Bill Ackman’s Pershing Square has just revealed its biggest portfolio shake-up in years. Bill Ackman, known for value investing and picking stocks below their intrinsic value and running a portfolio of just about a dozen stocks, has added six new names to the portfolio.
Netflix, Visa, Mastercard, S&P Global, Intercontinental Exchange and eye care company Alcon are the six new additions to Bill Ackman’s Pershing Square portfolio. Ackman’s existing holdings are in Uber, Meta Platforms, Amazon, Microsoft and Brookfield.
The portfolio shuffle has taken place between the end of March and the end of June 2026. In that period, the billionaire investor moved away from some of his older bets and added six new names to his book, including a surprise return to a stock he once lost big on.
So far this year, the returns are: Netflix (-16.5%), Visa (4.2%), Mastercard (0.67%), S&P Global (-15%), Intercontinental Exchange (-4.15%) and Alcon (-6.7%).
The firm has also exited investments in Universal Music Group and Alphabet during the six months ended June 30, 2026, and exited its position in Hertz in July 2026.
The June 30 Overhaul
By the second quarter, Ackman had gone further still. In a semiannual report released on August 13, 2026, Pershing Square disclosed six entirely new positions, its most sweeping portfolio expansion in recent years. The new names are Netflix, Visa, Mastercard, S&P Global, Intercontinental Exchange and eye care company Alcon. Ackman’s existing holdings in Uber, Meta Platforms, Amazon, Microsoft and Brookfield remained part of the portfolio through the period.
Bill Ackman has always been associated with value investing. The market volatility in the first half of 2026 allowed the investment manager to acquire each new investment at a price it believes to be well below intrinsic value.
What The March 31 Portfolio Looked Like
As of March 31, 2026, Pershing Square Capital Management’s reported portfolio value stood at $13.71 billion, down from $15.53 billion in the previous quarter. The fund held a tightly concentrated set of just 10 to 11 positions, led by Brookfield, Amazon, Uber Technologies, Microsoft, and Restaurant Brands International, according to Dataroma.
The March quarter itself marked a pivot toward big technology names. Ackman initiated a fresh stake in Microsoft worth around $2.09 billion, spread across 5.65 million shares. He also expanded his Amazon position by 19% from the previous quarter to 11.45 million shares, worth close to $2.39 billion, and held 2.66 million shares of Meta Platforms.
To make room for these additions, Ackman exited several long-standing positions entirely. Hilton Worldwide, Chipotle Mexican Grill and Canadian Pacific Kansas City were all fully liquidated during the quarter. His Alphabet holdings, both Class A and Class C shares, were slashed by 95% down to what amounted to nominal tracking stakes, while Uber saw a minor 1% trim.
Why Netflix, Of All Stocks?
The most talked-about addition is Netflix, a stock with some history for Ackman. Pershing Square held a stake in Netflix briefly back in 2022, before exiting at a loss after the streaming company reported subscriber losses for the first time in years.
This time, Ackman has taken a 3.15 million share stake worth roughly $2.1 billion, making up close to 4.9% of the portfolio as of June 30, according to Yahoo Finance. In its statement, Pershing Square said that over the last five years, Netflix has grown revenue 12%, operating profit 21%, and earnings per share 27% annually.
The firm said its opportunity arose after Netflix’s share price fell around 50% from its June 2025 high of $134, de-rating from over 40 times forward earnings per share to 21 times.
How The Funds Have Performed
Despite the reshuffle, performance has been lacklustre this year. Pershing Square’s performance in the first half of 2026 was negative 12.6%, compared with a positive 10.2% return for the S&P 500 over the same period. The year-to-date NAV return as of August 11, 2026 was negative 4.3%, compared to positive 13.7% for the S&P 500 over the same period.
However, investors since inception have seen their equity investment grow at a 15.6% compound annual rate over the last nearly 23 years, a 26-times multiple of their original investment.
What This Means Going Forward
The scale of the changes, six new names added in a single stretch, suggests Ackman is positioning the portfolio differently heading into the back half of 2026. Stock prices may temporarily deviate from intrinsic values due to factors like macroeconomic events, investor preferences, or misperceptions of future growth. Whether Ackman’s bets pay off in the long run remains to be seen.
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