Bill Ackman’s Pershing Square Adds Six New Stock Bets

Bill Ackman added six new stocks to Pershing Square’s portfolio last quarter after what Business Insider described as a summer stock market roller coaster. The moves came as Ackman said AI-driven gains year to date had created a “highly attractive environment” to deploy capital in other parts of the market. While Pershing Square had already added Microsoft as a major AI winner, the newer additions are described as less focused on Big Tech.

The new positions named in the report are Visa, Mastercard, Intercontinental Exchange, Netflix, S&P Global, and Alcon. Their tickers were listed as V, MA, ICE, NFLX, SPGI, and ALC. The article reported year-to-date returns of +3% for Visa, -2% for Mastercard, -6% for ICE, -18% for Netflix, -17% for S&P Global, and -8% for Alcon.

Ackman said Pershing Square looks for investments that are “simple, predictable, and free cash flow-generative,” with strong competitive positions, minimal financial leverage and capital markets dependency, and excellent management teams. That framework helps explain the mix: payments networks, exchange infrastructure, streaming, market intelligence, and eye care. The additions sit alongside existing positions in companies including Microsoft, Uber, Amazon, and Meta.

The list is useful as a watchlist, not a standalone buy signal. Readers should compare each company against the criteria Ackman highlighted: predictability, free cash flow generation, competitive strength, leverage, and management quality. The broader takeaway is that Pershing Square is finding opportunities outside the most obvious Big Tech AI trades while still factoring AI’s market impact into its thinking.