Prominent investor Bill Ackman disclosed six new investment positions held across his investment funds, including his recently launched Pershing Square USA exchange-traded fund. The new holdings comprise Netflix, Visa, Mastercard, eye care company Alcon, exchange operator Intercontinental Exchange, and financial data provider S&P Global. Ackman indicated the acquisitions began in the second quarter and cited his belief that strong earnings growth at these firms represents the primary driver of long-term investment returns.
Market reaction to the disclosures proved largely positive. Netflix shares rose 3.3%, S&P Global added 1.1%, and other newly disclosed holdings posted modest gains. Pershing Square USA shares themselves increased 1.7% following the investment announcements and the release of second-quarter earnings the previous evening. The portfolio moves represent the most significant overhaul in years for Ackman’s funds, which typically maintain positions in no more than a dozen companies.
Ackman’s investment decisions attract considerable attention from professional investors and his social media following. Earlier this year, he added Microsoft to the portfolio after its stock declined following an earnings report, predicting the software company would recover as investors recognized the value of its artificial intelligence investments. Microsoft subsequently rebounded, partly driven by strong performance in a recent earnings report.
Recent performance at Ackman’s funds has lagged broader market benchmarks. Through July, Pershing Square USA was down 3.5% for the year while London-listed Pershing Square Holdings declined 9.2%, both underperforming the S&P 500 total return index, which gained 10%. Beyond the newly disclosed positions, Ackman’s existing portfolio includes stakes in Uber Technologies, Meta Platforms, Amazon.com, Fannie Mae, and Freddie Mac.
The disclosed investments are expected to appear in required 13F regulatory filings with the Securities and Exchange Commission on Friday, which professional investors closely monitor for trend indicators. This year has been particularly active for Ackman, including the New York Stock Exchange listings of both his hedge fund and Pershing Square USA, his exit from an estimated $1.5 billion position in Universal Music Group, and his 60th birthday.
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