Pershing Square Deploys 95% of PSUS IPO Capital into 14 Investments
Pershing Square USA’s second-quarter update reveals new stakes in Visa, Netflix, and S&P Global, alongside a strategic pivot to a Berkshire Hathaway-style long-term model.
Billionaire investor Bill Ackman has deployed more than 95% of the capital raised from Pershing Square USA’s (PSUS) $5 billion initial public offering into 14 distinct investments during the second quarter. The fund, which listed on the New York Stock Exchange on 12 August, reported an earnings beat for its first full quarter as a public company, signalling a robust start to its new era.
Pershing Square established six new positions in Visa, Mastercard, Intercontinental Exchange, Netflix, Alcon, and S&P Global. Ackman described these holdings as simple, predictable, and free cash flow-generative businesses with strong competitive moats, minimal financial leverage, and excellent management teams. These additions join top existing holdings including Uber Technologies, Brookfield Corporation, Microsoft, Amazon, and Howard Hughes Holdings.
The deployment strategy is driven by Ackman’s assessment of market inefficiencies within the S&P 500. He noted that nearly 85% of the index’s gains in the first six months of 2026 originated from just two sectors: semiconductors and technology hardware and equipment. These sectors represent approximately 22% of the index’s market capitalisation but only 8% of its constituent companies.
Conversely, Ackman highlighted that more than 90% of S&P 500 companies collectively accounted for less than 2% of the index’s overall return, with nearly 40% of firms posting negative share-price performance. This concentration of gains in a narrow band of stocks created what Pershing Square identified as opportunities to acquire other companies at attractive valuations.
Looking ahead, Pershing Square aims to generate gross annual returns above 20% across the funds and companies it manages. To broaden access to its investment philosophy, the firm is launching Pershing Square Ventures, which will seed private investment opportunities for public investors using its balance sheet. This move underscores Ackman’s 2022 pivot from activist short-selling to a long-term, shareholder-oriented model inspired by Warren Buffett’s Berkshire Hathaway.
