Key Takeaways
- • Bill Ackman added six major stock positions to Pershing Square during Q2 2026: Netflix, Visa, Mastercard, Alcon, Intercontinental Exchange, and S&P Global, representing the fund's largest portfolio overhaul in years.
- • The new positions will be held across Ackman's investment vehicles, including Pershing Square USA, which launched on the New York Stock Exchange in April 2026, signaling confidence in the fund structure's ability to deploy capital at scale.
- • Netflix represents a notable return for Ackman, who previously held and exited the position at a loss in 2022; the repurchase reflects Ackman's revised conviction on earnings growth prospects for the streaming platform.
- • Pershing Square USA has underperformed significantly year-to-date through July 2026, declining 3.5%, while the London-listed Pershing Square Holdings fell 9.2%—both lagging the S&P 500's approximately 10% total return over the same period.
- • The portfolio expansion reflects Ackman's thesis that earnings growth is the primary long-term driver of investment value, building on his earlier conviction in Microsoft's artificial intelligence exposure added earlier in 2026.
Summary
Bill Ackman has executed a significant portfolio repositioning at Pershing Square, adding six new positions during the second quarter of 2026 in what constitutes the fund's most substantial overhaul in years. The new holdings—Netflix, Visa, Mastercard, Alcon, Intercontinental Exchange, and S&P Global—expand the traditionally concentrated portfolio across multiple sectors including streaming, payments infrastructure, healthcare, financial exchanges, and market data. These additions will be distributed across Ackman's investment vehicles, including Pershing Square USA, the newly public flagship vehicle that debuted on the New York Stock Exchange in April.
The inclusion of Netflix is particularly noteworthy given Ackman's prior experience with the stock. He held the position in 2022 but exited at a loss following a sharp decline in the company's share price. The repurchase indicates a shift in Ackman's assessment of the streaming giant's earnings trajectory and growth potential. This move aligns with his broader articulated investment philosophy: that long-term investment returns are fundamentally driven by earnings growth rather than valuation expansion alone. The same thesis underpinned his Microsoft addition earlier in 2026, which Ackman justified based on the software giant's substantial artificial intelligence investments and the market's incomplete recognition of AI-driven upside.
The portfolio repositioning occurs against a backdrop of recent underperformance for Ackman's flagship vehicles. Through July 2026, Pershing Square USA had declined 3.5% year-to-date, while the London-listed Pershing Square Holdings fell 9.2%—both meaningfully trailing the S&P 500's approximately 10% total return. This widening gap suggests Ackman's conviction positions have faced headwinds despite his stated confidence in their earnings dynamics. The fund's other major holdings include Uber Technologies, Meta Platforms, Amazon.com, Fannie Mae, and Freddie Mac, indicating exposure to technology, consumer, and financial services sectors. The decision to add six new positions while maintaining these existing holdings suggests Ackman is pursuing a selective broadening strategy rather than a concentrated pivot away from his prior bets.
The inclusion of Netflix is particularly noteworthy given Ackman's prior experience with the stock. He held the position in 2022 but exited at a loss following a sharp decline in the company's share price. The repurchase indicates a shift in Ackman's assessment of the streaming giant's earnings trajectory and growth potential. This move aligns with his broader articulated investment philosophy: that long-term investment returns are fundamentally driven by earnings growth rather than valuation expansion alone. The same thesis underpinned his Microsoft addition earlier in 2026, which Ackman justified based on the software giant's substantial artificial intelligence investments and the market's incomplete recognition of AI-driven upside.
The portfolio repositioning occurs against a backdrop of recent underperformance for Ackman's flagship vehicles. Through July 2026, Pershing Square USA had declined 3.5% year-to-date, while the London-listed Pershing Square Holdings fell 9.2%—both meaningfully trailing the S&P 500's approximately 10% total return. This widening gap suggests Ackman's conviction positions have faced headwinds despite his stated confidence in their earnings dynamics. The fund's other major holdings include Uber Technologies, Meta Platforms, Amazon.com, Fannie Mae, and Freddie Mac, indicating exposure to technology, consumer, and financial services sectors. The decision to add six new positions while maintaining these existing holdings suggests Ackman is pursuing a selective broadening strategy rather than a concentrated pivot away from his prior bets.
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