Billionaire investor Bill Ackman has unveiled his largest portfolio overhaul in several years, adding six new long-term investments as he positions Pershing Square for what he expects will be sustained earnings growth across a group of high-quality businesses.
The new additions include Netflix ($NFLX), Visa ($V), Mastercard ($MA), Alcon ($ALC), Intercontinental Exchange ($ICE), and S&P Global ($SPGI). Ackman said the companies were selected because of their durable competitive advantages, strong cash generation, and ability to compound earnings over the long term.
The reshuffle comes as Pershing Square seeks to recover from a difficult year relative to the broader market. Through the end of July, Pershing Square USA was down 3.5%, while the S&P 500 had gained approximately 13%, highlighting the gap between the fund’s performance and the benchmark index.
Despite the new purchases, Ackman’s portfolio remains concentrated around several long-standing technology and consumer investments. Its largest existing holdings include Microsoft ($MSFT), Uber ($UBER), Meta ($META), Amazon ($AMZN), Fannie Mae ($FNMA), and Freddie Mac ($FMCC).
Netflix is among the most closely watched additions because it marks Ackman’s return to the streaming company after exiting his investment in 2022 with a loss of more than $400 million. Pershing Square now argues that Netflix has firmly established itself as the winner of the global streaming market, supported by stronger profitability, advertising revenue, and continued subscriber growth.
The new investments also signal a broader shift in Ackman’s strategy. Rather than focusing primarily on activist campaigns, Pershing Square is increasingly targeting dominant, asset-light businesses with recurring revenue, strong pricing power, and long-term structural growth drivers. The firm believes the market’s heavy focus on artificial intelligence has created attractive valuations in several high-quality companies outside the AI infrastructure trade.
The portfolio changes will be reflected in Pershing Square’s upcoming regulatory filings and represent one of the firm’s most significant repositionings in recent years.
