Tracking ValueAct Portfolio – Q4 2024 Update

• ValueAct’s 13F portfolio value increased from ~$4.37B to ~$4.39B this quarter.
• ValueAct added Amazon.com (AMZN) and increased Liberty Media (FWONK).
• The top three positions are Salesforce.com (CRM), Walt Disney (DIS), and Insight Enterprises (NSIT), and they add up to ~52% 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 2/14/2025. 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 2024.

 

This quarter, ValueAct’s 13F portfolio value increased from ~$4.37B to ~$4.39B. The number of holdings increased from 10 to 11. The top three positions are at ~52% while the top five are at ~74% of the 13F assets. The largest position is Salesforce.com which is at ~22% 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 2024:

 

 

Source: John Vincent. Data constructed from ValueAct’s 13F filings for Q3 2024 and Q4 2024.

 

 

Tracking ValueAct Portfolio – Q3 2024 Update

• ValueAct’s 13F portfolio value increased from ~$3.56B to ~$4.37B this quarter.
• ValueAct increased Roblox (RBLX) and added Toast (TOST) while dropping Spotify (SPOT) and Fiserv (FISV).
• The top three positions are Salesforce.com (CRM), Insight Enterprises (NSIT), and Walt Disney (DIS), and they add up to ~60% 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 11/14/2024. Please visit our Tracking ValueAct Portfolio article for an idea on their investment philosophy and our previous update for the fund’s moves during Q2 2024.

 

This quarter, ValueAct’s 13F portfolio value increased from ~$3.56B to ~$4.37B. The number of holdings remained steady at 10. The top three positions are at ~60% while the top five are at ~80% of the 13F assets. The largest position is Salesforce.com which is at ~25% 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 Q3 2024:

 

 

Source: John Vincent. Data constructed from ValueAct’s 13F filings for Q2 2024 and Q3 2024.

 

Tracking ValueAct Portfolio – Q2 2024 Update

• ValueAct’s 13F portfolio value decreased from ~$4.54B to ~$3.56B this quarter.
• ValueAct decreased Fiserv (FISV) and dropped CBRE Group (CBRE) while increasing Salesforce.com (CRM) and Walt Disney (DIS).
• The top three positions are Salesforce.com (CRM), Insight Enterprises (NSIT), and Walt Disney (DIS), and they add up to ~68% 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 08/14/2024. Please visit our Tracking ValueAct Portfolio article for an idea on their investment philosophy and our previous update for the fund’s moves during Q1 2024.

 

This quarter, ValueAct’s 13F portfolio value decreased from ~$4.54B to ~$3.56B. The number of holdings decreased from 12 to 10. The top three positions are at ~68% while the top five are at ~86% of the 13F assets. The largest position is Salesforce.com which is at ~28% 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 Q2 2024:

 

 

Source: John Vincent. Data constructed from ValueAct’s 13F filings for Q1 2024 and Q2 2024.

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.

 

Tracking Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio – Q3 2023 Update

• Jeffrey Ubben’s 13F portfolio value decreased from $1.07B to $1.01B this quarter. 
• They added Bio Rad Labs (RIO) and increased Exxon Mobil (XOM) this quarter. 
• Exxon Mobil (XOM) at ~21% of the portfolio is by far the largest position. 

Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio value decreased from ~$1.07B to ~$1.01B this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

The spreadsheet below highlights changes to Inclusive Capital Partners’ 13F holdings in Q3 2023. Please lookup our previous update to see how the portfolio has progressed:

 

 

 

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy.  

 

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.

 

Tracking Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio – Q2 2023 Update

• Jeffrey Ubben’s 13F portfolio value increased from $1B to $1.07B this quarter. 
• They increased Intercontinental Exchange (ICE), Ingevity Corp (NGVT), Strategic Education (STRA), and Enviva Partners (EVA) this quarter. 
• Intercontinental Exchange (ICE) at ~20% of the portfolio is by far the largest position. 

Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio value increased from ~$1B to ~$1.07B this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

The spreadsheet below highlights changes to Inclusive Capital Partners’ 13F holdings in Q2 2023. Please lookup our previous update to see how the portfolio has progressed:

 

 

 

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy.  

 

Tracking ValueAct Portfolio – Q2 2023 Update

•  ValueAct’s 13F portfolio value increased from $6.14B to $6.43B this quarter. 
• ValueAct decreased Spotify (SPOT) during the quarter. 
• The top three positions are Fiserv (FI), KKR (KKR), and Seagate Technology (STX), and they add up to ~54% 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 8/14/2023. Please visit our Tracking ValueAct Portfolio article for an idea on their investment philosophy and our previous update for the fund’s moves during Q1 2023.

 

This quarter, ValueAct’s 13F portfolio value increased ~5% from $6.14B to $6.43B. The number of holdings remained steady at 9. The top three positions are at ~54% while the top five are at ~77% of the 13F assets. The largest position is Fiserv which is at ~23% 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 Q2 2023:

 

 

Source: John Vincent. Data constructed from ValueAct’s 13F filings for Q1 2023 and Q2 2023.

 

Tracking Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio – Q1 2023 Update

• Jeffrey Ubben’s 13F portfolio value decreased from $1.19B to $1B this quarter. 
• They added Intercontinental Exchange and Coursera and increased PotlatchDeltic. 
• Verra Mobility at ~18% of the portfolio is by far the largest position. 

 Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio value decreased from ~$1.19B to ~$1B this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

The spreadsheet below highlights changes to Inclusive Capital Partners’ 13F holdings in Q1 2023. Please lookup our previous update to see how the portfolio has progressed:

 

 

 

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy.  

 

Tracking ValueAct Portfolio – Q1 2023 Update

•  ValueAct’s 13F portfolio value increased from $5.31B to $6.14B this quarter. 
• ValueAct added Spotify and increased Salesforce.com while dropping LKQ Corporation. 
• The top three positions are Fiserv, KKR, and Seagate Technology, and they add up to ~54% 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 5/15/2023. Please visit our Tracking ValueAct Portfolio article for an idea on their investment philosophy and our previous update for the fund’s moves during Q4 2022.

 

This quarter, ValueAct’s 13F portfolio value increased ~16% from $5.31B to $6.14B. The number of holdings remained steady at 9. The top three positions are at ~54% while the top five are at ~76% of the 13F assets. The largest position is Fiserv which is at ~21% 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 Q1 2023:

 

 

Source: John Vincent. Data constructed from ValueAct’s 13F filings for Q4 2022 and Q1 2023.

 

Tracking Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio – Q4 2022 Update

•  Jeffrey Ubben’s 13F portfolio value increased from $898M to $1.19B this quarter. 
• They added Salesforce.com and increased Enviva Partners and PotlatchDeltic during the quarter. 
• Enviva at ~26% of the portfolio is by far the largest position. 

Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio value increased from ~$898M to ~$1.19B this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

Note: Regulatory filings show them owning significant ownership stakes in the following businesses - Unifi Inc. (UFI), Ingevity Corp (NGVT), AppHarvest (APPH), Enviva Inc. (EVA), and Vroom Inc. (VRM).

 

The spreadsheet below highlights changes to Inclusive Capital Partners’ 13F holdings in Q4 2022. Please lookup our previous update to see how the portfolio has progressed:

 

 

 

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy.  

 

Tracking Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio – Q3 2022 Update

• Jeffrey Ubben’s 13F portfolio value increased marginally from $895M to $898M this quarter. 
• They increased Exxon Mobil and PotlatchDeltic during the quarter. 
• Enviva at ~35% of the portfolio is by far the largest position. 

Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio value increased marginally from ~$895M to ~$898M this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

Note: Regulatory filings show them owning significant ownership stakes in the following businesses - ~10% of Unifi Inc. (UFI), 5.4% of Ingevity Corp (NGVT), 5.7% of AppHarvest (APPH), 7.8% of Enviva Inc. (EVA), and 6.7% of Vroom Inc. (VRM).

