Bill Ackman's Pershing Square disclosed six new holdings in a regulatory filing, adding Netflix, Visa, Mastercard, Intercontinental Exchange, Alcon and S&P Global to its portfolio. The investment vehicle announced the moves in a Form 8-K filing on August 12 tied to second-quarter 2026 results.
Ackman did not disclose position sizes for any of the six additions. The filings show only that the positions were opened during or before the period, not their timing relative to current market prices or Ackman's rationale for entry. Pershing Square, which manages roughly $34 billion in assets according to its most recent public statements, uses 8-K filings to announce material changes to its portfolio quarterly.
The addition of Netflix marks a return to the streaming business for Ackman after a prior position resulted in significant losses. The company had exited an earlier Netflix investment at a reported $400 million loss as the streaming wars intensified. His new entry into the stock comes after that earlier exit.
The Visa and Mastercard additions place Ackman in the payments infrastructure space at a time when both companies face ongoing regulatory scrutiny over interchange fees and market concentration. Intercontinental Exchange operates the New York Stock Exchange and commodities markets; Alcon manufactures ophthalmic devices and pharmaceuticals; S&P Global publishes credit ratings and market data.
Ackman has been selective with new positions in 2026. Pershing Square has maintained its long-standing stakes in companies including Chipotle and Restaurant Brands International while rotating into and out of activist campaigns. His latest moves span consumer discretionary, financial services and industrials, broadening sector exposure beyond the concentrated bets that defined prior years.
Visa, Mastercard and Intercontinental Exchange all pay quarterly dividends. Netflix has kept a zero-dividend policy but generates substantial free cash flow.
Ackman's disclosed positions total six additions in a single quarter, a pace consistent with his historical activity but not aggressive by activist standards. The absence of any concentrated bet means Pershing Square is building positions incrementally rather than making outsized conviction plays on any single name.
