Ackman Makes Bold Portfolio Moves with Netflix, Visa, and Mastercard Additions

Bill Ackman's Pershing Square Capital Management has made significant changes to its portfolio by adding stakes in Netflix, Visa, and Mastercard. The additions mark one of the most notable overhauls in years for the fund, which held just 14 names as of June 30.

The new positions reflect Ackman's strategy of buying dominant businesses at reasonable valuations, a tactic that has helped him build a personal fortune estimated at $8.9 billion. Netflix shares have fallen roughly 32% over the past year, leaving the streaming giant at a price-to-earnings ratio of 26, below its five-year average of 36.

The fund's moves coincide with the launch of Pershing Square Ventures, a vehicle designed to give retail investors access to pre-IPO companies. Ackman cited SpaceX as an example of why ordinary investors need earlier access to private companies, noting that they often miss out on significant growth opportunities.