Mason Morfit ValueAct Holdings
Mason Morfit is chief executive officer of ValueAct Capital, a major constructive-activist investment firm. ValueAct typically takes significant stakes in companies and works with boards on strategy, capital allocation, and operational improvement. Morfit’s campaigns and holdings are closely watched in both activist and fundamental investing communities.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
BIVV
Bioverativ Inc. Common Stock
BIVV
|
+$418M |
| 2 |
BHI
Baker Hughes
BHI
|
+$244M |
| 3 |
Bread Financial
BFH
|
+$150M |
| 4 |
Bausch Health
BHC
|
+$41.3M |
| 5 |
NETSCOUT
NTCT
|
+$23.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$1B |
| 2 |
Morgan Stanley
MS
|
+$400M |
| 3 |
Allison Transmission
ALSN
|
+$355M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.55% |
| 2 | Technology | 17.09% |
| 3 | Energy | 15.73% |
| 4 | Communication Services | 14.19% |
| 5 | Real Estate | 12.2% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
BHI
1
DELISTED
Baker Hughes
BHI
| $1.88B | 15.73% |
31,407,820
+4,000,000
| +15% | +$244M |
|
|
TFCF
2
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $1.69B | 14.19% |
53,326,334
| – | – |
|
|
3
Microsoft
MSFT
$3.59T
| $1.52B | 12.69% |
23,012,089
-15,614,408
| -40% | -$1B |
|
|
4
Bread Financial
BFH
$4.07B
| $1.46B | 12.25% |
7,364,382
+790,517
| +12% | +$150M |
|
5
CBRE Group
CBRE
$44B
| $1.46B | 12.2% |
41,873,250
| – | – |
|
6
Willis Towers Watson
WTW
$31.8B
| $1.06B | 8.88% |
8,108,015
| – | – |
|
|
7
Morgan Stanley
MS
$336B
| $766M | 6.41% |
17,884,620
-9,016,380
| -34% | -$400M |
|
|
BIVV
8
DELISTED
Bioverativ Inc. Common Stock
BIVV
| $462M | 3.87% |
+8,476,892
| New | +$418M |
|
9
Seagate
STX
$193B
| $438M | 3.67% |
9,539,490
| – | – |
|
10
Armstrong World Industries
AWI
$7.55B
| $424M | 3.55% |
9,200,000
| – | – |
|
11
Trinity Industries
TRN
$2.37B
| $414M | 3.46% |
21,644,238
| – | – |
|
|
12
Bausch Health
BHC
$2.41B
| $199M | 1.66% |
17,997,224
+3,002,963
| +20% | +$41.3M |
|
|
13
NETSCOUT
NTCT
$2.8B
| $87.3M | 0.73% |
2,300,000
+655,000
| +40% | +$23.1M |
|
|
AFI
14
DELISTED
Armstrong Flooring, Inc.
AFI
| $84.7M | 0.71% |
4,600,000
| – | – |
|
|
15
Allison Transmission
ALSN
$11B
| – | – |
-10,525,204
| Closed | -$355M |
|
Similar funds
Mason Morfit's Q1 2017 Portfolio in Review
As of Q1 2017, Mason Morfit held 15 positions worth $11.9B, down 1.9% from $12.2B the previous quarter. Its ten largest holdings account for 93% of the portfolio.
Mason Morfit withdrew a net $880M in Q1 2017, closing 1 position and reducing 2 holdings. Its most notable exit was Allison Transmission, an estimated $355M position sold in full.
By sector, the portfolio is most concentrated in Financials at 28% of assets, up from 27% a quarter earlier, followed by Technology and Energy.
Against the trend, Mason Morfit opened a new position in Bioverativ Inc. Common Stock worth $462M.
- Mason Morfit's largest Q1 2017 buy was Bioverativ Inc. Common Stock: 8,476,892 shares worth $462M.
- Mason Morfit added most to Baker Hughes in Q1 2017, an estimated $244M increase.
- Mason Morfit's biggest Q1 2017 reduction was Microsoft, cutting an estimated $1B.
- Mason Morfit fully exited Allison Transmission in Q1 2017, selling an estimated $355M.
- Mason Morfit's ten largest holdings make up 93% of its $11.9B portfolio in Q1 2017.
- Mason Morfit opened 1 new position and closed 1 in Q1 2017.
- Mason Morfit's portfolio value fell 1.9% quarter-over-quarter to $11.9B.
Based on ValueAct Holdings's 13F filing for Q1 2017, filed 15 May 2017.