Pershing Square Discloses Six New Major Stock Investments

Bill Ackman's Pershing Square has unveiled a significant portfolio overhaul, disclosing six new major stock investments in its first quarterly shareholder letter since the firm became a publicly listed company. The new positions, acquired during the second quarter, are in Netflix, Visa, Mastercard, S&P Global, Intercontinental Exchange, and Alcon. The disclosure was made in a letter published on August 12, 2026.

The investments represent a strategic shift toward companies positioned for durable earnings growth and strong free cash flow, according to the fund. In the letter, Pershing Square stated that stock market volatility this year had enabled it to deploy capital from its new Pershing Square USA fund at attractive prices. The fund raised $5 billion in an April IPO and has now deployed nearly $5 billion of that capital across 12 companies.

The new holdings are a departure from the fund's previous concentrated bets and come after Pershing Square struggled to keep pace with the broader market in 2026. The fund's net asset value has gained only 0.6% since its launch, while Pershing Square USA trades at a substantial discount of 22% to its portfolio value. Ackman identified this...