Full Breakdown
Bill Ackman Unveils Six New Holdings, Marking Largest Portfolio Overhaul
8/14/2026, 8:38:05 PM
Core Event: Six New Equity Positions Announced
On Thursday, billionaire investor Bill Ackman disclosed that his funds have added six new stocks—Netflix, Visa, Mastercard, Alcon, Intercontinental Exchange, and S&P Global. The positions were built beginning in the second quarter and will be held across his vehicles, including the newly listed closed-end fund Pershing Square USA. The announcement coincided with a rise in the share price of Netflix, which traded up roughly 3 percent in morning U.S. trading.
Background & Context
Ackman, founder of Pershing Square Capital Management, first rose to prominence as an activist investor targeting firms such as Canadian Pacific Railway and Chipotle Mexican Grill. Four years ago he announced a shift away from confrontational tactics toward a quieter, value-focused approach.
The Netflix addition reverses a 2022 investment that was sold at a loss of about $400 million after the streaming giant reported its first subscriber decline in decades.
2026 has been busy for Ackman: he listed both Pershing Square Holdings and Pershing Square USA on the NYSE, exited an estimated $1.5 billion stake in Universal Music Group after a $65 billion takeover bid was rejected, and turned 60.
Data & Statistics
- Pershing Square USA held 3.15 million Netflix shares as of June 30, representing 4.9 % of its total portfolio (Pershing Square semi-annual report).
- Through July, Pershing Square USA was down 3.5 % YTD; the London-listed Pershing Square Holdings was down 9.2 % YTD.
- Reuters reported that the S&P 500 total-return index was up 10 % over the same period, while BigGo cited a 13 % gain.
- Netflix shares rose between 3.3 % and 3.4 % following the disclosure.
- Visa, Mastercard, Alcon, Intercontinental Exchange, and S&P Global posted modest gains on the day of the announcement.
Official Statements & Responses
Ackman said he believes the earnings of the six companies are poised for strong growth, which he views as the primary driver of long-term investment value. Regarding Netflix, he asserted that the streamer has “effectively won the streaming wars,” citing recent subscriber growth, a crackdown on password sharing, and an ad-supported tier that has boosted revenue.
He also reiterated his earlier view that Microsoft’s artificial-intelligence investments would eventually be recognized by the market, a stance that preceded the software company’s recent rebound.
Pershing Square’s filing emphasized that the new holdings align with the firm’s strategy of concentrating on businesses with predictable cash flows and durable competitive advantages.
Conflicting Reports & Gaps
Two sources provide different figures for the S&P 500 total-return performance through July: Reuters cites a 10 % gain, while BigGo cites a 13 % gain. The article does not resolve which figure is correct, noting the discrepancy for readers.
What’s Next: Upcoming 13-F Filings
The new positions are expected to appear in the Securities and Exchange Commission’s 13-F filings due on Friday, which will disclose the holdings as of the end of the previous quarter. Investors and analysts will likely scrutinize those filings for additional detail on the size and timing of the new stakes.
