Pershing Square discloses equal $1.1 billion positions in three payment and data firms trading at divergent valuations.
Billionaire investor Bill Ackman’s Pershing Square disclosed $1.1 billion stakes in S&P Global, Visa, and Mastercard in its second-quarter 13F filing. The positions mark a new bet on three businesses that collect fees without taking lending risk, though their recent stock performance has diverged sharply.
S&P Global closed Friday at $418.80, 28% below its 52-week high of $579.05. Visa and Mastercard ended the same session just 3% and 5% below their highs, respectively. S&P Global’s decline partly reflects a July 1 spin-off of its Mobility division, which trades near $20 per share. Adjusting for the spin-off, the stock is down about 24% from its peak.
All three companies generate revenue from transaction-based fees—card payments for Visa and Mastercard, and debt ratings and index licensing for S&P Global. The gap in valuations has raised questions about whether S&P Global’s underperformance reflects a broader rerating of its earnings multiple.