Pershing Square, Bill Ackman’s investment firm, has revealed six new shareholdings but none is in the music sector, despite Ackman previously describing Universal Music Group (UMG) as one of the fund’s best investments. The move follows Pershing Square’s complete exit from UMG after its takeover proposal was rejected, marking the end of a five-year relationship with the music company.

The new investments are Visa, Mastercard, Netflix, S&P Global, Intercontinental Exchange and eye-care company Alcon, funded partly through nearly $5 billion raised by Pershing Square USA’s April IPO. Pershing bought about 10% of UMG for roughly $4 billion in 2021, later proposed a deal valuing it at $64 billion, and sold its remaining 80.6 million shares after UMG rejected the offer; UMG repurchased €250 million of shares directly from the fund.