New Delhi, Aug. 23 -- Notwithstanding his long-term buy-and-hold strategy billionaire Bill Ackman has made major changes to his investment fund Pershing Square's portfolio this year, according to an analysis by the Motley Fool.

Ackman raised $5 billion for Pershing Square USA last quarter, launched in April, the plan is for the new fund to match portfolios with the flagship fund Pershing Square Holdings. The investor said that 95% of the capital has already been invested, the report added.

As per the report, Ackman fully exited three prominent companies - Alphabet (Google parent), Universal Music Group (UMG) and Hertz Global (car rental company).

The report noted that Ackman has added six companies to his portfolio - Alcon, Intercontin...