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Mason Morfit ValueAct Holdings

AUM $5.63B
1-Year Est. Return 5.11%
 

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.

This Fund
S&P 500
This Quarter Est. Return
+1.93%
1 Year Est. Return
-5.11%
3 Year Est. Return
+78.71%
5 Year Est. Return
+99.09%
10 Year Est. Return
+739.59%
AUM
$9.27B
AUM Growth
-$309M
Cap. Flow
-$386M
Cap. Flow %
-4.16%
Top 10 Hldgs %
92.53%
Holding
25
New
2
Increased
7
Reduced
7
Closed
3

Top Buys

Rank Stock Value
1
LKQ icon
LKQ Corp
LKQ
+$439M
2
STRA icon
Strategic Education
STRA
+$45.5M
3
PCG icon
PG&E
PCG
+$21.9M
4
HE icon
Hawaiian Electric Industries
HE
+$19.8M
5
EVA
Enviva Inc.
EVA
+$13.9M

Top Sells

Rank Stock Value
1
C icon
Citigroup
C
+$238M
2
MS icon
Morgan Stanley
MS
+$170M
3
CBRE icon
CBRE Group
CBRE
+$158M
4
ACA icon
Arcosa
ACA
+$92.2M
5
KKR icon
KKR & Co
KKR
+$68.6M

Sector Composition

Rank Sector Weight
1 Financials 53.92%
2 Technology 18.42%
3 Consumer Discretionary 6.29%
4 Industrials 6.1%
5 Real Estate 5.85%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
C icon
1
Citigroup
C
$221B
$1.94B 20.89%
28,025,500
-3,500,000
-11% -$238M
STX icon
2
Seagate
STX
$193B
$1.7B 18.31%
31,554,360
– –
KKR icon
3
KKR & Co
KKR
$97.4B
$1.29B 13.93%
48,100,000
-2,600,000
-5% -$68.6M
MS icon
4
Morgan Stanley
MS
$336B
$949M 10.24%
22,250,000
-3,978,561
-15% -$170M
CBRE icon
5
CBRE Group
CBRE
$44B
$542M 5.85%
10,225,592
-3,000,000
-23% -$158M
LKQ icon
6
LKQ Corp
LKQ
$6.52B
$504M 5.44%
+16,032,718
New +$439M
BFH icon
7
Bread Financial
BFH
$4.07B
$475M 5.13%
4,645,680
– –
TRN icon
8
Trinity Industries
TRN
$2.37B
$444M 4.79%
22,561,698
+661,698
+3% +$12.5M
BHC icon
9
Bausch Health
BHC
$2.41B
$392M 4.23%
17,931,594
– –
SLM icon
10
SLM Corp
SLM
$4.97B
$346M 3.73%
39,184,254
– –
TSG
11
DELISTED
The Stars Group Inc.
TSG
$204M 2.2%
13,630,000
– –
HE icon
12
Hawaiian Electric Industries
HE
$1.99B
$73.9M 0.8%
1,620,747
+445,000
+38% +$19.8M
AES icon
13
AES
AES
$10.5B
$71M 0.77%
4,346,500
+200,000
+5% +$3.22M
STRA icon
14
Strategic Education
STRA
$1.85B
$68M 0.73%
500,765
+267,000
+114% +$45.5M
EVA
15
DELISTED
Enviva Inc.
EVA
$67.2M 0.73%
2,104,261
+450,000
+27% +$13.9M
ACA icon
16
Arcosa
ACA
$7.12B
$54M 0.58%
1,577,265
-2,663,698
-63% -$92.2M
LIND icon
17
Lindblad Expeditions
LIND
$2.04B
$47.9M 0.52%
2,860,188
-152,110
-5% -$2.77M
DAR icon
18
Darling Ingredients
DAR
$10.4B
$42.9M 0.46%
2,240,000
+512,472
+30% +$10M
UFI icon
19
UNIFI
UFI
$149M
$31.1M 0.34%
1,417,054
+118,652
+9% +$2.34M
PCG icon
20
PG&E
PCG
$38.8B
$14.4M 0.16%
+1,444,800
New +$21.9M
PSN icon
21
Parsons
PSN
$5.24B
$9.83M 0.11%
298,000
-1,507,000
-83% -$53.8M
AFI
22
DELISTED
Armstrong Flooring, Inc.
AFI
$7.81M 0.08%
1,222,756
– –
BKNG icon
23
Booking.com
BKNG
$158B
– –
-875,000
Closed -$65.6M
EIX icon
24
Edison International
EIX
$27.5B
– –
-700,000
Closed -$47.2M
XPO icon
25
XPO
XPO
$23.2B
– –
-2,891,394
Closed -$57.8M

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Mason Morfit's Q3 2019 Portfolio in Review

As of Q3 2019, Mason Morfit held 25 positions worth $9.27B, down 3.2% from $9.58B the previous quarter. Its ten largest holdings account for 93% of the portfolio.

Mason Morfit withdrew a net $386M in Q3 2019, closing 3 positions and reducing 7 holdings. Its most notable exit was Booking.com, an estimated $65.6M position sold in full.

By sector, the portfolio is most concentrated in Financials at 54% of assets, down from 58% a quarter earlier, followed by Technology and Consumer Discretionary.

Against the trend, Mason Morfit opened a new position in LKQ Corp worth $504M.

  • Mason Morfit's largest Q3 2019 buy was LKQ Corp: 16,032,718 shares worth $504M.
  • Mason Morfit added most to Strategic Education in Q3 2019, an estimated $45.5M increase.
  • Mason Morfit's biggest Q3 2019 reduction was Citigroup, cutting an estimated $238M.
  • Mason Morfit fully exited Booking.com in Q3 2019, selling an estimated $65.6M.
  • Mason Morfit's ten largest holdings make up 93% of its $9.27B portfolio in Q3 2019.
  • Mason Morfit opened 2 new positions and closed 3 in Q3 2019.
  • Mason Morfit's portfolio value fell 3.2% quarter-over-quarter to $9.27B.

Based on ValueAct Holdings's 13F filing for Q3 2019, filed 14 Nov 2019.