Loomis Sayles Keeps Netflix in Top Five Citing 300M Subscribers and $120B Content Spend
Loomis Sayles Global Growth Fund kept Netflix as a top-five holding in its Q4 2025 letter, backing the streamer’s structural thesis despite a –3.05% quarterly return versus MSCI ACWI’s +3.29%. The fund highlighted Netflix’s 300 million paid subscribers, 60% international revenue, $120 billion content investment and 14 000 hours of originals.
1. Performance and Thesis Retention
The fund reported a –3.05% return in Q4 2025 versus MSCI ACWI’s +3.29% and maintained coverage of high-quality names to capitalise on price dislocations, keeping Netflix in its top five holdings based on a long-term structural thesis.
2. Subscriber Base and Revenue Mix
Netflix now serves over 300 million paid subscribers across more than 190 countries, generating roughly 60% of its revenue from markets outside North America and targeting a total addressable audience of one billion households.
3. Content Investment and Competitive Moat
Over the past decade Netflix has invested more than $120 billion in content, built a library of around 14 000 hours of originals, secured over 1 000 Emmy nominations with 246 wins and established high barriers to entry.
4. Stock Performance and Valuation
Shares closed at $75.86 on February 12, 2026, after losing 13.8% over one month and 28.34% in 12 months, giving Netflix a market capitalization of $321.79 billion.