Key Takeaways
- • Bill Ackman's Pershing Square Capital Management repurchased Netflix stock in Q2 2026, marking a return to the position approximately four years after exiting with a reported $400 million loss in 2022.
- • Ackman disclosed six new holdings across his funds including Netflix, Visa, Mastercard, Alcon, Intercontinental Exchange, and S&P Global, citing expected strong earnings growth as the primary investment thesis.
- • Pershing Square USA was down 3.5% year-to-date through July 2026 versus a 13% gain for the S&P 500, while the London-listed Pershing Square Holdings declined 9.2% over the same period.
- • Ackman simultaneously exited an estimated $1.5 billion position in Universal Music Group following the company's rejection of his $65 billion acquisition bid.
- • Netflix stock climbed 4% on the news of Ackman's reinvestment, though the security remained down 16% for the full year 2026.
Summary
Bill Ackman has returned to Netflix after a four-year absence, with Pershing Square Capital Management disclosing a new position in the streaming giant during the second quarter of 2026. This marks a notable reversal from Ackman's previous Netflix investment, during which he accumulated over $1 billion in shares beginning in Q1 2022, only to liquidate the entire position in Q2 2022 at a substantial loss estimated at $400 million.
The reinvestment is part of a broader portfolio repositioning by Ackman, who disclosed six new holdings across his funds including Visa, Mastercard, Alcon, Intercontinental Exchange, and S&P Global. According to Ackman's stated rationale, he believes these companies' earnings are positioned for strong growth, which he identifies as the fundamental driver of investment value over time. The Netflix position sits across multiple Pershing Square vehicles, including the publicly traded Pershing Square USA, which gained 1.66% on the day of the disclosure.
The timing of Ackman's Netflix reentry reflects mixed performance across his fund vehicles. Through July 2026, Pershing Square USA was down 3.5% year-to-date, while London-listed Pershing Square Holdings declined 9.2%, both underperforming the S&P 500's 13% gain for the period. The Netflix reinvestment generated immediate market response, with the stock climbing 4% on the announcement, though it remains down 16% for the full year 2026.
Concurrently, Ackman exited a significant position in Universal Music Group, liquidating an estimated $1.5 billion stake following the music company's rejection of his $65 billion acquisition proposal. This dual repositioning—exiting UMG while rebuilding exposure to Netflix—signals Ackman's shifting conviction regarding earnings trajectories and valuation opportunities in his portfolio.
The reinvestment is part of a broader portfolio repositioning by Ackman, who disclosed six new holdings across his funds including Visa, Mastercard, Alcon, Intercontinental Exchange, and S&P Global. According to Ackman's stated rationale, he believes these companies' earnings are positioned for strong growth, which he identifies as the fundamental driver of investment value over time. The Netflix position sits across multiple Pershing Square vehicles, including the publicly traded Pershing Square USA, which gained 1.66% on the day of the disclosure.
The timing of Ackman's Netflix reentry reflects mixed performance across his fund vehicles. Through July 2026, Pershing Square USA was down 3.5% year-to-date, while London-listed Pershing Square Holdings declined 9.2%, both underperforming the S&P 500's 13% gain for the period. The Netflix reinvestment generated immediate market response, with the stock climbing 4% on the announcement, though it remains down 16% for the full year 2026.
Concurrently, Ackman exited a significant position in Universal Music Group, liquidating an estimated $1.5 billion stake following the music company's rejection of his $65 billion acquisition proposal. This dual repositioning—exiting UMG while rebuilding exposure to Netflix—signals Ackman's shifting conviction regarding earnings trajectories and valuation opportunities in his portfolio.
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