Pershing Square exits Alphabet, adds Netflix, Visa, Mastercard in Q2
Pershing Square's Q2 13F filing reveals a complete exit from Alphabet and new investments in Netflix, Visa, Mastercard, S&P Global, and Pershing Square USA. The fund increased its largest holding, Uber, by 14.6% and boosted its Meta Platforms stake by 20.1%, while reducing its Amazon position by 25.2%.
*this image is generated using AI for illustrative purposes only.
Bill Ackman’s Pershing Square Capital Management completed a full exit from Alphabet Inc (NASDAQ: GOOG, GOOGL) during the second quarter ended June 30, 2026, according to the latest Form 13F filing. The hedge fund simultaneously initiated five new positions, including a substantial entry into Netflix Inc (NASDAQ: NFLX), adding 13,081,465 shares.
The portfolio reshuffle signals a strategic rotation away from certain large-cap technology names toward financial services and consumer discretionary sectors. Pershing Square added stakes in Visa Inc (NYSE: V), Mastercard (NYSE: MA), and S&P Global Inc (NYSE: SPGI), all of which entered the top 10 holdings by quarter-end. The fund also added 4,000,000 shares of its own listed vehicle, Pershing Square USA (NYSE: PSUS).
Portfolio Adjustments
The second-quarter filing revealed significant percentage changes in existing holdings. Meta Platforms (NASDAQ: META) saw the largest increase among existing positions, rising 20.1%, followed by Uber Technologies (NYSE: UBER) at 14.6% and Restaurant Brands International (NYSE: QSR) at 14.0%. Microsoft Corporation (NASDAQ: MSFT) stake grew by 9.8%.
Conversely, the fund reduced its exposure to Amazon.com Inc (NASDAQ: AMZN) by 25.2%, Brookfield Corp (NYSE: BN) by 3.7%, and Hertz Global Holdings (NASDAQ: HTZ) by 1.6%. Despite the reduction, Amazon remained a top-five holding.
Top Holdings
At the end of the second quarter, Uber was the largest position in the Pershing Square portfolio valued at $2.48 billion. Brookfield followed closely at $2.45 billion, with Microsoft at $2.32 billion. The new entries in Visa ($1.12 billion), Mastercard ($1.09 billion), and S&P Global ($1.06 billion) immediately secured spots in the top 10.
| Holding | Value |
|---|---|
| Uber | $2.48 billion |
| Brookfield | $2.45 billion |
| Microsoft | $2.32 billion |
| Amazon | $2.04 billion |
| Howard Hughes | $1.99 billion |
| Restaurant Brands | $1.87 billion |
| Meta Platforms | $1.80 billion |
| Visa | $1.12 billion |
| Mastercard | $1.09 billion |
| S&P Global | $1.06 billion |
| Netflix | $934 million |
What the Numbers Show
The data highlights a divergence in Ackman’s approach to the "Magnificent Seven" tech stocks. While the fund exited Alphabet entirely and cut Amazon, it increased exposure to Microsoft and Meta. This selective engagement suggests a company-specific valuation view rather than a broad sector bet. Additionally, the addition of high-margin financial networks like Visa and Mastercard, alongside the new Netflix stake, points to a focus on businesses with strong cash flow generation potential, as evidenced by these positions quickly becoming top-10 holdings.
How might Pershing Square's full exit from Alphabet signal a broader shift in institutional sentiment toward search and advertising giants amidst rising AI infrastructure costs?
What specific valuation metrics or competitive advantages led Ackman to favor Netflix's streaming model over other consumer discretionary peers in this rotation?
Could the simultaneous increase in stakes in Visa, Mastercard, and S&P Global indicate a hedge against economic volatility by targeting companies with pricing power and essential service flows?
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