Ackman Overhauls Portfolio with Netflix and Other Big Bets

Billionaire investor Bill Ackman has made significant changes to his portfolio, adding stakes in Netflix and other companies. His investment funds acquired positions in Alcon, Intercontinental Exchange, S&P Global, and Microsoft, which he added earlier this year after a sell-off.

Ackman's funds began buying these shares in the second quarter through Pershing Square USA and other vehicles. He expects strong earnings growth from these companies to drive long-term investment value. Most of their shares rose on Thursday amid a broader rally in US stocks, with Netflix up 3.3% and S&P Global gaining 1.1%.

This represents the biggest overhaul in years for Ackman's concentrated portfolio, which typically holds no more than a dozen companies. His funds have delivered strong long-term returns but struggled recently, with Pershing Square USA shares down 3.5% for the year and London-listed Pershing Square Holdings falling 9.2%. The S&P 500 total return index had gained 10% over the same period.