What smart money is saying about Netflix
13 funds in our archive have pitched Netflix — most recently Fundsmith Equity Fund in June 2026.
Netflix, Inc. serves as a worldwide entertainment provider. Its comprehensive library features television series, motion pictures, documentaries, and mobile games, spanning numerous genres and languages. Members can effortlessly stream this content through a variety of internet-connected devices, including smart TVs, digital media players, cable boxes, and mobile phones. Furthermore, the company continues to offer a DVD-by-mail subscription service to its customers in the United States. With roughly 222 million paying subscribers distributed across 190 countries, Netflix was founded in 1997 and is headquartered in Los Gatos, California.
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Position history
Between Q4 2024 and Q3 2026, 35 fund letters reported a position in Netflix — 11 opened or added to the position, 1 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 5 | 0 | 0 | 0 |
| Q2 2026 | 24 | 8 | 1 | 4 |
| Q1 2026 | 6 | 3 | 0 | 2 |
| Q4 2025 | 0 | 0 | 0 | 2 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 1 |
| Q4 2024 | 0 | 0 | 0 | 3 |
Fund activity · 35 positions · 12 moves
- August 2026
“In Communication Services, shares of Netflix declined as investors reacted to the slightly lower-than-expected guidance for second- quarter growth.”
Netflix - August 2026
Listed in Harding Loevner Global Equity’s reported holdings.
Netflix - July 2026
“In Communication Services, shares of Netflix declined as investors reacted to the slightly lower-than-expected guidance for second- quarter growth.”
Netflix - July 2026
“The Fund’s relative performance over the second quarter can be attributed to the following: • The Fund benefited from its overweight to the Information Technology sector, which outperformed the broader index (+33.7% vs +13.8% in USD). This was supported by positive stock selection as Fund holdings including Applied Materials (+111.8%), KLA (+105.2%), and Lam Research (+103.0%) delivered robust returns greater than the MSCI World Information Technology sector. • From an asset allocation perspective, the Fund’s overweight position to Communication Services was a drag as the sector underperformed the wider benchmark (+7.2% vs +13.8%). Further, Fund holding Netflix (-25.7%) disappointed by not raising its full-year guidance.”
Netflix - July 2026
“In Communication Services, shares of Netflix declined as investors reacted to the slightly lower-than-expected guidance for second- quarter growth.”
Netflix - June 2026
“Netflix (NFLX) underperformed during the second quarter as shares retraced a portion of their strong first quarter gains following an extended period of outperformance.”
Netflix - New positionFundsmith Equity FundJune 2026
“We began accumulating stakes in AppLovin, GE Vernova, Legrand, Mastercard, Netflix, Nextpower, Sage, The TJX Companies, TSMC, Uber, Veeva Systems, and Yum! Brands.”
Netflix - June 2026
“We added to our holdings in Netflix (NFLX) and trimmed Alphabet (GOOG), Amazon (AMZN), Analog Devices (ADI), and TransDigm (TDG).”
Netflix - June 2026
“ In Communication Services, streaming giant Netflix reported solid growth but left its full-year outlook unchanged, suggesting growth could moderate in the second half and reinforcing investors’ concerns related to market saturation and competition from YouTube.”
Netflix - June 2026
“In Communication Services, streaming giant Netflix reported solid growth but left its full-year outlook unchanged, suggesting growth could moderate in the second half and reinforcing investors’ concerns related to market saturation and competition from YouTube.”
Netflix - June 2026
“During the quarter, we initiated one new position in Netflix, Inc.”
Netflix - June 2026
“In Communication Services, streaming giant Netflix reported solid growth but left its full-year outlook unchanged, suggesting growth could moderate in the second half and reinforcing investors’ concerns related to market saturation and competition from YouTube.”
