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 – Q1 2024 Update

 

• ValueAct’s 13F portfolio value decreased from ~$5B to ~$4.54B this quarter.
• ValueAct decreased Fiserv (FISV) and Expedia (EXPD) while adding Flutter Entertainment and increasing Roblox.
• The top three positions are Salesforce.com (CRM), Insight Enterprises (NSIT), and Walt Disney (DIS), and they add up to ~56% 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 5/15/2024. Please visit our Tracking ValueAct Portfolio article for an idea on their investment philosophy and our previous update for the fund’s moves during Q4 2023.

 

This quarter, ValueAct’s 13F portfolio value decreased from ~$5B to ~$4.54B. The number of holdings remained steady 12. The top three positions are at ~56% while the top five are at ~91% of the 13F assets. The largest position is Salesforce.com 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: 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 2024:

 

 

Source: John Vincent. Data constructed from ValueAct’s 13F filings for Q4 2023 and Q1 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 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 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 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 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 - Q3 2014 Update

Below is a spreadsheet that highlights the changes to Jeffrey Ubben's ValueAct Capital US long stock portfolio as of Q3 2014. Please check out our previous update to have an idea on how the portfolio is progressing:

 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 - Q3 2013 Update

Below is a spreadsheet that highlights the changes to Jeffrey Ubben's ValueAct Capital US long stock portfolio as of Q3 2013. Please check out our previous update to have an idea on how the portfolio is progressing:

Jeff follows an activist style value investing philosophy termed "Strategic Block Investing". Microsoft, his largest position by far at over 20% was increased by ~15% this quarter. Rockwell Collins (COL) was another position that was significantly increased (~17%) - it is now at over 8% of the US long portfolio. 

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 2013 Update

Below is a spreadsheet that shows changes to Jeffrey Ubben's US long portfolio as of Q2 2013:

Jeff follows an activist style value investing philosophy termed "Strategic Block Investing". The major change this quarter was a ~73% increase in Microsoft (MSFT) holdings to a whopping 22.56% of the US long portfolio. It is by far his largest holdings currently. It was established last quarter and the large stake increase indicates a clear bullish bias.

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 .