S&P Global is a high-quality wide-moat business but slightly overvalued by about 7%.

Pershing Square opened four brand new positions this quarter: Netflix, Visa, Mastercard, and S&P Global.

And what's notable is that each one landed pretty much at 5% of the Pershing Square portfolio. So, this definitely reads as a bit of a rotation into, you know, a cluster of dominant businesses as opposed to Ackman having one big swing this quarter like sometimes he does.

But, one thing to note particularly out of the four new buys is that these are all really wide moat high margin businesses. S&P Global is the gatekeeper of credit ratings with 42% margins last year.

It's just S&P Global that's the outlier with the modeling showing that it is slightly overvalued by about 7%.