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Ackman’s Pershing Square USA adds six holdings as shares trade at discount
Pershing Square USA, which raised $5.0 billion in an April IPO, is trading at a 22.0% discount to its portfolio value, an issue Ackman flagged as its biggest challenge.
Bill Ackman disclosed that his Pershing Square USA added six new holdings in the second quarter, including Netflix, Mastercard and Visa, along with Alcon, Intercontinental, and S&P Global, according to a shareholder letter highlighted by Yahoo Finance.
Ackman characterized the moves as a return to value-oriented investing, arguing that several of the businesses are high quality and positioned for longer-term growth. He cited concerns about potential disruption from stablecoins as being overblown for Visa and Mastercard, and said Netflix has effectively won the streaming wars.
For Alcon, Ackman pointed to demographic tailwinds tied to an aging population to support its growth outlook, while he also framed the broader portfolio shift around what he described as growth that can help drive long-term investment value.
Yahoo Finance also noted Pershing’s broader fund activity this year, including the listing of Pershing Square and the launch of Pershing Square USA in an April IPO that raised $5.0 billion. As a closed-end fund with a fixed share count, Pershing Square USA is trading at a 22.0% discount to its portfolio value, which Ackman called its biggest challenge.