Bill Ackman‘s Pershing Square unveiled the latest changes to the hedge fund on Friday, including the newly announced re-entry into Netflix Inc (NASDAQ:NFLX).

New Positions

Pershing Square unveiled several new positions in the second quarter, which ended June 30, 2026. Here’s a look at the changes to the portfolio compared to first quarter.

  • Netflix Inc (NASDAQ:NFLX): Add 13,081,465 shares
  • Mastercard (NYSE:MA): Add 2,124,646 shares
  • Visa Inc (NYSE:V): Add 3,270,470 shares
  • S&P Global Inc (NYSE:SPGI): Add 2,593,155 shares
  • Pershing Square USA (NYSE:PSUS): Add 4,000,000 shares

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Exited Positions

In the second quarter, Pershing Square exited positions in the following stocks:

Portfolio Changes

The second-quarter 13F showed changes in the existing stocks held by Pershing Square. Here are the top decreases in stakes by Pershing Square in the second quarter, by percentage.

Here are the top additions in the second quarter by percentage:

Top Holdings

At the end of the second quarter, these were the largest stock holdings in the Pershing Square portfolio and their valuation at the time:

  • Uber: $2.48 billion
  • Brookfield: $2.45 billion
  • Microsoft: $2.32 billion
  • Amazon: $2.04 billion
  • Howard Hughes: $1.99 billion
  • Restaurant Brands: $1.87 billion
  • Meta Platforms: $1.80 billion
  • Visa: $1.12 billion
  • Mastercard: $1.09 billion
  • S&P Global: $1.06 billion
  • Netflix: $934 million

New stakes in Visa, Mastercard and S&P Global all landed in the top 10 to end the quarter. Ackman’s Magnificent Seven exposure went in two directions: he added to Microsoft and Meta, both top-10 holdings, while cutting Amazon and exiting Alphabet’s Class A and Class C shares outright. Amazon is still a top-five position.

Photo courtesy: T. Schneider / Shutterstock.com

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