Billionaire investor Invoice Ackman has been busy placing billions of {dollars} to work after finishing one of many greatest milestones within the historical past of Pershing Sq..
In its second-quarter replace, Pershing Sq. highlighted the $5 billion preliminary public providing of PSUS, the New York Inventory Trade itemizing of Pershing Sq. USA, Ltd. (PSUS), and the deployment of the brand new fund’s capital.
“In abstract, it was a extremely productive few months since our IPO,” Ackman stated in a shareholder letter.
Pershing Sq. has deployed greater than 95% of PSUS’s capital throughout 14 investments. That features six new positions: Visa (V), Mastercard (MA), Intercontinental Trade (ICE), Netflix (NFLX), Alcon (ALC), and S&P World (SPGI).
“They’re easy, predictable, and free money flow-generative, with sturdy aggressive positions, minimal monetary leverage and capital markets dependency, and are run by wonderful administration groups,” Ackman stated in regards to the corporations he invested in.
Invoice Ackman’s 14 holdings as of Q2 2026
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Uber Applied sciences (UBER) | 12.72% | $2,476.98 million
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Brookfield Company (BN) | 12.58% | $2,448.12 million
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Microsoft (MSFT) | 11.89% | $2,315.23 million
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Amazon (AMZN) | 10.49% | $2,041.11 million
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Howard Hughes Holdings (HHH) | 10.23% | $1,991.14 million
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Restaurant Manufacturers Worldwide (QSR) | 9.62% | $1,872.30 million
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Meta Platforms (META) | 9.25% | $1,800.31 million
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Visa (V) | 5.76% | $1,122.07 million
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Mastercard (MA) | 5.61% | $1,091.22 million
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S&P World (SPGI) | 5.43% | $1,056.09 million
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Netflix (NFLX) | 4.80% | $934.02 million
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Pershing Sq. USA (PSUS) | 0.77% | $149.52 million
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Seaport Leisure Group (SEG) | 0.69% | $133.63 million
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Hertz World Holdings (HTZ) | 0.17% | $33.96 million
Ackman sees alternative past the AI commerce
Ackman additionally pointed to an more and more concentrated inventory market as a supply of funding alternatives.
The S&P 500 gained roughly 10% in the course of the first six months of the yr, however Ackman famous that almost 85% of these positive aspects got here from simply two sectors: semiconductors and expertise {hardware} and gear.
Associated: Cathie Wooden buys $16.2 million of common semiconductor inventory
These two sectors signify about 22% of the S&P 500’s market capitalization however solely 8% of its corporations.
In the meantime, Ackman famous greater than 90% of S&P 500 corporations collectively accounted for lower than 2% of the index’s total return, in line with Pershing Sq.. Almost 40% of the businesses within the index posted unfavorable share-price efficiency.
For Ackman, that hole created a chance. He stated the market backdrop allowed Pershing Sq. to deploy almost $5 billion of PSUS capital for the reason that IPO at what it considers engaging valuations.
