Bill Ackman is making one of the biggest changes to Pershing Square's investment portfolio in years, adding six new stocks as the hedge fund shifts towards companies capable of delivering durable earnings growth and strong free cash flow amid geopolitical uncertainty and economic challenges.
The new positions are Netflix, Visa, Mastercard, S&P Global, Intercontinental Exchange, and Alcon. The major portfolio overhaul comes after Pershing Square struggled to keep pace with the broader market in 2026.