Bill Ackman's Pershing Square Adds Netflix, Visa in Major Portfolio Overhaul

Billionaire investor Bill Ackman has executed his most significant portfolio restructuring in several years, disclosing on Thursday that his funds have added six new holdings, including payment giants Visa and Mastercard, and a renewed position in streaming service Netflix.

A Strategic Shift

The purchases were made during the second quarter for Ackman's investment funds, including Pershing Square USA, which began trading on the New York Stock Exchange in April. The move marks a substantial change for the activist investor, whose portfolio is typically concentrated in no more than a dozen companies.

The full list of new additions includes:

• Netflix (NFLX)
• Visa (V)
• Mastercard (MA)
• Alcon (ALC), an eye care company
• Intercontinental Exchange (ICE), an exchange operator
• S&P Global (SPGI), a financial data provider

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Ackman said he anticipates strong earnings growth from these companies, which he views as the primary driver of investment value over the long term, according to Investing.com. The re-entry into Netflix is particularly notable, as Ackman previously invested in the company in 2022 before selling the position for a loss.

Performance and Context

The portfolio changes come during a period of underperformance for Ackman's funds. Through July, Pershing Square USA was down 3.5% for the year, and the London-listed Pershing Square Holdings was down 9.2%. In contrast, the S&P 500 index posted a 13% gain over the same period.

Ackman's current portfolio also includes significant positions in companies such as Uber Technologies, Meta Platforms, and Amazon.com. The new holdings are expected to be officially detailed in 13-F filings with the Securities and Exchange Commission, which are due on Friday.