Bill Ackman's Pershing Square disclosed six new equity positions: Netflix, Visa, Mastercard, S&P Global, Intercontinental Exchange, and Alcon. The move represents one of the largest portfolio reshuffles Pershing Square has executed in years. Ackman is known for running a concentrated book, so six simultaneous additions is a meaningful shift in his conviction set.
When a high-profile concentrated fund takes six new positions at once, it can move prices in those names as other investors follow the signal. Visa, Mastercard, and S&P Global are large-cap financial stocks with broad index exposure, so any price appreciation ripples into funds holding those benchmarks. Netflix is the specific name most likely to see a near-term pop as retail and institutional traders react to the filing.
Next 13F filing window: Pershing Square's next quarterly disclosure is due mid-August 2025 for Q2 positions. Netflix Q2 earnings: July 2025. Visa and Mastercard Q3 earnings: late July 2025.
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