Loeb's fund returned 18.1 percent last year, according to a letter obtained by CNBC, as other high-profile hedge-fund managers struggled.
The streaming stock becomes the ninth-largest equity long holding in the fund, according to InsiderScore.com, joining other technology names in the top ten holdings, such as Facebook, Alphabet and Alibaba.
The new holding gives Third Point a 0.46 percent stake in Netflix, based on the 433.948 million shares outstanding, according to FactSet.
Shares of Netflix rose mildly in after-hours trading, after climbing 2.99 percent during Wednesday's session and outperforming the S&P 500's 1.3 percent gain. The stock is up 39 percent this year.
The Netflix stake was disclosed as part of a required quarterly filing with the U.S. Securities and Exchange Commission. The information is at least 45 days old and may not reflect the fund's current holdings.