Netflix - June 2026
“Portfolio Highlights The ClearBridge Appreciation Strategy underperformed the benchmark S&P 500 Index in the second quarter of 2026. On an absolute basis, the Strategy had positive contributions from eight of 11 sectors. The IT sector was the main positive contributor, while energy was the main detractor. In relative terms, stock selection and sector allocation detracted. Stock selection in IT, industrials, communication services, financials and consumer discretionary, overweights to materials and energy and an IT underweight detracted the most. Conversely, stock selection in materials and a consumer discretionary underweight were beneficial. On an individual stock basis, the biggest relative contributors during the quarter were ASML, Palo Alto Networks, ASM International, an underweight to Microsoft and not owning Palantir. The biggest detractors were Netflix, underweights to Micron Technology and Advanced Micro Devices, and not owning Intel and Applied Materials.”
Netflix - June 2026
“Performance The portfolio delivered strong low-double-digit absolute returns this quarter but lagged the S&P 500 and Russell Growth indices. The attribution shows that the market has shifted from one form of narrow leadership to another: from the Magnificent Seven in 2023 and 2024 to semiconductors and memory today. Not owning memory companies such as Micron and Sandisk, whose share prices rose sharply (in the range of 200 percent plus in just three months), detracted from relative performance. Shopify and Netflix were also among the detractors.”
Netflix - June 2026
“• Netflix was a detractor during the quarter.”
Netflix - June 2026
“• Netflix is a global leader in streaming entertainment, delivering premium video content through a subscription-based platform that now includes an advertising-supported tier and selective live-event programming. We find Netflix to be a compelling investment for its ability to sustain strong engagement at scale, its pricing power, and its expansion into new revenue streams such as advertising and live events. Shares detracted from performance during the quarter despite first-quarter results that beat on revenue and held full-year guidance intact.”
Netflix “Netflix detracted this quarter as slowing viewer engagement raised concerns about the durability of subscriber growth and the company’s ability to keep raising prices.”
Netflix“Portfolio Changes We initiated new positions in Equinix and Arista Networks and exited our positions in Aon and Intuit. Positions in Microsoft, Waste Management, Netflix, Ecolab, and Yum! Brands were added to on weakness while also adding to our positions in Alphabet, Apple, Nvidia, and ServiceNow given their strong long-term growth prospects.”
Netflix- AddedQV Market LetterJune 2026
“Of course, our best ideas are often among businesses we already own. During the quarter, our equity teams added to multiple existing holdings where valuations had compressed, such as Intact Financial in the QV Canadian Equity Strategy, Stella-Jones and Stantec in the QV Canadian Small Cap Strategy and Netflix in the QV Global Equity Strategy.”
Netflix - June 2026
“Our positions in Interactive Brokers Group, Inc. class A common stock (NASDAQ: IBKR), Northeast Bank voting common stock (NASDAQ: NBN), Amazon.com, Inc. common stock (NASDAQ: AMZN) and Alphabet Inc. class C capital stock (NASDAQ: GOOG) drove the portfolio’s gain during the quarter. Those stocks gained between 29.8% (IBKR) and 14.4% (AMZN) during the quarter. Our position in Netflix, Inc. common stock (NASDAQ: NFLX) was the only meaningful detractor during the quarter.”
Netflix - June 2026
“Communication Services was the largest detractor from relative performance, driven primarily by weakness in Netflix Inc (NFLX) and Spotify Technology (SPOT). Netflix underperformed despite continued positive momentum across its advertising business and broader platform engagement, while Spotify traded lower following guidance reflecting increased investment spending to support long-term product development and monetization initiatives.”
Netflix - New positionPershing SquareJune 2026
“Netflix (NFLX) We acquired a position in Netflix, a business we briefly owned in 2022 and have followed closely ever since.”
Netflix - June 2026
Listed in Gabelli Funds Shareholder Commentary: Open-End Funds’s reported holdings.
