ValueAct Holdings Portfolio holdings
ValueAct Holdings is the holding partnership that owns the management arm of ValueAct Capital, an activist investor that prefers to stay behind the scenes. ValueAct Capital was formed in 2000 and led by Jeff Ubben until 2020, when Mason Morfit became chief executive, and Rob Hale joined Morfit as co-chief executive in 2024. In 2013 ValueAct Capital disclosed a stake in Microsoft, and Morfit sat on Microsoft's board from early 2014 to late 2017. It later revealed a stake in Salesforce in 2023, when Morfit joined that company's board, and another in Meta in 2024. ValueAct Capital invests for the long term, regularly holding positions for three to five years and sometimes for ten years or more.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Morgan Stanley
MS
|
+$994M |
| 2 |
BHI
Baker Hughes
BHI
|
+$708M |
| 3 |
Bread Financial
BFH
|
+$573M |
| 4 |
Trinity Industries
TRN
|
+$110M |
| 5 |
AFI
Armstrong Flooring, Inc.
AFI
|
+$74M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Motorola Solutions
MSI
|
+$622M |
| 2 |
AGU
Agrium
AGU
|
+$280M |
| 3 |
MSCI
MSCI
|
+$209M |
| 4 |
Adobe
ADBE
|
+$563K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 26.96% |
| 2 | Financials | 24.86% |
| 3 | Energy | 15.93% |
| 4 | Communication Services | 11.7% |
| 5 | Real Estate | 7.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Microsoft
MSFT
$3.94T
| $2.9B | 26.3% |
56,624,678
+908
| +0% | +$47.2K |
2013 Q2
12 quarters
|
|
|
BHI
2
DELISTED
Baker Hughes
BHI
| $1.75B | 15.93% |
38,886,200
+15,639,500
| +67% | +$708M |
2014 Q4
6 quarters
|
|
|
TFCF
3
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $1.29B | 11.7% |
47,326,334
| – | – |
2014 Q2
8 quarters
|
|
4
Willis Towers Watson
WTW
$30.3B
| $1.01B | 9.15% |
8,108,015
+428,000
| +6% | +$52.8M |
2013 Q2
12 quarters
|
|
|
5
Morgan Stanley
MS
$284B
| $987M | 8.96% |
+38,000,000
| New | +$994M |
2016 Q2
0 quarters
|
|
6
CBRE Group
CBRE
$39.1B
| $872M | 7.92% |
32,935,794
+3,889
| +0% | +$114K |
2013 Q2
12 quarters
|
|
|
7
Bread Financial
BFH
$3.87B
| $644M | 5.85% |
4,119,751
+3,441,734
| +508% | +$573M |
2016 Q1
1 quarter
|
|
8
Allison Transmission
ALSN
$9.6B
| $540M | 4.9% |
19,125,204
| – | – |
2013 Q3
11 quarters
|
|
9
Armstrong World Industries
AWI
$7.16B
| $360M | 3.27% |
9,200,000
| – | – |
2014 Q2
8 quarters
|
|
10
Bausch Health
BHC
$3.06B
| $302M | 2.74% |
14,994,261
| – | – |
2013 Q2
12 quarters
|
|
|
11
Trinity Industries
TRN
$2.3B
| $111M | 1.01% |
+8,334,000
| New | +$110M |
2016 Q2
0 quarters
|
|
|
12
MSCI
MSCI
$46.6B
| $100M | 0.91% |
1,300,900
-2,760,000
| -68% | -$209M |
2013 Q2
12 quarters
|
|
|
AFI
13
DELISTED
Armstrong Flooring, Inc.
AFI
| $78M | 0.71% |
+4,600,000
| New | +$74M |
2016 Q2
0 quarters
|
|
14
Seagate
STX
$106B
| $73.1M | 0.66% |
+3,000,000
| New | +$72.7M |
2016 Q2
0 quarters
|
|
|
15
Adobe
ADBE
$93.1B
| – | – |
-6,000
| Closed | -$563K | – |
|
|
16
Motorola Solutions
MSI
$85.1B
| – | – |
-8,213,576
| Closed | -$622M | – |
|
|
AGU
17
DELISTED
Agrium
AGU
| – | – |
-3,170,300
| Closed | -$280M | – |
|
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ValueAct Holdings's Q2 2016 Portfolio in Review
As of Q2 2016, ValueAct Holdings held 17 positions worth $11B, up 10% from $10B the previous quarter. Its ten largest holdings account for 97% of the portfolio.
ValueAct Holdings deployed $1.47B of net new capital in Q2 2016, opening 4 new positions and adding to 5 existing holdings. Its largest new stake was Morgan Stanley: 38,000,000 shares worth $987M.
By sector, the portfolio is most concentrated in Technology at 27% of assets, down from 37% a quarter earlier, followed by Financials and Energy.
On the sell side, the largest reduction was MSCI, an estimated $209M trimmed.
- ValueAct Holdings's largest Q2 2016 buy was Morgan Stanley: 38,000,000 shares worth $987M.
- ValueAct Holdings added most to Baker Hughes in Q2 2016, an estimated $708M increase.
- ValueAct Holdings's biggest Q2 2016 reduction was MSCI, cutting an estimated $209M.
- ValueAct Holdings fully exited Motorola Solutions in Q2 2016, selling an estimated $622M.
- ValueAct Holdings's ten largest holdings make up 97% of its $11B portfolio in Q2 2016.
- ValueAct Holdings opened 4 new positions and closed 3 in Q2 2016.
- ValueAct Holdings's portfolio value rose 10% quarter-over-quarter to $11B.
Based on ValueAct Holdings's 13F filing for Q2 2016, filed 15 Aug 2016.