Overview
- The Aug. 28 13‑F filing confirms Pershing Square now holds 14 stocks and shows Netflix sized at about $934 million while Visa and Mastercard are each roughly $1.1 billion.
- Those additions deepen a highly concentrated portfolio whose largest reported stakes remain Uber, Microsoft and Amazon.
- Pershing’s move leans on valuation: Netflix is down about 32% year-over-year and trades near a P/E of 26 versus a five-year average near 36, and third-party screens cited in coverage flag a potential intrinsic-value gap.
- The investment case for Netflix centers on ad-tier monetization, subscriber trends and a large buyback program as the near-term catalysts that could validate the position.
- Visa and Mastercard are viewed as secular beneficiaries of electronic payments growth but face emerging crypto competition and the prospect of heightened regulatory scrutiny that could test Pershing Square’s thesis.