What smart money is saying about Netflix, Inc.
NFLX · Communication Services · Entertainment · Market cap $384.37B
15 funds in our archive have pitched Netflix, Inc., most recently Pershing Square Holdings, Ltd. in September 2026.
Company profile
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.
Get an email when a fund buys, sells or pitches it
Fund signal · last 12 months
53 lettersMore funds are buying than selling
+8
Net flow
12 buys · 4 new positions · 75%4 sells · 3 full exits
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q4 2024 and Q3 2026, 66 fund letters reported a position in Netflix, Inc., with 13 buys (opened or added) and 4 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 12 | 1 | 1 | 2 |
| Q2 2026 | 28 | 7 | 1 | 4 |
| Q1 2026 | 6 | 3 | 0 | 2 |
| Q4 2025 | 7 | 1 | 2 | 2 |
| Q3 2025 | 4 | 0 | 0 | 1 |
| Q2 2025 | 5 | 1 | 0 | 1 |
| Q1 2025 | 2 | 0 | 0 | 0 |
| Q4 2024 | 2 | 0 | 0 | 3 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 66 positions · 19 moves
- September 2026
“Netflix, Inc.”
Netflix, Inc. - ExitedOakmark Bond FundSeptember 2026
“Applied to Netflix, that implied about $110 billion of business value, well over ten times its outstanding bond debt. Recognizing the disconnect between market pricing and business fundamentals, the Oakmark Bond Fund and Oakmark Equity and Income Fund invested in Netflix bonds, although neither holds them today. Bill discussed this shared research approach”
Netflix, Inc. - September 2026
“In the tables above, “weight” is the average percentage weight of the holding during the period, and “contribution” is the contribution to overall relative performance over the period.”
Netflix, Inc. - September 2026
“We also own Netflix.”
Netflix, Inc. - September 2026
“ Communication Services remains a modest relative underweight, driven primarily by Alphabet’s combined weight in the benchmark. Alphabet’s two share classes represented approximately 10.7% of the Russell 1000® Growth Index at quarter-end. The portfolio continues to own Alphabet (GOOG), Meta Platforms Inc (META), Spotify Technology SA (SPOT), and Netflix Inc (NFLX).”
Netflix, Inc. - September 2026
“Elsewhere in the portfolio, we made additional purchases of Aon, Netflix and Vulcan Materials, partially offset by trims of Euronet, Global Payments and Mastercard.”
Netflix, Inc. - September 2026
“Netflix (NFLX) Netflix’s share price declined 3% during the third quarter and 11% year-to-date from our average cost.”
Netflix, Inc. - August 2026
“In Communication Services, shares of Netflix declined as investors reacted to the slightly lower-than-expected guidance for second- quarter growth.”
Netflix, Inc. - August 2026
Listed in Harding Loevner Global Equity’s reported holdings.
Netflix, Inc. - July 2026
“In Communication Services, shares of Netflix declined as investors reacted to the slightly lower-than-expected guidance for second- quarter growth.”
Netflix, Inc. - 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, Inc. - July 2026
“In Communication Services, shares of Netflix declined as investors reacted to the slightly lower-than-expected guidance for second- quarter growth.”
Netflix, Inc. - 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, Inc. - 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, Inc. - June 2026
“We added to our holdings in Netflix (NFLX) and trimmed Alphabet (GOOG), Amazon (AMZN), Analog Devices (ADI), and TransDigm (TDG).”
Netflix, Inc. - June 2026
“Among the detractors this quarter were Shopify and Netflix.”
Netflix, Inc. - 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, Inc. - 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, Inc. - June 2026
“During the quarter, we initiated one new position in Netflix, Inc.”
Netflix, Inc. - 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, Inc. - 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, Inc. - 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, Inc. - June 2026
“• Netflix was a detractor during the quarter.”
Netflix, Inc. - 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, Inc. “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, Inc.“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, Inc.- 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, Inc. - 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, Inc. - 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, Inc. - 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, Inc. - June 2026
Listed in Gabelli Funds Shareholder Commentary: Open-End Funds’s reported holdings.
Netflix, Inc. - 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, Inc. - June 2026
“Netflix was the largest individual absolute detractor, reducing performance by approximately 23 basis points.”
