Key Moments
- Bill Ackman disclosed six new positions, including Netflix, Visa, and Mastercard, in what he described as his biggest portfolio reshaping in years.
- Pershing Square USA was down 3.5% year-to-date through July, while Pershing Square Holdings in London was down 9.2%, versus a 13% gain for the S&P 500.
- The new holdings are expected to appear in 13-F filings on Friday and will be discussed on an analyst call later Thursday.
Strategic Shift Adds Six New Holdings
Bill Ackman announced a significant reconfiguration of his investment portfolio on Thursday, introducing six new positions that include Netflix, Inc., Visa Inc., and Mastercard Inc. The moves mark the most substantial revamp of his holdings in several years.
Ackman said he began accumulating the new stakes in the second quarter across his investment vehicles, including Pershing Square USA, which began trading on the New York Stock Exchange in April.
In addition to Netflix, Visa, and Mastercard, the portfolio reshuffle added eye care company Alcon, exchange operator Intercontinental Exchange, and financial data and index provider S&P Global. Netflix had previously featured in Ackman’s portfolio for a short period in 2022, before he exited the position at a loss.
Focus on Earnings Growth as Value Driver
Ackman said he anticipates robust earnings expansion from the newly added companies, emphasizing that he sees earnings growth as the key factor behind long-term investment value.
The investor, who has 2.7 million followers on social media platform X, has maintained a concentrated approach, with his portfolios typically holding no more than a dozen names. The latest additions therefore represent a notable change in positioning.
Microsoft Position Revisited After Earnings Pullback
Earlier this year, Ackman added Microsoft Corp. to his portfolio following a share price drop after an earnings release. He argued that the stock would regain momentum as investors better appreciated the value of its artificial intelligence initiatives. Microsoft has since rebounded, aided by gains after its most recent earnings report.
Performance Snapshot and Existing Core Holdings
Through July, Pershing Square USA had declined 3.5% for the year. Over the same period, London-listed Pershing Square Holdings was down 9.2%, compared with a 13% increase in the S&P 500 index.
In addition to the newly announced positions, Ackman’s current portfolio includes Uber Technologies, Meta Platforms, Amazon.com, Fannie Mae, and Freddie Mac.
| Vehicle / Benchmark | Performance Through July (YTD) |
|---|---|
| Pershing Square USA | -3.5% |
| Pershing Square Holdings (London-listed) | -9.2% |
| S&P 500 | 13% |
Regulatory Filings and Analyst Call
Ackman plans to discuss the new investments on an analyst call later Thursday. The updated portfolio composition is expected to be reflected in 13-F filings on Friday, as required by the Securities and Exchange Commission for fund managers with positions in U.S. companies at quarter-end.
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