
What smart money is saying about Alcon Inc.
4 funds in our archive have pitched Alcon Inc., most recently Pershing Square Holdings, Ltd. in September 2026.
Alcon Inc. researches, develops, manufactures, distributes, and sells eye care products worldwide. The company operates through two segments, Surgical and Vision Care. It offers equipment, instrumentation and diagnostics, intraocular lenses (IOLs), and other implantables; and consumables, including viscoelastics, surgical solutions, incisional instruments, surgical custom packs, and other products for surgical procedures. The company’s cataract products include Unity CS, LenSx laser system, Verion reference unit and Verion digital marker, ARGOS biometer, SMARTCATARACT health platform, NGENUITY 3D visualization system, LuxOR surgical ophthalmic microscope, and ORA system for intra-operative measurements; ADI cloud-based platform; and implantable products, including monofocal, Toric, and Presbyopia-Correcting IOLs, as well as delivery systems, such as AutonoMe and UltraSert. In addition, it provides Custom Pak surgical procedure packs vitreoretinal products comprising constellation vision systems, procedure packs, lasers and hand-held microsurgical instruments, Grieshaber, MIVS instruments; scissors, forceps and micro-instruments, medical grade vitreous tamponades, and Hypervit probes; and refractive surgery products, including WaveLight and Contoura Vision used for LASIK refractive procedure. Further, the company offers daily disposable, reusable, and color-enhancing contact lenses; ocular health products, such as dry eye, ocular allergies, glaucoma, and contact lens care, as well as ocular vitamins and redness relievers. The company was formerly known as Alcon Universal S.A. and changed its name to Alcon Inc. in December 2001. Alcon Inc. was founded in 1945 and is headquartered in Geneva, Switzerland.
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Fund signal · last 12 months
4 lettersToo few moves on Alcon Inc. yet for a clear signal
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q1 2025 and Q4 2026, 6 fund letters reported a position in Alcon Inc., with 3 buys (opened or added) and 1 sell (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q4 2026 | 1 | 1 | 0 | 0 |
| Q3 2026 | 2 | 1 | 0 | 3 |
| Q2 2026 | 1 | 1 | 0 | 1 |
| Q2 2025 | 1 | 0 | 0 | 0 |
| Q1 2025 | 1 | 0 | 1 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 6 positions · 4 moves
- New positionBeck Mack & OliverOctober 2026
“In our last letter we discussed new investments in Alcon and Sotera, and we look forward to discussing our research efforts in greater detail in our next letter.”
Alcon Inc. - July 2026
“Alcon’s operating performance has been less than stellar.”
Alcon Inc. - New positionBeck Mack & Oliver PortfolioJuly 2026
“We recently added two new investments to our portfolio “buy list.” Alcon (ALC) is a leading eye health business, with a dominant competitive position in cataract surgery machines and a significant share of the attractive, consolidated contact lens market.”
Alcon Inc. - New positionPershing SquareJune 2026
“Alcon and Intercontinental Exchange were initiated subsequent to June 30, 2026, therefore, no share price performance is provided.”
Alcon Inc. - June 2025
“Lastly, growth at Alcon slowed as customers delayed orders ahead of new equipment launches later this year.”
Alcon Inc. - March 2025
“To help fund these additions, we exited our position in Alcon, a medical device company focused on eye care products and solutions for surgical procedures and consumer use, and Intercontinental Exchange (ICE), an operator of securities exchanges and provider of fixed income, data services and mortgage technology solutions.”
Alcon Inc.
Fund coverage · 4 theses
- Pershing Square Holdings, Ltd.September 2026
Alcon is held for 12% to 15% constant-currency EPS growth guidance, margin expansion, and a 17 times earnings multiple, its lowest ever and far below its historical high-20s, with room for multiple expansion.
Read the full thesis Alcon is presented as a leading ophthalmology franchise with strong assets, a defensible oligopoly position, a deep pipeline, and long-term growth drivers despite recent execution disappointments.
Read the full thesis- Beck Mack & Oliver PortfolioJuly 2026
Alcon has leading positions in cataract surgery and contact lenses, with strong pricing power and a valuation that does not reflect its sustainable mid-teens EPS growth.
Read the full thesis - Pershing SquareJune 2026
Alcon has a dominant ophthalmology franchise, attractive recurring revenue, margin expansion potential, and upside from AURN001.
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