Ackman Overhauls Pershing Square Portfolio with Six New Stocks

Pershing Square's investment portfolio has undergone significant changes as Bill Ackman adds six new stocks, shifting towards companies capable of delivering durable earnings growth and strong free cash flow.

The new positions include Netflix, Visa, Mastercard, S&P Global, Intercontinental Exchange, and Alcon. This overhaul comes after Pershing Square struggled to keep pace with the broader market in 2026.

Ackman's central argument is that over long periods, stock prices ultimately follow earnings. He believes these six new investments will increase the portfolio's exposure to predictable, compounding earnings growth.