Named six new investments on Tuesday. Thursday's filing could only prove four.

The Action

The 13F-HR for the quarter ended June 30 lists 15 positions worth $19,465,692,772. Four of the six are there: Netflix (13,081,465 shares, $934.0M), Visa ($1.12B), Mastercard ($1.09B), S&P Global ($1.06B). Alcon and Intercontinental Exchange are absent.

The Gap

Two days between the claim and the filing. Four of the six positions are confirmed. The other two cannot be checked by anyone until the next filing lands in November.

The Read

This one is clean, and worth publishing precisely because it is. The letter named six new investments; the filing confirms every one it is capable of confirming. Nothing is hidden and nothing is contradicted.

The interesting part is the two that are missing. Alcon and Intercontinental Exchange do not appear in the 13F because they were bought after the June 30 cutoff, and the letter says so itself, in a footnote: "Alcon and Intercontinental Exchange were initiated subsequent to June 30, 2026." So Ackman is telling the public about two positions roughly three months before any document can verify them. That is more disclosure than the rules demand, which counts in his favour, and it is also a ninety-day window where his word is the only evidence. Both things are true at once. November is when the paperwork catches up, and we will be here.

One note on how this filing was read elsewhere. Several outlets covered it as a "$1.9 billion Alphabet exit." The filings do not support that: Alphabet was already down to a $98.6M residual by the end of March, so the big sale happened in the first quarter, not this one. A second wrinkle for anyone checking our work: the filer is Pershing Square Inc., the listed parent, not Pershing Square Capital Management, which filed a notice this quarter saying its holdings now roll up to the parent. Search the old name and you will find an empty page.