 

The spreadsheet below highlights changes to Inclusive Capital Partners’ 13F holdings in Q3 2022. Please lookup our previous update to see how the portfolio has progressed:

 

 

 

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy.  

 

Tracking Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio – Q2 2022 Update

• Jeffrey Ubben’s 13F portfolio value decreased from ~$969M to $895M this quarter. 
• They added Azek and PotlatchDeltic during the quarter. 
• Enviva at ~33% of the portfolio is by far the largest position. 

Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio value decreased from ~$969M to ~$895M this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

Note: Regulatory filings show them owning significant ownership stakes in the following businesses - ~10% of Unifi Inc. (UFI), 5.4% of Ingevity Corp (NGVT), 5.7% of AppHarvest (APPH), 7.8% of Enviva Inc. (EVA), and 6.7% of Vroom Inc. (VRM).

 

The spreadsheet below highlights changes to Inclusive Capital Partners’ 13F holdings in Q2 2022. Please lookup our previous update to see how the portfolio has progressed:

 

 

 

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy.  

 

Tracking Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio – Q1 2022 Update

• Jeffrey Ubben’s 13F portfolio value decreased from ~$977M to ~$969M this quarter. 
• They increased Ingevity Corp while decreasing Nikola, AppHarvest, and Exxon Mobil. 
• Enviva at ~43% of the portfolio is by far the largest position. 

 Jeffrey Ubben’s Inclusive Capital Partners 13F Portfolio value decreased from ~$977M to ~$969M this quarter. The heavily concentrated portfolio continues to have only a handful of positions.

 

Note: Regulatory filings show them owning significant ownership stakes in the following businesses - ~10% of Unifi Inc. (UFI), 5.4% of Ingevity Corp (NGVT), 5.7% of AppHarvest (APPH), 7.8% of Enviva Inc. (EVA), and 6.7% of Vroom Inc. (VRM).

 

The spreadsheet below highlights changes to Inclusive Capital Partners’ 13F holdings in Q1 2022:

 

 

 

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy.  

 

Tracking Jeffrey Ubben's ValueAct Portfolio - Q1 2016 Update

Below is a spreadsheet that highlights changes to Jeffrey Ubben's ValueAct Capital US long stock portfolio this quarter. Please check-out our SeekingAlpha column for an analysis of the moves:

 To know more about activist investing, check out Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations.

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy.

Tracking Jeffrey Ubben's ValueAct Portfolio - Q4 2015 Update

Below is a spreadsheet that highlights changes to Jeffrey Ubben's ValueAct Capital US long stock portfolio this quarter. Please check-out our SeekingAlpha column for an analysis of the moves:

 To know more about activist investing, check out Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations.

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy. 

Tracking Jeffrey Ubben's ValueAct Portfolio - Q3 2015 Update

Below is a spreadsheet that highlights changes to Jeffrey Ubben's ValueAct Capital US long stock portfolio this quarter. Please check-out our SeekingAlpha column for an analysis of the moves:

To know more about activist investing, check out Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations.

To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy. 

Tracking Jeffrey Ubben's ValueAct Holdings - Q2 2015 Update

Below is a spreadsheet that highlights changes to Jeffrey Ubben's ValueAct Capital US long stock portfolio this quarter. Please check-out our SeekingAlpha column for an analysis of the moves:

 To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy.  

Tracking Jeffrey Ubben's ValueAct Holdings - Q1 2015 Update

Below is a spreadsheet that highlights changes to Jeffrey Ubben's ValueAct Capital US long stock portfolio this quarter. Please check-out our SeekingAlpha column for an analysis of the moves:

 To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy. 

Tracking Jeffrey Ubben's ValueAct Holdings - Q4 2014 Update

Below is a spreadsheet that highlights changes to Jeffrey Ubben's ValueAct Capital US long stock portfolio this quarter. Please check-out our SeekingAlpha column for an analysis of the moves:

 To learn more about how to profit from a strategy of cloning hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy.