Bill Ackman Adds Six Stocks to Pershing Square Portfolio

Billionaire investor Bill Ackman overhauled his investment portfolio in the second quarter of 2026, adding positions in Netflix, Visa, Mastercard, S&P Global, Intercontinental Exchange, and Alcon. The move follows a period of underperformance for his funds compared to the S&P 500, with his London-listed Pershing Square Holdings losing over 4% this year and his newly public Pershing Square USA gaining only 0.6% since its April debut.

Ackman and Chief Investment Officer Ryan Israel targeted companies that experienced sell-offs due to fears of artificial intelligence disruption. Ackman characterized Visa and Mastercard as high-quality "toll-takers" that benefit from inflation, while asserting that Netflix has "effectively won the streaming wars." The fund capitalized on a 50% decline in Netflix shares following a failed bid for Warner Bros. Discovery, arguing that the company's scale allows it to manage high AI compute costs.

During his first earnings call since the public listing of Pershing Square USA, Ackman described the fund's trading price as "frankly absurd," noting it trades at a 22% discount to its underlying positions. He attributed this to IPO allocation mistakes that favored individual investors who quickly sold their shares. To address this, Ackman plans to launch an active marketing program to attract financial advisers and intends to start a venture investment fund.