Pershing Square Capital Management, led by Bill Ackman (Trades, Portfolio), has disclosed a new stake in Netflix (NASDAQ: NFLX), marking a return to the streaming giant after a costly exit in 2022.
The investment totals 3.15 million shares, representing 4.9% of Pershing Square’s overall portfolio as of June 30.
Ackman’s decision to re-enter Netflix reverses his earlier move to sell the position after the company reported a decline in subscribers, a period that proved expensive for the fund.
Netflix shares jumped 4% on Thursday following the disclosure, which was included in a six-month financial report released by Pershing Square.
Shares had closed Wednesday at $74.21, down 0.78%, before the report triggered renewed investor interest in the stock.
Pershing Square stated that Netflix now occupies a more favorable position in the streaming market, citing expectations for double-digit revenue growth over time.
The firm also identified potential for operating margins to expand as content spending grows at a slower pace than overall sales, a dynamic it views as structurally positive.
Netflix was one of six new positions disclosed by Pershing Square for the period, alongside Visa (V), Mastercard (MA), S&P Global (SPGI), Intercontinental Exchange (ICE), and Alcon (ALC).
Microsoft (MSFT) remained the fund’s single largest holding at 1.52 million shares, with Uber Technologies (UBER) close behind at 7.63 million shares.
Meta Platforms (META) ranked third in the portfolio with 913,501 shares, rounding out Pershing Square’s top three positions by share count.
Ackman’s return to Netflix signals renewed confidence in the company’s long-term business model at a time when streaming competition remains intense across the broader media landscape.
The move will be closely watched by institutional investors, given Ackman’s track record of taking high-conviction positions in companies he views as structurally dominant within their industries.
