Pershing Square Capital Management, led by Bill Ackman, has fully divested its stake in Alphabet. The firm previously reduced this position by 95% in the first quarter of 2026 before completing the exit in the second quarter.
The fund invested approximately $934 million into Netflix, acquiring 13,081,465 shares. This new holding accounts for roughly 4.8% to 4.9% of the total portfolio. The decision follows a period where Netflix improved its operating margins from 21% in 2021 to 31.5%.
The portfolio reshuffle also involved increasing the stake in Meta Platforms by about 20% through the purchase of 3.2 million additional shares. Simultaneously, the fund reduced its Amazon holdings by approximately 25% and expanded its exposure to Microsoft.
As of the second quarter of 2026, Pershing Square reported total assets under management of approximately $19.5 billion. Key holdings now include Uber, Brookfield, Microsoft, Amazon, and the newly acquired Netflix position.
