Ackman Bets Big on Mastercard Amid Market Lag

Bill Ackman has made significant changes to his portfolio by adding six new holdings, including Mastercard (NYSE: MA), Netflix (NASDAQ:NFLX), and Visa (NYSE:V).

The move is notable because Mastercard has trailed the S&P 500 across every meaningful window leading up to this purchase. Over the past year, it has fallen 1% while the index gained over 20%

Ackman believes that the earnings at Mastercard and other companies in his portfolio are poised for strong growth, which he views as the greatest driver of investment value over time.

Mastercard runs one of the world's two dominant payment rails, moving money between merchant banks and card-issuing banks across 3.7 billion Mastercard and Maestro branded cards globally.

Ackman's long-term record is strong, but recent results are mixed. Through July 2026, Pershing Square USA was down 3.5% for the year and Pershing Square (NYSE:PS) was down 9.2%, versus a 10% gain for the S&P 500 total return index.