Netflix, Inc. - June 2026
“Netflix reported solid first-quarter results, but company management did not raise revenue guidance for the full year, disappointing some investors.”
Netflix, Inc. - June 2026
“Streaming company Netflix also declined during the quarter.”
Netflix, Inc. - 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, Inc. - 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, Inc. - June 2026
“Lastly, Netflix (NFLX) declined in the quarter.”
Netflix, Inc. - HoldsAcción GlobalJune 2026
“These double-digit growth rates in key metrics are being the norm in the results of other of our investments that are not doing well in the market lately, such as Constellation, Topicus, Adobe, SAP, Nemetschek, Spotify, Netflix and so many others…”
Netflix, Inc. - 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, Inc. - March 2026
Listed in HL Global Carbon Transition Equity’s reported holdings.
Netflix, Inc. - 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, Inc. - 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, Inc. - HoldsLarge-Cap GrowthMarch 2026
“ Netflix, Inc. (NFLX) outperformed during the period as investor concerns around a potential acquisition of Warner Bros. Discovery subsided.”
Netflix, Inc. - 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, Inc. - March 2026
“Netflix: NFLX was the fifth-largest contributor for the quarter, gaining approximately 3% and significantly outperforming a sharply down market.”
Netflix, Inc. - New positionMar Vista US Quality PremierDecember 2025
“During the quarter, we initiated new investments in Taiwan Semiconductor (TSM) and Netflix (NFLX).”
Netflix, Inc. - HoldsThe Ithaka GroupDecember 2025
“Netfl ix, Inc. (NFLX) Netfl ix is the global leader in subscription-based streaming, delivering a vast library of films, television series, documentaries, and mobile games to over 300 million members across more than 190 countries. The company generates revenue primarily through tiered monthly subscription fees, offering both ad- supported and premium ad-free plans, while increasingly diversifying its income through advertising sales, content licensing, and live events. Its competitive moat is anchored by its massive global scale, proprietary data-driven algorithms that maximize user retention, and a multibillion-dollar annual investment in Netflix Originals that often capture the zeitgeist, leading to viral marketing and exclusive brand loyalty. Netflix’s stock fell in the quarter due to two main headwinds.”
Netflix, Inc. - December 2025
“The top individual absolute detractors were Netflix, Axon Enterprise, DoorDash, MercadoLibre, and Spotify. Netflix is the world’s largest producer and distributor of streaming video content by subscriber count.”
Netflix, Inc. - December 2025
“The top individual absolute detractors were Roblox, Sea, Netflix, Spotify, and Microsoft. Roblox is a leading gaming development and distribution platform. Shares declined in the fourth quarter after management projected a notable increase in expenses and capital expenditures in 2026 and issued a cautious growth outlook, citing potential engagement risks from new age-based communication controls. This update amplified existing concerns that growth may normalize in the coming quarters, following an extraordinary 91 percent year-over-year engagement increase in the third quarter, driven by several hit game launches. While we continue to monitor engagement trends, we believe expectations have now reset to more appropriately conservative levels. Our research suggests that expanding engagement and monetization reflects Roblox’s evolution into a platform business, rather than a dependence on individual game successes. Sea is a Southeast Asian internet platform with businesses in gaming, ecommerce, and fintech. After seven consecutive quarters of exceeding consensus expectations and raising forward guidance, management shifted its focus to investing in logistics and user engagement. These investments are expected to weigh on margins in the near term, and the stock declined in response. We believe the market is overreacting to spending that should ultimately strengthen Sea’s competitive position and long-term earnings power. Despite the increased investment, we still expect Shopee, Sea’s ecommerce segment, to grow EBITDA by more than 30 percent in 2026. Looking ahead, we believe Sea’s overall revenue and EBITDA can double and triple, respectively, by 2030. In our view, this growth potential, combined with the company’s lowest forward earnings multiple since 2023, creates an attractive risk- reward profile. Netflix is the world’s largest producer and distributor of streaming video content by subscriber count. Its stock has come under pressure amid investor skepticism over its proposed acquisition of Warner Bros Discovery’s studio and streaming assets. The deal would be Netflix’s largest to date and is expected to be funded through a mix of cash and debt. A competing bid from Paramount has added to the uncertainty. We believe the acquisition would strengthen Netflix’s business and is likely to withstand antitrust review.”
