Pershing Square Returns to Netflix, Builds Six New Positions in First Half of 2026

Bill Ackman's Hedge Fund Discloses Major Portfolio Moves, Including a Return to Netflix

Bill Ackman's Pershing Square Inc. revealed on Wednesday that it has re-entered a position in Netflix (NFLX) and established five additional new holdings during the first six months of 2026 — a significant reshuffling of the fund's portfolio that signals where the firm sees value in the current market environment.

A High-Profile Return to Netflix

The most closely watched element of the disclosure is undoubtedly Pershing Square's return to Netflix. As of June 30, the fund held 3.15 million shares of the streaming giant, representing 4.9% of its total portfolio.

This marks a notable reversal from the firm's prior experience with the stock. Back in early 2022, Pershing Square committed over $1 billion to Netflix, only to exit the position with losses exceeding $400 million after the company reported its first subscriber decline in decades — a shock that sent shares tumbling.

Despite that painful episode, Pershing Square's outlook on Netflix has clearly shifted. In a second-quarter letter to investors, CEO Bill Ackman and Chief Investment Officer Ryan Israel argued that the market's intense focus on artificial intelligence has created overlooked opportunities in other companies — Netflix apparently among them.

"Netflix has since effectively won the streaming wars," the firm stated. Pershing Square expressed confidence in Netflix's growth trajectory, projecting double-digit revenue growth with content costs rising at a slower pace — a dynamic the firm believes will drive ongoing margin expansion. The firm also characterized Netflix's current valuation as representing "a substantial discount."

Five More New Additions to the Portfolio

Beyond Netflix, Pershing Square disclosed new positions in five other companies:

• Visa Inc. (V)
• Mastercard Inc. (MA)
• S&P Global Inc.
• Intercontinental Exchange Inc.
• Alcon AG (ALC)

It's worth noting that the stakes in Alcon and Intercontinental Exchange were established after June 30, meaning those positions are more recent than the other new additions.

The clustering of Visa and Mastercard — two dominant payment network operators — alongside S&P Global and Intercontinental Exchange suggests an interest in financial infrastructure businesses that generate durable fee-based revenues regardless of broader economic conditions.

Microsoft Remains the Fund's Largest Holding

Despite the flurry of new positions, Microsoft Corp. (MSFT) still commands the top spot in Pershing Square's portfolio. The fund holds 1.52 million shares, accounting for 12.4% of total assets.

Ackman had previously made the case for Microsoft publicly, arguing that the market had underestimated the software giant's potential to monetize artificial intelligence across its product ecosystem. He described the position as a "core holding" at a "highly compelling valuation" and noted that the fund began accumulating shares in February, when the stock was under pressure following weaker-than-expected fourth-quarter earnings.

Uber Technologies Inc. ranked second in the portfolio with 7.63 million shares at 12% of holdings, while Meta Platforms Inc. came in third at 913,501 shares.

Context: Pershing Square's U.S. Public Listing

This portfolio disclosure carries added significance as it represents the fund's first public filing since Pershing Square USA Ltd. — the firm's U.S. entity — made its debut on the New York Stock Exchange in late April. Since that listing date through August 11, the portfolio has generated a net return of 0.6%.

What to Watch Going Forward

Investors and analysts will be watching several developments in the months ahead. Netflix's upcoming earnings reports will be a key test of Pershing Square's thesis around revenue growth and margin expansion. The fund's newer positions in Alcon and Intercontinental Exchange — established after the reporting period — will also draw attention as more details emerge.

More broadly, Ackman's argument that AI market enthusiasm has created pricing inefficiencies in non-AI stocks is a thesis that will play out over time, and Pershing Square's portfolio moves offer a concrete window into how that view is being translated into actual capital allocation decisions.