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Bill Ackman’s Pershing Square Capital Management has completely exited its Alphabet position and plowed roughly $934 million into Netflix, a stock that cost the firm $400 million in losses just a few years ago.
The moves, detailed in Pershing Square’s H1 2026 shareholder letter, represent significant portfolio reshuffling from Ackman’s team. The fund also boosted its Meta Platforms stake by approximately 20% and added Microsoft exposure, while cutting its Amazon holdings by around 25%.
The Alphabet exit and Netflix re-entry
Pershing Square had already slashed its Alphabet position by roughly 95% during Q1 2026. The Q2 sell-off cleared out whatever remained. Ackman framed the decision not as a bearish call on Alphabet’s long-term prospects, but as a reallocation toward what he views as better risk-reward opportunities elsewhere.
Pershing Square acquired 13,081,465 shares of Netflix, a position worth approximately $934 million and representing about 4.8% to 4.9% of the fund’s total portfolio.
This is Ackman’s second attempt at Netflix. His first ended badly: a brief investment in 2022 that resulted in roughly $400 million in losses when the stock cratered amid subscriber growth concerns.
According to the shareholder letter, Netflix’s operating margins have climbed from around 21% in 2021 to approximately 31.5%. The company’s earnings-to-free-cash-flow conversion rate sits at roughly 90%.
Meta gets a bigger allocation too
Pershing Square added around 3.2 million shares to its existing Meta position, boosting its Meta holdings by approximately 20%.
Pershing Square also established or expanded its Microsoft exposure during the quarter. The fund’s total assets under management reached approximately $19.5 billion as of Q2 2026, with top holdings including Uber, Brookfield, Microsoft, and Amazon alongside the new Netflix stake.
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