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 |
Seagate
STX
|
+$213M |
| 2 |
Morgan Stanley
MS
|
+$103M |
| 3 |
Dentsply Sirona
XRAY
|
+$91.6M |
| 4 |
Citigroup
C
|
+$74.2M |
| 5 |
Hawaiian Electric Industries
HE
|
+$42.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$1.41B |
| 2 |
Armstrong World Industries
AWI
|
+$112M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 59.8% |
| 2 | Technology | 12.4% |
| 3 | Industrials | 11.51% |
| 4 | Real Estate | 8.64% |
| 5 | Healthcare | 5.37% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Citigroup
C
$221B
| $1.88B | 18.51% |
26,225,500
+1,050,000
| +4% | +$74.2M |
|
2
Bread Financial
BFH
$4.07B
| $1.44B | 14.13% |
7,621,555
| – | – |
|
3
KKR & Co
KKR
$97.4B
| $1.36B | 13.33% |
49,700,000
| – | – |
|
|
4
Seagate
STX
$193B
| $1.25B | 12.29% |
26,396,565
+3,991,865
| +18% | +$213M |
|
|
5
Morgan Stanley
MS
$336B
| $969M | 9.53% |
20,810,470
+2,100,850
| +11% | +$103M |
|
6
CBRE Group
CBRE
$44B
| $878M | 8.64% |
19,916,923
| – | – |
|
7
Trinity Industries
TRN
$2.37B
| $784M | 7.72% |
29,735,561
| – | – |
|
8
Bausch Health
BHC
$2.41B
| $463M | 4.55% |
18,033,149
| – | – |
|
9
SLM Corp
SLM
$4.97B
| $437M | 4.3% |
39,184,254
+1,578,846
| +4% | +$18.3M |
|
|
10
Armstrong World Industries
AWI
$7.55B
| $364M | 3.58% |
5,224,910
-1,627,702
| -24% | -$112M |
|
|
AFI
11
DELISTED
Armstrong Flooring, Inc.
AFI
| $83.5M | 0.82% |
4,614,787
| – | – |
|
|
12
Dentsply Sirona
XRAY
$2.18B
| $83M | 0.82% |
+2,200,000
| New | +$91.6M |
|
|
13
Hawaiian Electric Industries
HE
$1.99B
| $42.6M | 0.42% |
+1,197,261
| New | +$42.1M |
|
14
Strategic Education
STRA
$1.85B
| $33.2M | 0.33% |
242,141
+48,684
| +25% | +$6.25M |
|
15
UNIFI
UFI
$149M
| $26.2M | 0.26% |
925,000
| – | – |
|
16
Lindblad Expeditions
LIND
$2.04B
| $25.1M | 0.25% |
1,691,300
| – | – |
|
|
EVA
17
DELISTED
Enviva Inc.
EVA
| $22M | 0.22% |
692,029
+6,576
| +1% | +$201K |
|
18
AES
AES
$10.5B
| $21.4M | 0.21% |
1,529,500
| – | – |
|
19
Gen Digital
GEN
$17.3B
| $10.6M | 0.1% |
+500,000
| New | +$10.2M |
|
|
TFCF
20
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| – | – |
-28,626,334
| Closed | -$1.41B |
|
Similar funds
Mason Morfit's Q3 2018 Portfolio in Review
As of Q3 2018, Mason Morfit held 20 positions worth $10.2B, down 8% from $11B the previous quarter. Its ten largest holdings account for 97% of the portfolio.
Mason Morfit withdrew a net $964M in Q3 2018, closing 1 position and reducing 1 holding. Its most notable exit was Twenty-First Century Fox, Inc. Class B, an estimated $1.41B position sold in full.
By sector, the portfolio is most concentrated in Financials at 60% of assets, up from 51% a quarter earlier, followed by Technology and Industrials.
Against the trend, Mason Morfit opened a new position in Dentsply Sirona worth $83M.
- Mason Morfit's largest Q3 2018 buy was Dentsply Sirona: 2,200,000 shares worth $83M.
- Mason Morfit added most to Seagate in Q3 2018, an estimated $213M increase.
- Mason Morfit's biggest Q3 2018 reduction was Armstrong World Industries, cutting an estimated $112M.
- Mason Morfit fully exited Twenty-First Century Fox, Inc. Class B in Q3 2018, selling an estimated $1.41B.
- Mason Morfit's ten largest holdings make up 97% of its $10.2B portfolio in Q3 2018.
- Mason Morfit opened 3 new positions and closed 1 in Q3 2018.
- Mason Morfit's portfolio value fell 8% quarter-over-quarter to $10.2B.
Based on ValueAct Holdings's 13F filing for Q3 2018, filed 14 Nov 2018.