Billionaire Bill Ackman’s Pershing Square has disclosed six new stock positions, including Netflix, Visa, and Mastercard, following a period of performance challenges. These additions, made in the second quarter of 2026, aim to pivot the portfolio toward anticipated earnings growth. Investors are tracking how these changes will impact the fund's recovery as it looks to reverse recent underperformance against the S&P 500.
Billionaire investor Bill Ackman has announced a significant restructuring of his investment portfolio, adding six new companies to the holdings of his firm, Pershing Square. The move marks a pivot toward new growth opportunities across technology and financial services sectors, as the fund attempts to regain momentum following a difficult first half of 2026.
New Additions and Strategy
The newly disclosed positions, initiated during the second quarter of 2026, include Netflix, Visa, Mastercard, S&P Global, Intercontinental Exchange, and Alcon. Of these, the stake in Netflix is particularly notable, as it represents a return to the streaming giant for Ackman. He previously held and exited a position in Netflix in 2022, a move that resulted in a loss of over $400 million at the time. Pershing Square’s new position in Netflix consists of 3.15 million shares, accounting for approximately 4.9% of the portfolio as of June 30, 2026.
Ackman’s shift reflects an effort to diversify beyond the fund's historical concentration in a smaller number of tech and consumer staples. By adding companies like Visa, Mastercard, and S&P Global, the firm is moving toward businesses with strong, recurring earnings growth, which the management team identified as a primary catalyst for long-term value creation.
Performance Challenges
The portfolio overhaul comes at a time when Pershing Square is facing pressure to improve its returns. The firm’s latest financial report for the first half of 2026 revealed a net loss of $1.94 billion and a 13% decline in the Net Asset Value (NAV) per share. This performance has lagged significantly behind the S&P 500, which has seen gains over the same period. For investors, the gap between the fund’s performance and the broader market is a key monitorable, as Ackman’s activist-style strategies are designed to outperform the market over the long term.
Risks to Consider
While the addition of major financial and tech firms aims to stabilize growth, investors should be aware of several risks inherent to this portfolio structure. Pershing Square typically maintains a highly concentrated portfolio, which means that the success or failure of a few bets can have a large impact on the fund's overall value. This concentration can lead to increased volatility during periods of market stress. Additionally, the new holdings face their own sector-specific challenges, such as Netflix’s ongoing struggle with competition and changing viewer engagement patterns, as well as the sensitivity of financial services firms to broader economic conditions.
Another factor for investors in Pershing Square’s publicly traded vehicles, including the newly launched Pershing Square USA, is the valuation discount. Shares of closed-end investment companies often trade at prices lower than their actual underlying net asset value. Investors will likely look for updates in future SEC 13F filings to understand if the fund’s strategy is gaining traction and whether the new additions can help bridge the current performance gap.