Netflix, Inc. - December 2025
“The Strategy also closed positions in Netflix and T-Mobile US in communication services, Lenovo in IT, Starbucks and Airbnb in consumer discretionary, Tokio Marine, Marsh & McLennan and Sony Financial Group in financials as well as Argenx, Zai Lab and MoonLake Immunotherapeutics in health care.”
Netflix, Inc. - New positionMar Vista US QualityDecember 2025
“During the quarter, we initiated new investments in Taiwan Semiconductor (TSM) and Netflix (NFLX).”
Netflix, Inc. - ExitedPlatinium Asset ManagementDecember 2025
“We funded these investments by trimming Amazon, Uber and FICO and exiting Netflix.”
Netflix, Inc. - September 2025
“The largest detractors from performance for the quarter were Netflix, Chipotle Mexican Grill, Intuitive Surgical, Intuit and Spotify.”
Netflix, Inc. - September 2025
“A fund holding since the first quarter of 2022, Netflix reported quarterly financial results that were strong and above consensus expectations for revenue, operating margins, free cash flow, and earnings per share.”
Netflix, Inc. - September 2025
“Top Detractors Top Detractors from Performance for the Quarter Ended September 30, 2025 Percent Impact Netflix, Inc. -0.43% ServiceNow, Inc. -0.26% Progressive Corp. -0.26% Axon Enterprise Inc -0.22% Costco Wholesale Corp. -0.21%”
Netflix, Inc. - September 2025
“Netflix: NFLX declined in the quarter following mixed earnings that showed solid top-line growth but softer guidance and higher content costs.”
Netflix, Inc. - June 2025
“From a sector perspective, Communication Services was the largest positive contributor to relative performance during the quarter, driven by strong results from Netflix (NFLX) and The Trade Desk (TTD). Netflix, a leading streaming service with more than 300 million global subscribers, reported results that exceeded consensus expectations, maintained fiscal year guidance, and executed a record $3.5 billion buyback.”
Netflix, Inc. - June 2025
“A fund holding since the first quarter of 2022, Netflix reported quarterly financial results that were strong and above management guidance and consensus expectations for revenue, operating margins, free cash flow, and earnings per share.”
Netflix, Inc. - June 2025
“Sector % of Portfolio Holding % of Portfolio Technology 58.02% Apple Inc. 10.99% Health Care 8.76% Microsoft Corporation 10.85% Producer Durables 3.31% NVIDIA Corporation 10.56% Consumer Discretionary 19.67% Meta Platforms Inc. Class A 5.99% Financial Services 8.63% Amazon.com, Inc. 5.32% Materials & Processing 0.52% Alphabet Inc. Class C 5.18% Cash / Other Assets and Liabilities 0.67% Eli Lilly and Company 4.37% Consumer Staples 0.00% Visa Inc. Class A 4.08% Energy 0.42% Netflix, Inc. 3.33%”
Netflix, Inc. - New positionMacquarie Core Equity FundJune 2025
“We also increased our holdings within communication services via our purchase of Netflix (described below) and in materials (Vulcan Materials) while holding steady our overweights in financials, industrials, and materials.”
Netflix, Inc. - HoldsTitan Wealth Global Blue ChipJune 2025
“Communication services (notably Netflix) added value, as did a tactical position in a Eurozone ETF, which maintained market exposure, reducing cash drag, whilst certain non-US holdings were repositioned.”
Netflix, Inc. - March 2025
“On an individual stock basis, the leading absolute contributors to performance were Visa, Uber, Marsh & McLennan, Netflix and Monster Beverage.”
Netflix, Inc. - HoldsTouchstone Sands Capital Select Growth FundMarch 2025
Listed in Touchstone Sands Capital Select Growth Fund’s reported holdings.
Netflix, Inc. - HoldsNewBridge Large Cap Growth EquityDecember 2024
“The portfolio’s Communication Services sector also outperformed the benchmark. Netflix, Inc. was the portfolio’s best performer within the sector, while Meta Platforms detracted from the portfolio’s relative return.”
Netflix, Inc. - HoldsAMG Renaissance Large Cap Growth FundDecember 2024
Listed in AMG Renaissance Large Cap Growth Fund’s reported holdings.
Netflix, Inc.
