Tracking ValueAct Portfolio – Q3 2023 Update

• ValueAct’s 13F portfolio value decreased from $6.43B to $4.45B this quarter. 
• ValueAct decreased most of their existing stakes during the quarter. 
• The top three positions are Fiserv (FI), Salesforce.com (CRM), and KKR (KKR), and they add up to ~51% of the portfolio. 

This article is part of a series that provides an ongoing analysis of the changes made to ValueAct’s 13F stock portfolio on a quarterly basis. It is based on their regulatory 13F Form filed on 11/14/2023. Please visit our Tracking ValueAct Portfolio article for an idea on their investment philosophy and our previous update for the fund’s moves during Q2 2023.

 

This quarter, ValueAct’s 13F portfolio value decreased ~31% from $6.43B to $4.45B. The number of holdings increased from 9 to 12. The top three positions are at ~51% while the top five are at ~77% of the 13F assets. The largest position is Fiserv which is at ~19% of the portfolio. To know more about ValueAct’s activist style of value investing, check out Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations.

 

Note 1: Jeffrey Ubben retired from ValueAct last June to launch Inclusive Capital Partners (climate change and social inequity focus). Many of the stakes previously in the ValueAct portfolio are now managed by Inclusive Capital Partners.

 

Note 2: It was reported in April 2020 that ValueAct has built a 2.6M share (~2% of the business, ~$1.1B) stake in Nintendo (NTDOY).

 

 

The spreadsheet below highlights changes to ValueAct’s 13F stock holdings in Q3 2023:

 

 

Source: John Vincent. Data constructed from ValueAct’s 13F filings for Q1 2023 and Q3 2023.