According to the latest 13F filing, Pershing Square Capital Management completely exited its Google (Alphabet) position in the second quarter, a position that had been reduced to just 0.8% of its $13.7 billion portfolio at the end of the first quarter. Meanwhile, Pershing Square established new positions in Visa, Mastercard, S&P Global, and Netflix, totaling approximately $4.2 billion. Among these, the combined holdings in the three financial services companies—Visa, Mastercard, and S&P Global—amounted to $3.27 billion, representing 16.8% of the portfolio, even surpassing its largest holding, Uber, at $2.48 billion. Ackman described the new companies in his letter to shareholders as "simple, predictable, free-cash-flow-generative," reflecting a shift in his investment strategy from capital-intensive tech giants to businesses that emphasize network effects and brand value.