Netflix - AddedQV InvestorsJune 2026
“Of course, our best ideas are often among businesses we already own. During the quarter, our equity teams added to multiple existing holdings where valuations had compressed, such as Intact Financial in the QV Canadian Equity Strategy, Stella-Jones and Stantec in the QV Canadian Small Cap Strategy and Netflix in the QV Global Equity Strategy.”
Netflix - June 2026
“Netflix was the largest individual absolute detractor, reducing performance by approximately 23 basis points.”
Netflix - June 2026
“Streaming company Netflix also declined during the quarter.”
Netflix - June 2026
“Netflix Netflix shares detracted from performance in the second quarter following a series of failed large-scale M&A bids that raised concerns about the company's organic growth trajectory.”
Netflix - June 2026
“Largest Detractors Netflix Netflix was a detractor from returns during the quarter after the stock came under pressure despite reporting solid first quarter results in April. Revenue grew 16% year-over-year, or 14% excluding FX, and operating income rose 18%, supported by strong growth in APAC and Latin America. Second quarter revenue guidance came in roughly 1% below expectations and EBIT guidance was 5% light due to content amortization timing. Management maintained full-year guidance of 11% to 13% revenue growth (excluding FX) and approximately 20% profit growth rather than raising it, which disappointed some investors who had anticipated a lift following the recent price hike and the removal of the Warner Bros. Discovery deal overhang. With the Warner Bros. Discovery acquisition now behind it, management can refocus on the core business and deploy excess free cash flow toward AI investment and buybacks, including a new $25 billion authorization. The company continues to expand its mobile and content initiatives, while evaluating longer-term opportunities in advertising and AI-driven production tools. Over the long term, Netflix benefits from a recurring subscription model with low churn and demonstrated pricing power, supported by a broad and growing content library and meaningful global growth opportunity. We added to the position on weakness during the quarter, raising the target to an average weight.”
Netflix - May 2026
“ In Communication Services, shares of Netflix declined for a third month in a row, as investors reacted to the slightly lower-than- expected guidance for second-quarter growth.”
Netflix - March 2026
Listed in HL Global Carbon Transition Equity’s reported holdings.
Netflix - March 2026
“During the quarter-end rebalance of the Quality Premier strategy, we added to our holdings in Danaher (DHR), Netflix (NFLX) and Linde plc (LIN), and trimmed Intuit (INTU) and Meta Platforms (META).”
Netflix - March 2026
“We added to our holdings in Broadcom (AVGO), GE Aerospace (GE), Netflix (NFLX) and NVIDIA (NVDA) and trimmed Intuit (INTU), Linde (LIN) and Taiwan Semiconductor (TSM).”
Netflix - HoldsLarge-Cap GrowthMarch 2026
“ Netflix, Inc. (NFLX) outperformed during the period as investor concerns around a potential acquisition of Warner Bros. Discovery subsided.”
Netflix - Added1578 Partners, LPMarch 2026
“Additionally, we exited the de minimis, residual position we held in Sleep Number Corporation common stock (NASDAQ: SNBR). Finally, we increased our positions in Amazon.com, Inc. common stock (NASDAQ: AMZN) and Netflix, Inc. common stock (NASDAQ: NFLX).”
Netflix - March 2026
“Netflix: NFLX was the fifth-largest contributor for the quarter, gaining approximately 3% and significantly outperforming a sharply down market.”
Netflix
Also mentioned · 6
These funds discuss Netflix — as a competitor, benchmark or comparable — without disclosing a position in it.
- June 2026
“The largest relative detractors included Netflix and Intuitive Surgical as well as not holding Advanced Micro Devices, Lam Research and KLA.”
Netflix - MentionedHorizon KineticsJune 2026
“This is what allowed a company like Netflix, at its peak, to be 35% of downstream internet traffic without paying much, if anything, to broadband providers like Verizon.”
