1 week ago
Bill Ackman Reshapes Pershing Square Portfolio, Swapping Alphabet for Netflix
Bill Ackman changed many of the investments held by his fund, Pershing Square.
He sold all of its shares in Alphabet, Universal Music Group and Hertz Global.
He invested more money in Microsoft and bought shares in six new companies.
Those companies include Netflix, Visa, Mastercard, S&P Global, Alcon and Intercontinental Exchange.
Netflix became a particularly large investment, worth more than $934 million.
Ackman reportedly preferred Microsoft because of its valuation and software business.
He sold Universal Music Group after it rejected his takeover offer.
He also sold Hertz after its expected turnaround did not happen.
Pershing Square is planning another fund for investing in private companies later in 2026.
Bill Ackman fully exited Alphabet, Universal Music Group and Hertz Global, according to the analysis.
Pershing Square added Alcon, Intercontinental Exchange, Netflix, Mastercard, S&P Global and Visa.
The fund bought more than 13 million Netflix shares worth over $934 million, about 5% of its portfolio.
Pershing Square USA raised $5 billion last quarter, with 95% of its capital reportedly invested.
Pershing Square plans to launch Pershing Square Ventures in late 2026 for late-stage private investments.
- Who
- Billionaire investor Bill Ackman and his investment firm, Pershing Square Capital Management.
- What
- Pershing Square reworked its portfolio by selling three holdings, adding six companies and increasing its Microsoft investment.
- Where
- When
- The changes were made this year; Pershing Square USA raised $5 billion last quarter, and the planned private-markets fund is expected in late 2026.
- Why
- The reported reasons included Microsoft’s valuation and software business, Universal Music Group’s rejection of Ackman’s takeover bid, and Hertz’s failure to deliver an expected turnaround.
Ackman’s Investment Rationale
Reported Market Concerns
Microsoft versus Alphabet
Ackman’s Investment Rationale
Ackman increased his Microsoft investment and reportedly favored its valuation and software business despite both companies benefiting from artificial-intelligence growth.
Reported Market Concerns
Alphabet and Microsoft were both described as benefiting from artificial-intelligence growth, making Ackman’s exit from Alphabet a notable portfolio choice.
New large-cap holdings
Ackman’s Investment Rationale
Pershing Square added Intercontinental Exchange, Mastercard, S&P Global and Visa as new holdings.
Reported Market Concerns
The analysis said these large-cap stocks had negative returns in the first half and were not popular choices.
Netflix investment
Ackman’s Investment Rationale
Pershing Square bought more than 13 million Netflix shares, making the position about 5% of the portfolio.
Reported Market Concerns
The analysis noted concerns about Netflix’s growth.
Key facts
- New Pershing Square USA capital
- $5 billion raised last quarter
- Pershing Square USA invested capital
- 95% of the capital had reportedly been invested
- Netflix purchase
- More than 13 million shares worth over $934 million
- Netflix portfolio allocation
- Approximately 5% of the portfolio
- Stocks exited
- Alphabet, Universal Music Group and Hertz Global
- New stock holdings
- Alcon, Intercontinental Exchange, Netflix, Mastercard, S&P Global and Visa
- Planned private fund
- Pershing Square Ventures is expected to launch later in 2026
Sources
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