Overview
- Pershing Square disclosed in its semiannual report Thursday that it bought 3.15 million Netflix shares, a position that represents roughly 4.9% of the fund’s portfolio.
- The filing frames Netflix as the winner of the streaming market and projects double‑digit revenue compounding driven by an expanding ad-supported tier and slower growth in content costs.
- The report also revealed new stakes in Visa, Mastercard, S&P Global, Intercontinental Exchange and Alcon as part of the largest portfolio reshuffle Ackman has made in years.
- Markets reacted to the disclosure with Netflix shares rising as much as about 4.7%, and the fund’s largest holdings remain Microsoft (≈12.4% of the portfolio) and Uber (≈12%).
- The move reverses Pershing Square’s 2022 exit from Netflix that realized a loss of more than $400 million, and investors will watch company guidance, recent insider sales, and ad‑revenue traction (management projects roughly $3 billion for 2026) for signs the thesis is durable.