India, Aug. 23 -- Bill Ackman is making a big shift in his investment portfolio in 2026. The billionaire investor, who runs Pershing Square, has made several major changes to his holdings this year. His strategy is usually focused on buying companies and holding them for years, but the recent moves show he is finding new opportunities outside the AI boom.

Ackman raised $5 billion for a new fund called Pershing Square USA. The closed-end fund was launched to make it easier for US investors to invest alongside Ackman. Its portfolio is expected to closely follow the older Pershing Square Holdings fund.

Almost all of that new money is already invested. Ackman said Pershing Square USA had invested about 95% of the $5 billion raised since its...