- 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.
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