Bill Ackman's Pershing Square Capital Management disclosed six new equity positions in its semiannual report released August 13, marking the firm's most sweeping portfolio expansion in recent years. The new stakes include Visa, Mastercard, S&P Global, Netflix, Intercontinental Exchange, and Alcon — acquired during the second quarter across Pershing Square's funds, including the newly listed Pershing Square USA.
Ackman characterized the purchases as opportunities created by market dislocation in the first half of 2026, allowing him to build positions at prices he believes are well below intrinsic value. The announcement delivered an immediate sentiment boost: S&P Global rose 3.07% on August 13, while Visa gained 1.68% the same day.
The three financial-sector picks illustrate sharply different price contexts. S&P Global trades roughly 28% below its high, with the stock down 26.6% over the past year versus a 20.2% gain for the S&P 500. In 2026 alone, shares have fallen nearly 21.5% while the broader index advanced 13.2%. The company's market capitalization sits around $120.9 billion, with annual revenue of $15.34 billion and net profit of $4.47 billion. Wall Street's mean price target of $524.48 implies roughly 28% upside from current levels, though a "Strong Sell" rating has appeared among the 19 analysts covering the stock where none existed three months ago.