Bill Ackman's Rare Major Stock Swap: What's Behind Pershing Square's Latest Moves?

Bill Ackman, founder and CEO of Pershing Square Capital Management, continues to draw market attention for his exceptional investment acumen. Known for his 'highly concentrated' investment strategy, Ackman has made a rare and significant portfolio shift in his latest 13-F filing as of June 30, 2026.

The disclosed holdings reveal a portfolio consisting of just 14 stocks. Top holdings include Uber (UBER-US, $2.5 billion), Microsoft (MSFT-US, $2.3 billion), Amazon (AMZN-US, $2.0 billion), and Howard Hughes Holdings (HHH-US, $2.0 billion). The most notable recent move is Pershing Square's entry into and increased positions in three major players: Netflix (NFLX-US), Visa (V-US), and Mastercard (MA-US).

According to The Motley Fool, Ackman added Netflix to the portfolio (valued at approximately $934 million, ranked 11th) primarily due to its highly attractive valuation. As of August 25, 2026, Netflix's stock price had declined by about 32% over the past year. Its price-to-earnings (P/E) ratio has dropped to 26x, well below its five-year average of 36x, indicating the stock is undervalued.

Although Netflix's growth has slowed due to its large scale and unprecedented competitive pressures, its international expansion remains a strong growth driver.

Beyond streaming, Ackman has made a major push into fintech by purchasing shares in both Visa ($1.1 billion, 8th) and Mastercard ($1.1 billion, 9th). Both companies have delivered remarkable historical performance, averaging nearly 22% annual returns over the past 15 years.

In terms of valuation, Visa trades at a P/E of 33x, close to its five-year average of 32x, with its stock up 17% over the past year—reflecting reasonable pricing. Mastercard also has a P/E of 33x, slightly below its five-year average of 37x, and its stock rose only 1.6% in the past year, making it particularly attractive.

Ackman believes both giants will continue growing as electronic transactions become more widespread. While the rise of cryptocurrencies poses a potential threat and their high market share may attract stricter regulatory scrutiny, their dominant industry positions make them excellent long-term investments.

According to Pershing Square's data, from its inception in January 2004 through the end of 2025, the fund achieved a cumulative net return of 2,644%, equivalent to an annualized return of approximately 16%, significantly outperforming the broader market's average of about 11% over the same period. This strong performance has boosted Ackman's personal wealth, with his net worth recently reaching $8.9 billion.