Ackman Overhauls Portfolio with Big Bets on Netflix, Visa, and More

Billionaire investor Bill Ackman has made significant changes to his portfolio, adding several new companies and shedding others. The additions include Netflix, Visa, Mastercard, Alcon, Intercontinental Exchange, and S&P Global.

Ackman's funds acquired stakes in these companies through the second quarter of this year, with most shares rising on Thursday following the investment disclosures.

He expects strong earnings growth from these companies to drive long-term value. This is a departure from his previous activist approach, which he abandoned four years ago in favor of a more collaborative and value-driven strategy.

Ackman's portfolio has struggled recently, with Pershing Square USA shares down 3.5% for the year through July, while London-listed Pershing Square Holdings had fallen 9.2%. The S&P 500 total return index, including dividends, had gained 10% over the same period.