Billionaire investor Bill Ackman has been busy putting billions of dollars to work after completing one of the biggest milestones in the history of Pershing Square.
In its second-quarter update, Pershing Square highlighted the $5 billion initial public offering of PSUS, the New York Stock Exchange listing of Pershing Square USA, Ltd. (PSUS), and the deployment of the new fund’s capital.
“In summary, it was a highly productive few months since our IPO,” Ackman said in a shareholder letter.
Pershing Square has deployed more than 95% of PSUS’s capital across 14 investments. That includes six new positions: Visa (V), Mastercard (MA), Intercontinental Exchange (ICE), Netflix (NFLX), Alcon (ALC), and S&P Global (SPGI).
“They are simple, predictable, and free cash flow-generative, with strong competitive positions, minimal financial leverage and capital markets dependency, and are run by excellent management teams,” Ackman said about the companies he invested in.
Bill Ackman’s 14 holdings as of Q2 2026
Uber Technologies (UBER) | 12.72% | $2,476.98 million
Brookfield Corporation (BN) | 12.58% | $2,448.12 million
Microsoft (MSFT) | 11.89% | $2,315.23 million
Amazon (AMZN) | 10.49% | $2,041.11 million
Howard Hughes Holdings (HHH) | 10.23% | $1,991.14 million
Restaurant Brands International (QSR) | 9.62% | $1,872.30 million
Meta Platforms (META) | 9.25% | $1,800.31 million
Visa (V) | 5.76% | $1,122.07 million
Mastercard (MA) | 5.61% | $1,091.22 million
S&P Global (SPGI) | 5.43% | $1,056.09 million
Netflix (NFLX) | 4.80% | $934.02 million
Pershing Square USA (PSUS) | 0.77% | $149.52 million
Seaport Entertainment Group (SEG) | 0.69% | $133.63 million
Hertz Global Holdings (HTZ) | 0.17% | $33.96 million
Ackman sees opportunity beyond the AI trade
Ackman also pointed to an increasingly concentrated stock market as a source of investment opportunities.
The S&P 500 gained…
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