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 |
Bread Financial
BFH
|
+$365M |
| 2 |
Seagate
STX
|
+$212M |
| 3 |
Trinity Industries
TRN
|
+$147M |
| 4 |
Morgan Stanley
MS
|
+$116M |
| 5 |
TFCF
Twenty-First Century Fox, Inc. Class B
TFCF
|
+$78.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$1.02B |
| 2 |
BHI
Baker Hughes
BHI
|
+$433M |
| 3 |
MSCI
MSCI
|
+$100M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 30.39% |
| 2 | Technology | 22.56% |
| 3 | Energy | 13.13% |
| 4 | Communication Services | 10.84% |
| 5 | Real Estate | 8.43% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Microsoft
MSFT
$3.89T
| $2.22B | 19.36% |
38,624,678
-18,000,000
| -32% | -$1.02B |
2013 Q2
13 quarters
|
|
|
BHI
2
DELISTED
Baker Hughes
BHI
| $1.51B | 13.13% |
29,886,200
-9,000,000
| -23% | -$433M |
2014 Q4
7 quarters
|
|
|
3
Morgan Stanley
MS
$298B
| $1.34B | 11.69% |
41,900,000
+3,900,000
| +10% | +$116M |
2016 Q2
1 quarter
|
|
|
TFCF
4
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $1.25B | 10.84% |
50,326,334
+3,000,000
| +6% | +$78.2M |
2014 Q2
9 quarters
|
|
5
Willis Towers Watson
WTW
$30.9B
| $1.08B | 9.37% |
8,108,015
| – | – |
2013 Q2
13 quarters
|
|
|
6
Bread Financial
BFH
$3.74B
| $1.07B | 9.33% |
6,265,000
+2,145,249
| +52% | +$365M |
2016 Q1
2 quarters
|
|
7
CBRE Group
CBRE
$38.4B
| $969M | 8.43% |
34,620,054
+1,684,260
| +5% | +$48.1M |
2013 Q2
13 quarters
|
|
8
Allison Transmission
ALSN
$10.4B
| $549M | 4.77% |
19,125,204
| – | – |
2013 Q3
12 quarters
|
|
9
Armstrong World Industries
AWI
$7.35B
| $380M | 3.31% |
9,200,000
| – | – |
2014 Q2
9 quarters
|
|
10
Bausch Health
BHC
$3.13B
| $368M | 3.2% |
14,994,261
| – | – |
2013 Q2
13 quarters
|
|
|
11
Seagate
STX
$121B
| $368M | 3.2% |
9,539,490
+6,539,490
| +218% | +$212M |
2016 Q2
1 quarter
|
|
|
12
Trinity Industries
TRN
$2.39B
| $300M | 2.61% |
17,252,769
+8,918,769
| +107% | +$147M |
2016 Q2
1 quarter
|
|
|
AFI
13
DELISTED
Armstrong Flooring, Inc.
AFI
| $86.8M | 0.76% |
4,600,000
| – | – |
2016 Q2
1 quarter
|
|
|
14
MSCI
MSCI
$47.1B
| – | – |
-1,300,900
| Closed | -$100M | – |
|
Similar funds
ValueAct Holdings's Q3 2016 Portfolio in Review
As of Q3 2016, ValueAct Holdings held 14 positions worth $11.5B, up 4.3% from $11B the previous quarter. Its ten largest holdings account for 93% of the portfolio.
ValueAct Holdings withdrew a net $583M in Q3 2016, closing 1 position and reducing 2 holdings. Its most notable exit was MSCI, an estimated $100M position sold in full.
By sector, the portfolio is most concentrated in Financials at 30% of assets, up from 25% a quarter earlier, followed by Technology and Energy.
Against the trend, ValueAct Holdings added an estimated $365M to Bread Financial.
- ValueAct Holdings added most to Bread Financial in Q3 2016, an estimated $365M increase.
- ValueAct Holdings's biggest Q3 2016 reduction was Microsoft, cutting an estimated $1.02B.
- ValueAct Holdings fully exited MSCI in Q3 2016, selling an estimated $100M.
- ValueAct Holdings's ten largest holdings make up 93% of its $11.5B portfolio in Q3 2016.
- ValueAct Holdings opened 0 new positions and closed 1 in Q3 2016.
- ValueAct Holdings's portfolio value rose 4.3% quarter-over-quarter to $11.5B.
Based on ValueAct Holdings's 13F filing for Q3 2016, filed 15 Nov 2016.