In a new 13F filing, Baillie Gifford revealed a significant reduction in its Netflix position during the third quarter of 2026. The filing, which reflects holdings as of September 30, shows the firm cut its stake by 45.5%, from 16.17 million to 8.81 million shares. The Edinburgh-based asset manager, known for its long-term, growth-oriented investment philosophy, has been a longtime shareholder in the streaming giant.
The sale reduced the reported value of Baillie Gifford's holding from $1.15 billion to approximately $613 million. This portfolio adjustment occurred during a quarter where Netflix beat earnings estimates but saw its stock fall after lowering its full-year advertising revenue forecast and announcing a management change in its content division. The filing confirms this was one of several major reductions Baillie Gifford made to large holdings in the quarter.