Bill Ackman's Pershing Square Buys Visa, Mastercard, and S&P Global Stock
Pershing Square Capital Management, led by Bill Ackman, added significant positions in Visa (V), Mastercard (MA), and S&P Global (SPGI) during the second quarter. The fund invested approximately $1.1 billion each into these three stocks, totaling around $3.3 billion at quarter-end — representing about 17% of its U.S. stock portfolio. These investments are notable because they reflect a departure from Ackman's typically concentrated and infrequently updated strategy. Each company generates revenue through fees on transactions or services it does not originate: Visa and Mastercard collect small transaction fees, while S&P Global earns money by rating debt and licensing its financial indices. This model allows them to profit without assuming the underlying credit risk. The purchases highlight Ackman's interest in companies with recurring fee-based business models that benefit from high-volume activity generated elsewhere. The move also underscores a strategic shift as Pershing Square trimmed positions in Alphabet, reduced Amazon holdings, and re-entered Netflix.
Tickers: $AMZN $MA $NFLX $PS $SPGI $UBER
Topics: Bill Ackman Mastercard Pershing Square S&P Global Visa