$PS

Bill Ackman's Pershing Square (PS) bought a $1B stake in Netflix (NFLX) in 2024, years after exiting in 2022. Ackman initially invested $1.25B in early 2022, citing Netflix's competitive advantages, but sold after the company introduced an ad-supported tier, reducing predictability. Netflix's earnings per share grew 27% since 2022, and Ackman now sees steady margin expansion and share repurchases.

Bill Ackman's Pershing Square Capital Management has significant investments in Microsoft (11.89%) and Amazon (10.49%), focusing on AI and cloud growth. Microsoft reported Q4 FY2026 revenue of $90B (+18% YoY), with cloud revenue up 27%. Amazon's Q2 sales grew 20% YoY to $200.6B, with AWS cloud revenue up 37%. Both companies are leveraging AI to boost cloud sales.

Bill Ackman's Pershing Square hedge fund has averaged a 20% gross annual return since 2004. The firm's public fund, Pershing Square USA (PSUS), has declined 21% since its April IPO. Ackman plans to launch Pershing Square Ventures, targeting pre-IPO and high-growth companies with lower fees. The fund's top holdings include Microsoft, Uber, and Meta.

Bill Ackman's Pershing Square has 44.4% of its $19.5B portfolio in Uber (UBER), Microsoft (MSFT), Amazon (AMZN), and Meta (META), focusing on AI applications. These companies have strong market positions and attractive valuations, according to Ackman.

Bill Ackman's Pershing Square Capital Management sold its Alphabet stake and increased its Microsoft (MSFT) position to $2.3 billion, making it the largest AI holding. Microsoft reported Q4 revenue of $90 billion, net income of $35.76 billion, and positive free cash flow. Pershing cited Microsoft's software suite, Azure growth, and AI investments as reasons for its bullish stance.

Pershing Square Capital Management disclosed a $1.12B stake in Visa (5.4% of portfolio) and new positions in Mastercard and S&P Global, totaling $3B. Visa reported Q3 2026 revenue of $11.6B (+14% YoY) and EPS up 11%. The company is expanding into AI-driven commerce and stablecoin infrastructure.

Bill Ackman's Pershing Square raised $5B for a new fund, PSUSA, investing 95% of it. Ackman exited Alphabet, Universal Music Group, and Hertz, adding Visa, Mastercard, Netflix, S&P Global, Intercontinental Exchange, and Alcon. He also plans a private investment fund, Pershing Square Ventures, to gain insights into tech and private companies.

William A. Ackman, an insider of Pershing Square (PS), gifted 10 million shares to The Ackman Oxman Institute, a charity he and his spouse oversee. The shares were transferred for no consideration and are subject to the same lock-up restrictions as Ackman's initial public offering agreement. Ackman retains indirect holdings through various entities and disclaims beneficial ownership of the gifted shares.

Netflix (NFLX) shares rose after Bill Ackman's Pershing Square disclosed a 3.15 million-share stake, representing 4.9% of its portfolio. Pershing Square cited Netflix's dominant position in streaming and discounted valuation. Netflix's Q2 revenue grew 13.4% YoY to $12.56 billion, with a 33.4% operating margin. The stock has a Buy consensus rating with an average price target of $91.62.

Bill Ackman has significantly altered Pershing Square's (PSH) portfolio, with seven new purchases and four sales this year, an unusual level of turnover. Analysts are divided on whether these changes will improve performance or reduce the fund's distinctiveness.