Netflix - MentionedHL Global EquityMay 2026
“ By geography, our weakest relative performance was in the US. There and globally, most of our underperformance has been in IT. Several of our Financials holdings lagged during the month. Despite reporting positive results, insurers RGA and Progressive both fell, as did electronic trading platform Tradeweb. In Communication Services, shares of Netflix declined for a third month in a row, as investors reacted to the slightly lower-than- expected guidance for second-quarter growth.”
Netflix - May 2026
“Netflix: A changing capital cycle 29 For professional investors only”
Netflix - MentionedEagle Equity StrategyMarch 2026
“In 2021, we had the meme stock and SPAC craze. In 2022, with the war in Europe, we had an inflationary shock, and internet giants like Amazon, Meta, and Netflix declined precipitously, while the commodity complex exploded higher amid temporary shortages.”
Netflix - MentionedNexPoint Event Driven FundDecember 2025
“As mentioned last quarter, Paramount Skydance, the newly combined Paramount Global–Skydance Media (PSKY) entity, emerged as a potential acquirer of Warner Bros. Discovery (WBD). In October, WBD’s board rejected a mostly-cash offer from PSKY (nearly $24/share) and said it would explore options that could include (i) a planned internal separation or (ii) a sale of the company or pieces of it. On December 5, 2025, Netflix announced a definitive agreement to acquire WBD’s Streaming & Studios division for $27.75 per share, representing an equity value of approximately $72 billion.”
Netflix
Fund coverage · 13 theses
- Fundsmith Equity FundJune 2026
Netflix leads subscription streaming with unmatched scale, a large content budget, and growth from ads, password-sharing enforcement, and international expansion.
Read the full thesis - Pershing SquareJune 2026
Netflix is the dominant global streaming platform with self-reinforcing scale, expanding margins, and close to 20% earnings compounding.
Read the full thesis - Hardman Johnston Global EquityJune 2026
Netflix, Inc. has a durable flywheel of subscribers, content spend, pricing power, and multiple growth levers.
Read the full thesis - Holland Advisors Equity FundMay 2026
Netflix is described as a counter-positioned disruptor with scale and network economics, strong margins, and operational gearing as competition eases.
Read the full thesis - Oakmark Equity and Income FundMarch 2026
Netflix, Inc. is the scaled leader in streaming with a moat from content economics and an attractive valuation despite transient concerns.
Read the full thesis Netflix is portrayed as the dominant global streaming platform with durable competitive advantages, pricing power, and long-term earnings compounding.
Read the full thesis- Sands Capital Select GrowthDecember 2025
Netflix is the leading streaming platform that could enhance engagement and pricing power through strategic studio ownership despite antitrust risk.
Read the full thesis - Mar Vista US Quality PremierDecember 2025
Netflix has a global-scale streaming moat, attractive entry dynamics, and potential IP expansion, supporting 15–20% intrinsic value compounding.
Read the full thesis - Loomis Sayles Growth FundSeptember 2025
Netflix is poised for significant growth as it capitalizes on the shift to streaming, increasing its share of global consumer spending and improving operating margins, making it a compelling investment opportunity.
Read the full thesis - Loomis Sayles Growth FundJune 2025
Netflix is positioned to capitalize on the shift to streaming, likely increasing its share of global consumer entertainment spending and generating sustainable growth in free cash flow, resulting in a significant reward-to-risk investment opportunity.
Read the full thesis - Nightview capitalDecember 2024
Netflix is leveraging its streaming leadership to expand into advertising and live events, with strong subscriber growth and operational excellence, indicating significant future growth potential.
Read the full thesis - Loomis Sayles Growth FundDecember 2024
Netflix is poised for long-term growth with an improving financial model, increasing operating margins, and a significant opportunity in the global streaming market, leading to strong free cash flow and a compelling investment opportunity.
Read the full thesis - Guinness Global InnovatorsDecember 2024
Netflix is a dominant streaming platform with a solid growth trajectory, benefiting from a vast content library, effective management, and expanding international markets, despite its premium valuation.
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