Tracking ValueAct Portfolio – Q4 2023 Update

• ValueAct’s 13F portfolio value increased from $4.45B to ~$5B this quarter. 
• ValueAct decreased Fiserv (FISV) and KKR (KKR) while adding Expedia (EXPD) and Walt Disney (DIS). 
• The top three positions are Salesforce.com (CRM), Insight Enterprises (NSIT), and Expedia Group (EXPD), and they add up to ~47% 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 2/14/2024. Please visit our Tracking ValueAct Portfolio article for an idea on their investment philosophy and our previous update for the fund’s moves during Q3 2023.

 

This quarter, ValueAct’s 13F portfolio value increased from $4.45B to ~$5B. The number of holdings increased from 12 to 14. The top three positions are at ~47% while the top five are at ~68% of the 13F assets. The largest position is Salesforce.com which is at ~18% 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: 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 Q4 2023:

 

 

Source: John Vincent. Data constructed from ValueAct’s 13F filings for Q3 2023 and Q4 2023.