Season Two.
Bill Ackman and Netflix have done this before.
Pershing Square built a major position in the streamer in early 2022, then exited just months later after Netflix’s subscriber slowdown sent the shares sharply lower. The round trip cost the fund more than $400 million.
Roll the credits.
Or so it seemed.
Four years later, Pershing Square’s latest filing arrived with Netflix back in the portfolio — 3.15 million shares, accounting for 4.9% of the fund.
And Netflix wasn’t the only new addition.
The filing revealed five other new positions in Pershing Square’s first public disclosure since its NYSE debut in April — giving us the clearest look yet at where Ackman is putting money now.
Here is the story.⇩
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The Netflix Arc.
The fund expects double-digit revenue growth alongside expanding margins as content costs grow more slowly than revenue. It also argues Netflix NFLX ( ▲ 5.43% ) currently trades at a substantial valuation discount.
And that’s the important difference between 2022 and 2026.
Back then, the subscriber decline raised a much bigger question about whether Netflix’s growth could continue as streaming competition intensified.
→ Four years later, Pershing Square believes that competitive picture has changed enough to revisit the stock.
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The Other Five Positions.
There’s a noticeable pattern in four of the five.
→ Visa V ( ▲ 1.68% ) and Mastercard MA ( ▲ 1.31% ) sit between consumers and trillions of dollars of payments.
→ S&P Global sits deep inside credit markets, benchmarks and financial data.
→ ICE ICE ( ▲ 2.58% ) operates exchanges, clearing houses and market-data businesses.
Different businesses, but they share an attractive characteristic: they occupy infrastructure that other parts of the financial system repeatedly need to use.
Alcon $ALC ( ▲ 1.35% ) , the eye-care company, is the obvious departure from that theme.
And two of these positions — ICE and Alcon — were added after June 30, so the filing itself is already slightly behind Pershing Square’s current portfolio.
Ackman and Ryan Israel offered another clue in their Q2 letter:
“A market focused on artificial intelligence had created opportunities in other stocks.“
That may be the bigger message behind the new portfolio.
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The Existing Top Three↓
Here is Pershing Square’s biggest conviction.
✱ And Microsoft is worth another look.
We covered it yesterday from a very different angle: strong Azure growth, a massive contracted backlog and overwhelming analyst support, all while the stock has lagged its hyperscaler peers.
Ackman started building Pershing Square’s Microsoft position in February 2026, while the shares were under pressure, describing the company as a “core holding” purchased at a “highly compelling valuation.”
Now it’s Pershing Square’s largest disclosed position.
The Scoreboard.
Pershing Square’s new positions tell us where Ackman sees opportunity.
Here’s how the fund has performed so far.
Netflix and several of the other new positions were established during or after the reporting period, so their impact isn’t fully reflected in the fund’s performance since April.
Still, +0.6% is useful context alongside the portfolio changes disclosed this week.
The filing shows where Pershing Square is positioning now. How those positions contribute to returns will become clearer over time.
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