Ackman Overhauls Portfolio with New Additions and Exits

Bill Ackman's Pershing Square has undergone its biggest portfolio overhaul in years. The value investor has added six new stocks to his portfolio, including Netflix, Visa, Mastercard, S&P Global, Intercontinental Exchange, and Alcon. These additions come as the firm exits investments in Universal Music Group and Alphabet.

The new positions were acquired between March and June 2026, with Ackman taking a 3.15 million share stake in Netflix worth roughly $2.1 billion. This marks a surprise return to a stock he once lost big on, having previously held a stake in 2022 before exiting at a loss.

Pershing Square has seen lackluster performance this year, with a negative 12.6% return in the first half of 2026 compared to a positive 10.2% for the S&P 500 over the same period.