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Bill Ackman’s Pershing Square has returned to Netflix (NASDAQ: NFLX), establishing a major new position in the streaming company more than four years after exiting a costly investment.
Pershing Square disclosed Wednesday that it owned 3.15 million Netflix shares as of June 30. The position accounted for approximately 4.9% of its investment portfolio, according to the firm’s semiannual report.
The renewed Netflix investment marks a notable reversal for Ackman. Pershing Square invested more than $1 billion in Netflix in early 2022 but sold the entire position only months later, recording a loss exceeding $400 million. The exit followed Netflix’s disclosure of its first subscriber decline in years, which triggered concerns about the streaming company’s growth prospects.
Pershing Square now believes Netflix’s competitive position has improved substantially, declaring that the company has effectively “won the streaming wars.” The investment firm expects Netflix to deliver double-digit revenue growth while benefiting from content expenses rising more slowly than revenue, potentially supporting further margin expansion.
Ackman’s firm also views Netflix’s current valuation as attractive relative to its long-term growth potential.
Beyond Netflix, Pershing Square disclosed new investments in Visa (NYSE: V), Mastercard (NYSE: MA), S&P Global (NYSE: SPGI), Intercontinental Exchange (NYSE: ICE), and Alcon (NYSE: ALC). Its stakes in ICE and Alcon were acquired after June 30.
Microsoft (NASDAQ: MSFT) remained Pershing Square’s largest portfolio holding, with 1.52 million shares representing 12.4% of the portfolio. Uber Technologies (NYSE: UBER) ranked second at 12%, with the firm holding 7.63 million shares. Meta Platforms (NASDAQ: META) was the third-largest investment, totaling 913,501 shares.
The disclosure is Pershing Square’s first report since its U.S. entity began trading on the New York Stock Exchange in late April. The firm reported a 0.6% net portfolio return from its listing date through August 11.
