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Bill Ackman's Pershing Square hedge fund has averaged a 20% annual return since 2004. His Pershing Square portfolio is highly concentrated.

Privately owned pre-IPO companies have historically only been available to larger, accredited institutional investors. SpaceX's recent graduation from a private company to a publicly traded one, however, has pushed a particular investor frustration to a turning point.

Ackman has created two new sources of capital to invest in for Pershing Square. He exited several positions last quarter and used the proceeds to invest in new opportunities.

Bill Ackman is accumulating positions in Netflix, Visa, Mastercard, and S&P Global, targeting wide-moat businesses at compressed valuations. Pershing Square views NFLX as having won the streaming wars, with a robust global subscriber base and improving free cash flow; expected EPS compounding is ~19% annually. V and MA are described as financial 'toll roads' with unmatched network effects, high margins, and double-digit EPS growth, both rated with a 10/10 moat score.

Pershing Square USA disclosed a 3.15 million-share Netflix position, about 4.9% of its portfolio as of June 30. The firm sold its previous Netflix stake in April 2022 at a loss of more than $400 million.

Pershing Square Inc. released its first public earnings report. Fee-based growth is strong, but the stock looks overvalued above $40. PS's core funds - PSH, PSUS, and HHH - employ a high-growth, large-cap equity strategy largely in tech and real estate, with recent additions in financials. PSUS now merits a Buy rating due to its quality portfolio and 22% NAV discount.

NEW YORK--(BUSINESS WIRE)--Pershing Square USA, Ltd. (NYSE:PSUS) today released its Semi-Annual Report which includes the Investment Manager's quarterly portfolio review. The report is now available on the PSUS website, https://pershingsquareusa.com/materials/. About Pershing Square USA, Ltd. Pershing Square USA, Ltd. (NYSE:PSUS) is a closed-end management investment company managed by Pershing Square Capital Management, L.P. Category: (PSUS:FinancialReporting).