Bill Ackman's Pershing Square Capital Management has established new positions in Netflix, Visa and Mastercard, marking the hedge fund's largest portfolio reshuffling in years, according to a semi-annual filing dated August 13, 2026.
The Netflix stake totals 4.9 percent of Pershing Square's portfolio, comprising 3.15 million shares as of June 30. The firm manages approximately $22 billion in fee-paying assets as of July 31, 2026. Ackman's return to Netflix follows the firm's earlier exit from UMG, a $1.5 billion position liquidated earlier in 2026.
Ackman has been selective with major portfolio positions since his successful activist campaign at Chipotle, which generated outsized returns before he trimmed the stake in 2024. His most recent major bets centered on holdings in Hilton Worldwide and Universal Music Group before those moves unwound. Pershing Square's capital has been concentrated in a handful of names, leaving the fund exposed to single-position volatility.
The shift toward payment processors and streaming moves away from Ackman's recent playbook of deep activist positions. Visa and Mastercard operate as duopolies in global payment networks, with both companies reporting margins above 40 percent. Ackman did not disclose position sizes for Visa and Mastercard in the filing.
Netflix has emerged as one of the highest-margin streaming services after the company implemented paid-sharing on passwords and introduced lower-cost ad-supported tiers in 2022 and 2023. The streaming giant reported operating margins of 28 percent in the second quarter of 2026. Ackman's prior Netflix investment resulted in a $400 million loss during the streaming wars downturn, according to prior disclosures.
Pershing Square's portfolio concentration strategy has historically drawn criticism from other allocators, who note that concentrated bets require either extreme conviction or willingness to accept drawdowns. The addition of three large positions, each likely representing 3 percent to 8 percent of assets, dilutes that concentration but still leaves the fund dependent on a small number of holdings.
The filing is the first look at Ackman's positioning since he withdrew Pershing Square's 2025 public offering in May 2024, citing market conditions. Ackman has deployed capital after extended periods holding cash. If Pershing Square files an update to its positions by the end of the fourth quarter, investors will see whether Ackman has sustained these stakes or reduced exposure in response to market moves.
