.1 million Netflix shares worth over $1.1 billion, representing a 4.9% portfolio allocation as of June 30; this marks a return to Netflix after previously holding and selling the position at a loss in 2022.
- • The portfolio additions reflect Ackman's conviction in earnings growth as a primary value driver, with particular emphasis on technology companies; earlier in 2026, he added Microsoft following post-earnings weakness, which has since rebounded significantly.
- • Year-to-date performance through July showed Pershing Square USA down 3.5% and London-listed Pershing Square Holdings down 9.2%, underperforming the S&P 500's 10% total return gain, signaling recent fund challenges.
- • The new six-company position additions are being held across multiple investment vehicles, including Pershing Square USA, which launched on the New York Stock Exchange in April 2026.
Summary
Billionaire investor Bill Ackman announced the addition of six new positions to his Pershing Square Capital Management portfolio on Thursday, August 13, 2026, executing what sources characterize as the hedge fund's most significant portfolio restructuring in years. The new holdings include Netflix, Visa, Mastercard, S&P Global, Alcon, and Intercontinental Exchange, representing a meaningful departure from Ackman's historically concentrated investment approach of holding no more than a dozen companies.
The Netflix position constitutes the most substantial addition, with Pershing Square having acquired approximately 3.1 million shares valued at over $1.1 billion. As of June 30, 2026, Netflix represented 4.9% of the portfolio's total allocation. This investment marks a notable return to the equity for Ackman, who previously held and exited a Netflix position in 2022, realizing a loss on that transaction. The payment processor positions in Visa and Mastercard align with Ackman's stated thesis that these companies possess superior business model characteristics, while S&P Global's inclusion reflects his confidence in financial data provision as a secular growth driver.
Ackman articulated that his investment thesis centers on earnings growth as the paramount driver of long-term investment value. The portfolio additions began accumulating during the second quarter of 2026 and will be held across multiple investment vehicles, including Pershing Square USA, the fund's newest offering that launched on the New York Stock Exchange in April. Earlier in 2026, Ackman added Microsoft to the portfolio following weakness in the stock price post-earnings announcement, betting that investor sentiment would recover as artificial intelligence initiatives gained recognition—a thesis that has materialized, with Microsoft posting substantial gains following recent earnings releases.
Despite the strategic repositioning and strong historical performance, Pershing Square's funds have encountered recent headwinds. Through July 2026, Pershing Square USA declined 3.5% year-to-date, while the London-listed Pershing Square Holdings fell 9.2%, both underperforming the S&P 500 total return index, which gained 10% over the same period. The portfolio's existing holdings include Uber Technologies, Meta Platforms, Amazon, Fannie Mae, and Freddie Mac, among others. Ackman's stock selections continue to attract close monitoring from institutional investors and his 2.7 million followers on social media platform X.
The Netflix position constitutes the most substantial addition, with Pershing Square having acquired approximately 3.1 million shares valued at over $1.1 billion. As of June 30, 2026, Netflix represented 4.9% of the portfolio's total allocation. This investment marks a notable return to the equity for Ackman, who previously held and exited a Netflix position in 2022, realizing a loss on that transaction. The payment processor positions in Visa and Mastercard align with Ackman's stated thesis that these companies possess superior business model characteristics, while S&P Global's inclusion reflects his confidence in financial data provision as a secular growth driver.
Ackman articulated that his investment thesis centers on earnings growth as the paramount driver of long-term investment value. The portfolio additions began accumulating during the second quarter of 2026 and will be held across multiple investment vehicles, including Pershing Square USA, the fund's newest offering that launched on the New York Stock Exchange in April. Earlier in 2026, Ackman added Microsoft to the portfolio following weakness in the stock price post-earnings announcement, betting that investor sentiment would recover as artificial intelligence initiatives gained recognition—a thesis that has materialized, with Microsoft posting substantial gains following recent earnings releases.
Despite the strategic repositioning and strong historical performance, Pershing Square's funds have encountered recent headwinds. Through July 2026, Pershing Square USA declined 3.5% year-to-date, while the London-listed Pershing Square Holdings fell 9.2%, both underperforming the S&P 500 total return index, which gained 10% over the same period. The portfolio's existing holdings include Uber Technologies, Meta Platforms, Amazon, Fannie Mae, and Freddie Mac, among others. Ackman's stock selections continue to attract close monitoring from institutional investors and his 2.7 million followers on social media platform X.
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