ETFs & Funds
Home›ETFs & Funds›Fund Industry›Magellan Global Opportunities Fund cites Netflix after…
Magellan Global Opportunities Fund cites Netflix after Q2 underperformance
The fund said Netflix’s shares have given back gains after the company walked away from a bid for Warner Bros Discovery, while noting limited near-term US engagement growth.
Magellan Investment Partners’ Magellan Global Opportunities Fund said its portfolio rose 4.3% in Q2 2026 but lagged the 12.5% benchmark, with performance pressured by bubble-like conditions in semiconductors and data centre supply chains, according to its Q2 2026 investor letter, reviewed by Yahoo Finance.
In its Q2 update, the fund highlighted Netflix as one of its key holdings and pointed to the stock’s recent pullback. Netflix closed on July 15, 2026 at $73.68 per share, the fund noted, with a one-month return of -4.78% and a 52-week decline of 42.17%, giving the company a market capitalization of $310.25 billion.
The letter attributed part of Netflix’s weakness to the stock reversing gains after Netflix walked away from its bid for Warner Bros Discovery. Magellan said the move reflected a more positive macro outlook and higher interest rates, while it also cited limited near-term engagement growth in the US.
Magellan added that it views engagement constraints as largely short-term, pointing to a strong sporting calendar and growth in short-video engagement tied to improvements in algorithms, and it said it remains confident Netflix is well placed to maintain its position in professional content and grow profits.