Reported portfolio

ValueAct Capital Management, L.P.

Last update 2026-08-14
Current positions
18
Top five concentration
57.3%
Largest position
14.1%
New position
1
Closed position
1

Reported holdings

19 positions
CompanyPortfolioRecent activitySharesReported priceReported valueUpdated / source
V
VISA INC
14.10%
Unchanged2,316,250$343$794,682,000+$94,619,00013F2026-06-30 ↗
AMZN
AMAZON COM INC
12.44%
Added 2.0%2,941,700+57,100$238$701,125,000+$100,349,00013F2026-06-30 ↗
RKT
ROCKET COS INC
11.65%
Added 47.7%41,668,774+13,454,050$16$656,283,000+$254,223,00013F2026-06-30 ↗
BLK
BLACKROCK INC
9.93%
Added 6.5%581,700+35,600$962$559,339,000+$34,150,00013F2026-06-30 ↗
META
META PLATFORMS INC
9.15%
Unchanged915,674$563$515,790,000−$8,095,00013F2026-06-30 ↗
CRM
SALESFORCE INC
8.33%
Unchanged2,994,509$157$469,120,000−$89,865,00013F2026-06-30 ↗
TOST
TOAST INC
6.98%
Added 9.6%14,134,038+1,238,600$28$393,209,000+$51,351,00013F2026-06-30 ↗
KKR
KKR & CO INC
5.80%
Added 8.5%3,558,200+278,500$92$326,572,000+$23,199,00013F2026-06-30 ↗
SPOT
SPOTIFY TECHNOLOGY S A
4.29%
Added 46.9%526,800+168,300$459$241,870,000+$68,029,00013F2026-06-30 ↗
LLYVK
LIBERTY LIVE HOLDINGS INC
4.07%
Reduced 39.0%2,172,388−1,388,820$106$229,491,000−$105,654,00013F2026-06-30 ↗
SSD
SIMPSON MFG INC
3.09%
Reduced 40.6%830,642−567,400$209$173,895,000−$66,037,00013F2026-06-30 ↗
RBLX
ROBLOX CORP
3.04%
Reduced 46.2%3,147,421−2,701,200$54$171,157,000−$159,641,00013F2026-06-30 ↗
CBRE
CBRE GROUP INC
2.37%
Added 323.0%992,391+757,800$135$133,665,000+$101,887,00013F2026-06-30 ↗
LLYVA
LIBERTY LIVE HOLDINGS INC
1.41%
Reduced 55.8%785,119−991,956$101$79,501,000−$83,350,00013F2026-06-30 ↗
MDB
MONGODB INC
0.99%
Reduced 84.0%165,700−872,100$336$55,659,000−$198,364,00013F2026-06-30 ↗
LYV
LIVE NATION ENTERTAINMENT IN
0.98%
Reduced 51.6%302,066−322,600$183$55,311,000−$39,957,00013F2026-06-30 ↗
WIX
WIX COM LTD
0.84%
Unchanged1,099,370$43$47,384,000−$46,685,00013F2026-06-30 ↗
PAYP
PAYPAY CORP
0.55%
New2,154,800+2,154,800$14$30,878,000+$30,878,00013F2026-06-30 ↗
DIS
DISNEY WALT CO
0.00%
Exited0−400,231$96$0−$38,574,00013F2026-06-30 ↗

Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.

Filing history

Historical holdings

$5,634,931,000
Reported value
18
Positions
2026-08-14
Filed
Original filing ↗
TickerCompanyPortfolioSharesReported value
VVISA INC14.10%2,316,250$794,682,000
AMZNAMAZON COM INC12.44%2,941,700$701,125,000
RKTROCKET COS INC11.65%41,668,774$656,283,000
BLKBLACKROCK INC9.93%581,700$559,339,000
METAMETA PLATFORMS INC9.15%915,674$515,790,000
CRMSALESFORCE INC8.33%2,994,509$469,120,000
TOSTTOAST INC6.98%14,134,038$393,209,000
KKRKKR & CO INC5.80%3,558,200$326,572,000
SPOTSPOTIFY TECHNOLOGY S A4.29%526,800$241,870,000
LLYVKLIBERTY LIVE HOLDINGS INC4.07%2,172,388$229,491,000
SSDSIMPSON MFG INC3.09%830,642$173,895,000
RBLXROBLOX CORP3.04%3,147,421$171,157,000
CBRECBRE GROUP INC2.37%992,391$133,665,000
LLYVALIBERTY LIVE HOLDINGS INC1.41%785,119$79,501,000
MDBMONGODB INC0.99%165,700$55,659,000
LYVLIVE NATION ENTERTAINMENT IN0.98%302,066$55,311,000
WIXWIX COM LTD0.84%1,099,370$47,384,000
PAYPPAYPAY CORP0.55%2,154,800$30,878,000

Investor background

ValueAct Capital

“We invest for the long term in high quality companies, offering data driven insights to managers and directors whom we view as partners.”ValueAct Capital’s stated investment philosophy

ValueAct Capital is a San Francisco-based investment firm founded in June 2000 by Jeffrey Ubben, George Hamel and Peter Kamin. It was created to make concentrated, long-term strategic-block investments in a limited number of public companies and to participate actively in their value creation. Mason Morfit joined the firm in 2001, became Chief Investment Officer in 2017 and succeeded Ubben as Chief Executive Officer in 2020. Rob Hale was promoted to Co-CEO in 2023, creating the current leadership structure in which Morfit remains Co-CEO and CIO while Hale plays a particularly important role in the firm’s Japanese investments.

ValueAct occupies a distinctive position between conventional value investing, private equity and shareholder activism. It acquires significant stakes in high-quality businesses whose long-term potential is obscured by weak operating performance, strategic uncertainty, organizational complexity, management transitions or unfavorable industry perceptions. The firm then combines intensive fundamental research with private engagement, data-driven analysis and, when useful, board representation. Unlike more confrontational activists, ValueAct generally seeks to influence companies without immediately publishing demands or threatening proxy contests.

Its advantage is accumulated corporate experience. ValueAct has made more than 120 core investments and served on more than 45 public-company boards. These engagements allow the team to compare how companies manage technological transitions, pricing, cost structures, mergers, capital allocation, management succession and corporate crises. Core positions are generally held for three to five years and occasionally for more than a decade.

Microsoft, Adobe, Olympus and Salesforce illustrate the method. ValueAct recognized the strategic value of Microsoft’s enterprise franchise before its cloud transformation was fully reflected in the share price; supported Adobe during its economically disruptive transition toward subscriptions; participated in Olympus’s shift toward a more focused global medical-technology company; and gained a board seat at Salesforce during a period of margin and capital-allocation reform. These cases demonstrate an ability to understand business-model transitions rather than simply demand cost reductions.

The record also contains important failures. ValueAct’s long involvement with Valeant exposed the firm to serious governance, leverage and business-model risks, while its public campaign at Seven & i failed to elect any of its proposed directors. Board access can improve information and influence, but it can also create excessive confidence in management or in the investor’s ability to produce change.

ValueAct qualifies as a super investor because it combines concentrated capital, long holding periods, strategic business analysis and a demonstrated ability to influence major corporations. It has also completed a credible transition from a founder-led fund to an institutional partnership. However, Morfit is not the sole decision-maker: ValueAct is now co-led by Morfit and Hale and supported by a broader investment team.