- Bill Ackman's Pershing Square has taken a new position in Netflix stock, returning to the streaming company after a loss-making investment in 2022, and added five other new positions in the first half of 2026.
- As of June 30, Pershing Square's Netflix stake totaled 3.15 million shares, equal to 4.9% of the firm's portfolio.
- The five additional new positions are in shares of Visa Inc., Mastercard Inc., S&P Global Inc., Intercontinental Exchange Inc., and Alcon AG.
- The stakes in Alcon and Intercontinental Exchange were acquired after June 30.
- On Thursday, Ackman discussed the investments on an analyst call.
- On Friday, the new names will likely show up in 13-F filings, required by the Securities and Exchange Commission.
- Pershing Square's earlier Netflix bet, which began in early 2022 with more than $1 billion committed, ended with losses exceeding $400 million after the streaming company revealed it had shed subscribers for the first time in decades.
- Microsoft Corp. held the top spot in Pershing Square's portfolio, with 1.52 million shares making up 12.4% of the fund's total holdings.
- Uber Technologies Inc. ranked second at 7.63 million shares and 12% of the portfolio.
- Bill Ackman characterized Microsoft as a core holding offered at a highly compelling valuation and said the firm began accumulating the stock in February.
Bill Ackman's Pershing Square has executed its largest portfolio overhaul in years, acquiring new stakes in Netflix, Visa, Mastercard, and three other companies. The fund's renewed investment in Netflix, totaling 3.15 million shares or 4.9% of its portfolio, comes after a previous loss exceeding $400 million in 2022.12710
In a letter to investors, Ackman and Chief Investment Officer Ryan Israel noted that a market focused on artificial intelligence has created opportunities in other stocks. The new positions also include S&P Global, Intercontinental Exchange, and Alcon, with stakes in the latter two acquired after June 30.4
Ackman stated, "Netflix has since effectively won the streaming wars. We expect Netflix to compound revenue at a double-digit growth rate, with content costs growing more slowly than revenue driving continued margin expansion… the company's current valuation multiple represents a substantial discount."
Despite these strategic moves, Pershing Square USA was down 3.5% for the year, while London-listed Pershing Square Holdings was down 9.2%, compared to a 13% gain for the S&P 500. Ackman is expected to discuss these investments on an analyst call later this week.
The new names will likely appear in 13-F filings required by the Securities and Exchange Commission, reflecting ownership stakes in U.S. companies at the end of the previous quarter.6
“The new Netflix stake totals 3.15 million shares, representing 4.9% of Pershing Square's portfolio as of June 30. Ackman also added positions in S&P Global, Intercontinental Exchange, and Alcon, with the latter two acquired after the quarter ended.”
qz.com
