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 |
Seagate
STX
|
+$187M |
| 2 |
KKR & Co
KKR
|
+$91.5M |
| 3 |
AFI
Armstrong Flooring, Inc.
AFI
|
+$170K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$480M |
| 2 |
CBRE Group
CBRE
|
+$261M |
| 3 |
Willis Towers Watson
WTW
|
+$209M |
| 4 |
BIVV
Bioverativ Inc. Common Stock
BIVV
|
+$74.8M |
| 5 |
NETSCOUT
NTCT
|
+$19.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 30.02% |
| 2 | Energy | 15.29% |
| 3 | Technology | 15.18% |
| 4 | Communication Services | 13.28% |
| 5 | Real Estate | 11.18% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
BHI
1
DELISTED
Baker Hughes
BHI
| $1.71B | 15.29% |
31,407,820
| – | – |
2014 Q4
10 quarters
|
|
2
Bread Financial
BFH
$3.72B
| $1.51B | 13.48% |
7,364,382
| – | – |
2016 Q1
5 quarters
|
|
|
TFCF
3
DELISTED
Twenty-First Century Fox, Inc. Class B
TFCF
| $1.49B | 13.28% |
53,326,334
| – | – |
2014 Q2
12 quarters
|
|
|
4
CBRE Group
CBRE
$38.2B
| $1.25B | 11.18% |
34,378,480
-7,494,770
| -18% | -$261M |
2013 Q2
16 quarters
|
|
|
5
Microsoft
MSFT
$3.88T
| $1.1B | 9.86% |
16,012,799
-6,999,290
| -30% | -$480M |
2013 Q2
16 quarters
|
|
|
6
Willis Towers Watson
WTW
$30.3B
| $961M | 8.59% |
6,609,358
-1,498,657
| -18% | -$209M |
2013 Q2
16 quarters
|
|
7
Morgan Stanley
MS
$296B
| $797M | 7.12% |
17,884,620
| – | – |
2016 Q2
4 quarters
|
|
|
8
Seagate
STX
$125B
| $535M | 4.78% |
13,815,765
+4,276,275
| +45% | +$187M |
2016 Q2
4 quarters
|
|
9
Trinity Industries
TRN
$2.36B
| $437M | 3.9% |
21,644,238
| – | – |
2016 Q2
4 quarters
|
|
|
BIVV
10
DELISTED
Bioverativ Inc. Common Stock
BIVV
| $431M | 3.85% |
7,163,892
-1,313,000
| -15% | -$74.8M |
2017 Q1
1 quarter
|
|
11
Armstrong World Industries
AWI
$7.31B
| $423M | 3.78% |
9,200,000
| – | – |
2014 Q2
12 quarters
|
|
12
Bausch Health
BHC
$3.09B
| $311M | 2.78% |
17,997,224
| – | – |
2013 Q2
16 quarters
|
|
|
13
KKR & Co
KKR
$86.7B
| $93M | 0.83% |
+5,000,000
| New | +$91.5M |
2017 Q2
0 quarters
|
|
|
AFI
14
DELISTED
Armstrong Flooring, Inc.
AFI
| $82.8M | 0.74% |
4,609,071
+9,071
| +0.2% | +$170K |
2016 Q2
4 quarters
|
|
|
15
NETSCOUT
NTCT
$2.37B
| $60.2M | 0.54% |
1,750,943
-549,057
| -24% | -$19.9M |
2016 Q4
2 quarters
|
|
Similar funds
ValueAct Holdings's Q2 2017 Portfolio in Review
As of Q2 2017, ValueAct Holdings held 15 positions worth $11.2B, down 6.3% from $11.9B the previous quarter. Its ten largest holdings account for 91% of the portfolio.
ValueAct Holdings withdrew a net $767M in Q2 2017, reducing 5 holdings. Its largest reduction was Microsoft, cutting an estimated $480M.
By sector, the portfolio is most concentrated in Financials at 30% of assets, up from 28% a quarter earlier, followed by Energy and Technology.
Against the trend, ValueAct Holdings opened a new position in KKR & Co worth $93M.
- ValueAct Holdings's largest Q2 2017 buy was KKR & Co: 5,000,000 shares worth $93M.
- ValueAct Holdings added most to Seagate in Q2 2017, an estimated $187M increase.
- ValueAct Holdings's biggest Q2 2017 reduction was Microsoft, cutting an estimated $480M.
- ValueAct Holdings's ten largest holdings make up 91% of its $11.2B portfolio in Q2 2017.
- ValueAct Holdings opened 1 new position and closed 0 in Q2 2017.
- ValueAct Holdings's portfolio value fell 6.3% quarter-over-quarter to $11.2B.
Based on ValueAct Holdings's 13F filing for Q2 2017, filed 14 Aug 2017.