Also mentioned · 16
These funds discuss Netflix, Inc. as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedHennessy Japan Small Cap FundSeptember 2026
“Growth in the overseas market has been supported not only by increasing global awareness of Japanese anime, but also by streaming services such as Netflix, Disney+, and Crunchyroll, which have made Japanese content more accessible to viewers around the world.”
Netflix, Inc. - MentionedVision Capital FundSeptember 2026
“Separately, there has been a notable narrative shift where TTD is increasingly viewed as an “adversary” rather than a partner to ad agencies. Numerous agency directors feel that TTD is trying to disintermediate them by using AI tools like Kokai and direct joint business plans (JBPs) to go directly to brands, reducing partnership and increasing organizational friction. Lastly, while TTD has been an early beneficiary of overall growth in Connected TV (CTV) advertising, its dominance is increasingly being challenged as major content platforms like Netflix shift from direct-only exclusive partnerships to building their own programmatic ecosystems that allow multiple DSPs.”
Netflix, Inc. - September 2026
“This is where all the money was made from the dotcom boom (Netflix, Spotify, Amazon, Meta etc) and I expect the same here.”
Netflix, Inc. - September 2026
“This is where all the money was made from the dotcom boom (Netflix, Spotify, Amazon, Meta etc) and I expect the same here.”
Netflix, Inc. - June 2026
“The largest relative detractors included Netflix and Intuitive Surgical as well as not holding Advanced Micro Devices, Lam Research and KLA.”
Netflix, Inc. - 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, Inc. - 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, Inc. - May 2026
“Netflix: A changing capital cycle 29 For professional investors only”
Netflix, Inc. - 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, Inc. - MentionedOrbis International EquityDecember 2025
“We also remain enthused by the opportunity in the entertainment space, with Canada’s IMAX being a key holding. The recent bidding war for Warner Bros Discovery between Paramount and Netflix highlights the immense value placed on scarce content and platforms for developing future high-value Intellectual Property (IP).”
Netflix, Inc. - MentionedHoran WealthDecember 2025
“Included in the Communication Services sector are companies like Alphabet (GOOGL), Meta Platforms (META), and Netflix (NFLX).”
Netflix, Inc. - 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, Inc. - MentionedChoice Equities CMJune 2025
“Netflix is of course some part of this, as their advertising efforts continue to gain scale, but the tide is also turning more broadly.”
Netflix, Inc. - MentionedFederated Hermes Sustainable Global EquityJune 2025
“The first half of 2025 demanded resilience from global equity markets against a backdrop of heightened volatility and geopolitical uncertainty. While US equities delivered solid gains over this period, they were notably outpaced by several developed and emerging market (EM) regions, particularly in USD terms. Trade tensions fuelled by US President Donald Trump’s protectionist tariff regime rattled stock markets in April. Equity markets did, however, rebound over the subsequent period, driven by improving trade negotiations, robust earnings, and continued enthusiasm around artificial intelligence (AI). The rally was notably concentrated, with mega-cap technology and communication services stocks – such as Meta and Netflix – delivering outsized gains.”
Netflix, Inc. - MentionedAvellemyMarch 2025
“The US is very good at producing certain products and services that have little competition elsewhere, e.g. via Microsoft, Meta, Netflix, AI services and so on.”
Netflix, Inc. - MentionedMar Vista US Quality SelectDecember 2024
“As friction costs diminish within the media ecosystem, companies with global audiences are receiving help from their unmatched scale advantages. While Disney is setting up itself as a long-term leader in the digital streaming space, the landscape of content distribution is still in flux. Platform giants like Netflix, Alphabet, Amazon, and Apple are rapidly dismantling competitive barriers, further intensifying the pace of change.”
Netflix, Inc.
Fund coverage · 15 theses
- Pershing Square Holdings, Ltd.September 2026
Netflix is held for its dominant competitive position, 12% revenue growth, expanding ad tier, margin expansion from content spend discipline, and near 20% annual earnings compounding at 19 times forward earnings.
Read the full thesis - White Brook Capital Ethical StrategiesSeptember 2026
Netflix is viewed as cheap relative to its strong free cash flow, low churn, and optionality in ads and new services.
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 - 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 - 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 - 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.
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
Read every full thesis on Netflix, Inc.
Read all 15 theses in full, with each fund's reasoning, and get unlimited access to the archive.
View plans→Share this ledger