Ackman’s Pershing Square takes new stake in Netflix, five more companies

Pershing Square disclosed a new Netflix stake in its latest semiannual filing, signaling renewed conviction after losing more than $400 million on a prior 2022 investment. The hedge fund held 3.15 million NFLX shares as of June 30, equal to 4.9% of its portfolio, and said it believes Netflix has effectively won the streaming wars and can continue compounding revenue at double-digit rates with margin expansion. The filing also showed new positions in Visa, Mastercard, S&P Global, Intercontinental Exchange, and Alcon, while Microsoft and Uber remained Pershing Square’s largest holdings. For Netflix, the disclosure is constructive because it may reinforce investor confidence in the company’s long-term earnings power and valuation, though the article itself does not describe any immediate operating change or price catalyst.