Pershing Square acquired 3.15 million shares of Netflix according to its latest semiannual report.
The new position represents 4.9% of the fund's total portfolio.
The fund reported the stake valuation as of June 30.
This investment marks a reversal for billionaire Bill Ackman following a failed 2022 entry.
Pershing Square previously lost over $400 million on the streaming giant.
The firm sold a $1 billion position in 2022.
That previous stake lasted only three months.
The exit followed a surprise decline in Netflix subscriber numbers.
Pershing Square now declares that Netflix has effectively won the streaming wars.
The fund expects double-digit revenue growth and expanding profit margins.