Pershing Square Dropped Alphabet, Added to Meta and Opened a Netflix Stake in Q2 Filing

Bill Ackman’s Pershing Square Capital Management reshuffled its portfolio during the second quarter, according to disclosures highlighted in a recent analysis. The hedge fund, founded and led by Ackman, fully exited its position in search giant Alphabet while increasing its holdings in Meta Platforms and initiating a new stake in Netflix.

The Alphabet exit stands out given the company’s recent performance. Alphabet shares trade across two tickers — GOOG and GOOGL — with GOOG last changing hands at $335.31, down 1.26% on the day, while GOOGL sits at $338.46, off 1.3%. The company’s market capitalization remains among the largest in the market, at roughly $4.39 trillion for the GOOG listing and $4.14 trillion for GOOGL.

Pershing Square’s additions lean further into digital advertising and streaming. Meta Platforms, which develops products spanning social networking, virtual reality headsets, and AI glasses, was trading at $616.77, up 0.47% on the day, with a market cap of approximately $1.5 trillion. Netflix, the entertainment company behind its global streaming service and expanding live programming, saw a sharper daily move, falling 4.84% to $78.25 and valuing the company at about $309.8 billion.

The analysis notes that Meta and Netflix have both significantly lagged the broader market over the trailing twelve months, framing Pershing Square’s moves as a bet against prevailing sentiment. Ackman’s firm has built a reputation over two decades for concentrated positions in large-cap companies, and quarterly 13F disclosures like these are closely watched by investors for signals about institutional positioning — though filings reflect holdings as of the end of a quarter and may not capture subsequent changes.

It is worth noting that hedge fund moves in one quarter do not necessarily reflect a long-term thesis, and portfolio managers routinely adjust or reverse positions. Readers should treat 13F data as a backward-looking snapshot rather than a recommendation.

What to watch

• Pershing Square’s third-quarter 13F filing, which will show whether the Netflix position was maintained or expanded and whether the Alphabet exit was permanent.
• Upcoming quarterly earnings reports from Alphabet, Meta, and Netflix, including any guidance updates on advertising and streaming demand.
• Netflix’s share price volatility, reflected in its 4.84% single-day decline, ahead of its next scheduled results.

Source: original release