Bill Ackman has added Netflix, Visa and Mastercard to Pershing Square Capital Management’s concentrated equity portfolio, which held 14 names as of June 30. The positions were disclosed in a 13-F filing for the quarter ended June 30 and represent one of the portfolio’s most significant overhauls in years. Pershing Square has generated cumulative net gains of 2,644% since its January 2004 inception through the end of 2025. Netflix traded at a price-to-earnings ratio of 26 after falling roughly 32% over the 12 months through late August, below its five-year average of 36. Visa and Mastercard traded at P/E ratios of about 33; Visa was near its five-year average of 32, while Mastercard was below its five-year average of 37. Ackman is also preparing Pershing Square Ventures, a closed-end evergreen fund that will invest in private and publicly traded companies, with an initial focus on biotechnology and artificial intelligence. The fund is intended to expand retail access to pre-IPO investments and is expected to launch before the end of 2025, potentially as early as this fall, pending U.S. Securities and Exchange Commission filings.