Bill Ackman’s Pershing Square disclosed a new stake in Visa on August 13, 2026. The acquisition anchors the firm’s most significant portfolio overhaul in several years. Pershing Square began buying shares in the second quarter for funds including the newly listed Pershing Square USA.
The firm also initiated positions in Netflix, Mastercard, Alcon, Intercontinental Exchange, and S&P Global. Ackman expects these companies to deliver substantial earnings growth. He identifies future earnings as the primary driver of investment value.