Bill Ackman is betting on Netflix again, four years after Pershing Square exited a billion-dollar investment in the streaming company with losses exceeding $400 million. The return to Netflix is part of a much bigger move: Ackman has unveiled six new investments in one of Pershing Square’s largest portfolio overhauls in years.
The new investments include Netflix, Visa, Mastercard, S&P Global, Intercontinental Exchange (ICE) and Alcon. Ackman began acquiring the shares during the second quarter of 2026, while the ICE and Alcon positions were added after June 30.
Why Bill Ackman is buying Netflix again
As of June 30, Pershing Square owned approximately 3.15 million Netflix shares, representing about 4.9% of its portfolio.
The investment is notable because Ackman made a costly exit from Netflix in 2022. Pershing Square had invested more than $1 billion before Netflix reported a surprise subscriber decline. Ackman quickly sold and lost more than $400 million.
His view has changed substantially. Pershing Square now believes Netflix has effectively “won the streaming wars” and can continue generating double-digit revenue growth while expanding margins as content costs grow more slowly than revenue.
Investors can examine the reasoning in the Pershing Square Holdings June 2026 interim report.
Netflix’s lower valuation changes the equation
Price is another major part of Ackman’s renewed thesis. Netflix shares were down roughly 35% over the previous year and about 15% in 2026 around the time of the disclosure. Its forward earnings multiple had fallen from above 40 times to around 21 times.
Netflix is also showing signs of slower growth. Second-quarter revenue increased 13.4%, compared with 17.2% a year earlier, while its third-quarter outlook implied growth of approximately 11.7%.
That makes monetization increasingly important. Netflix has more than 325 million memberships, and future earnings growth could depend more heavily on advertising, pricing, margin expansion and extracting greater value from its existing audience.
The tension between growth and valuation has already influenced sentiment, as seen when Netflix stock reacted to earnings guidance despite continued revenue growth.
There are still risks to Ackman’s Netflix bet
Streaming has matured, and Netflix is competing for attention not only with Disney+, HBO Max and other streaming services but also with YouTube, gaming and social media.
YouTube accounted for about 12.6% of U.S. viewing time in 2025, compared with roughly 8.3% for Netflix, according to figures cited around the investment debate. Daily viewing per Netflix member was also reported to have fallen about 7% to around one hour and 33 minutes.
Weaker engagement could eventually limit Netflix’s ability to raise prices or increase advertising. Investors therefore need to watch revenue growth, viewing engagement, operating margins, advertising revenue, content spending and free cash flow rather than treating Ackman’s purchase itself as a reason to buy NFLX.
Why Visa, Mastercard, S&P Global, ICE and Alcon matter
The other five investments show that Pershing Square’s strategy extends well beyond Netflix.
Visa and Mastercard give Ackman exposure to global digital payments. Their established networks continue benefiting from the long-term shift away from cash, although emerging payment technologies such as stablecoins create a new competitive question.
S&P Global provides financial data, ratings and indices, while Intercontinental Exchange operates exchanges, clearing and data businesses and owns the New York Stock Exchange. Both fit Ackman’s preference for businesses with established market positions.
Alcon adds healthcare exposure through eye-care products, surgical equipment and vision-care products.
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Microsoft, Uber and Meta remain major holdings
The overhaul comes on top of Ackman’s existing concentrated portfolio. At June 30, Microsoft was the largest position, with about 1.52 million shares representing 12.4% of the portfolio.
Uber ranked second with approximately 7.63 million shares and a 12% weighting, while Pershing Square also held 913,501 Meta Platforms shares. Other investments include Amazon, Fannie Mae and Freddie Mac.
Ackman added Microsoft earlier in 2026 after weakness following earnings, arguing that investors were underestimating its potential gains from AI. That investment fits a broader valuation debate around the company, with Microsoft stock previously coming under pressure despite strong Azure growth and continued AI expansion.
Why this portfolio overhaul matters now
The new investments arrive during a challenging period for Ackman’s funds. Through July, Pershing Square USA was down about 3.5% for the year, while London-listed Pershing Square Holdings was down approximately 9.2%, compared with roughly a 10% total return for the S&P 500.
That puts greater importance on the six new holdings. Ackman is effectively betting that established businesses with strong competitive positions can deliver earnings growth even as much of Wall Street remains focused on AI.
Netflix will be the most closely watched. Ackman’s return does not erase his $400 million-plus loss in 2022, nor does it guarantee his second attempt will succeed. What has changed is the investment equation: Netflix is larger and more profitable, its growth is slower, its valuation has fallen, and Pershing Square believes advertising and margin expansion can drive the next stage of the business.
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