Ackman Overhauls Pershing Square with Six New Stocks

Pershing Square's investment portfolio has undergone significant changes with the addition of six new stocks, according to Bill Ackman. The hedge fund manager is shifting his focus towards companies capable of delivering durable earnings growth and strong free cash flow amidst geopolitical uncertainty and economic challenges.

The new positions include Netflix, Visa, Mastercard, S&P Global, Intercontinental Exchange, and Alcon. These additions come 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.

Ackman has bought back into Netflix, a company he previously sold in 2022 after reportedly losing more than $400 million. He believes Netflix has effectively won the streaming battle with a huge global subscriber base, improving monetization, and a growing advertising business. The company's Q2 revenue rose 13.4% year-on-year to $12.6 billion, while operating income increased 11.1% to $4.19 billion.