Bill Ackman adds Netflix, Visa & Mastercard in biggest portfolio shake-up in years

Billionaire investor Bill Ackman on Thursday disclosed his latest portfolio shuffle that now includes stakes in once-held Netflix, Visa and Mastercard, according to a Reuters report.

Ackman said he began making the purchases in the second quarter through his investment funds, including his April-listed Pershing Square USA.

Besides Netflix, which Ackman briefly owned in 2022 before exiting at a loss, his funds acquired stakes in eye-care company Alcon, exchange operator Intercontinental Exchange and financial data provider S&P Global.


He expects the companies to deliver strong earnings growth, considering it the main driver of long-term investment value. Most of their shares rose on Thursday amid a broader rally in US stocks.

Netflix rose 3.3%, and S&P Global gained 1.1%, while Pershing Square USA shares climbed 1.7% following the investment disclosures and the release of its quarterly results.

Ackman, whose investments are closely followed by professional investors and his 2.7 million followers on X, added Microsoft to his portfolio this year after an earnings-driven sell-off. He expected the stock to recover as investors recognised the value of the company’s AI investments. Microsoft has since rebounded, helped by a sharp rally following its latest results.

The six additions represent the biggest overhaul in years for Ackman’s concentrated portfolio, which typically holds no more than a dozen companies. Although his funds have delivered strong long-term returns, they have struggled recently.

Through July, Pershing Square USA shares were down 3.5% for the year, while London-listed Pershing Square Holdings had fallen 9.2%. By comparison, the S&P 500 total return index, including dividends, had gained 10%.

Ackman’s portfolio also includes Uber Technologies, Meta Platforms, Amazon, Fannie Mae, Freddie Mac and Microsoft. He was expected to discuss the investments during an analyst call later on Thursday.

The new holdings will likely appear in regulatory 13F filings on Friday. The Securities and Exchange Commission requires investment managers to disclose their holdings in US companies at the end of each quarter, and investors closely track the filings for clues about market trends.

Ackman listed his hedge fund and new stock-picking vehicle, Pershing Square USA, on the New York Stock Exchange, exited an estimated $1.5 billion stake in Universal Music Group after the company rejected his $65 billion takeover bid, and turned 60.

Once known as one of Wall Street’s most outspoken activists, Ackman pressed companies such as Canadian Pacific Railway and Chipotle Mexican Grill to improve their performance. He now prefers to be seen as a value investor whose ideas appeal to management teams. Four years ago, he abandoned his confrontational tactics in favour of a quieter, more collaborative approach.