Reported portfolio
ValueAct Capital Management, L.P.
- Reported portfolio value
- $5,634,931,000
- Current positions
- 18
- Top five concentration
- 57.3%
- Largest position
- 14.1%
- New position
- 1
- Closed position
- 1
Reported holdings
| Company | Portfolio | Recent activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
V VISA INC | 14.10% | Unchanged | 2,316,250 | $343 | $794,682,000+$94,619,000 | 13F2026-06-30 ↗ |
AMZN AMAZON COM INC | 12.44% | Added 2.0% | 2,941,700+57,100 | $238 | $701,125,000+$100,349,000 | 13F2026-06-30 ↗ |
RKT ROCKET COS INC | 11.65% | Added 47.7% | 41,668,774+13,454,050 | $16 | $656,283,000+$254,223,000 | 13F2026-06-30 ↗ |
BLK BLACKROCK INC | 9.93% | Added 6.5% | 581,700+35,600 | $962 | $559,339,000+$34,150,000 | 13F2026-06-30 ↗ |
META META PLATFORMS INC | 9.15% | Unchanged | 915,674 | $563 | $515,790,000−$8,095,000 | 13F2026-06-30 ↗ |
CRM SALESFORCE INC | 8.33% | Unchanged | 2,994,509 | $157 | $469,120,000−$89,865,000 | 13F2026-06-30 ↗ |
TOST TOAST INC | 6.98% | Added 9.6% | 14,134,038+1,238,600 | $28 | $393,209,000+$51,351,000 | 13F2026-06-30 ↗ |
KKR KKR & CO INC | 5.80% | Added 8.5% | 3,558,200+278,500 | $92 | $326,572,000+$23,199,000 | 13F2026-06-30 ↗ |
SPOT SPOTIFY TECHNOLOGY S A | 4.29% | Added 46.9% | 526,800+168,300 | $459 | $241,870,000+$68,029,000 | 13F2026-06-30 ↗ |
LLYVK LIBERTY LIVE HOLDINGS INC | 4.07% | Reduced 39.0% | 2,172,388−1,388,820 | $106 | $229,491,000−$105,654,000 | 13F2026-06-30 ↗ |
SSD SIMPSON MFG INC | 3.09% | Reduced 40.6% | 830,642−567,400 | $209 | $173,895,000−$66,037,000 | 13F2026-06-30 ↗ |
RBLX ROBLOX CORP | 3.04% | Reduced 46.2% | 3,147,421−2,701,200 | $54 | $171,157,000−$159,641,000 | 13F2026-06-30 ↗ |
CBRE CBRE GROUP INC | 2.37% | Added 323.0% | 992,391+757,800 | $135 | $133,665,000+$101,887,000 | 13F2026-06-30 ↗ |
LLYVA LIBERTY LIVE HOLDINGS INC | 1.41% | Reduced 55.8% | 785,119−991,956 | $101 | $79,501,000−$83,350,000 | 13F2026-06-30 ↗ |
MDB MONGODB INC | 0.99% | Reduced 84.0% | 165,700−872,100 | $336 | $55,659,000−$198,364,000 | 13F2026-06-30 ↗ |
LYV LIVE NATION ENTERTAINMENT IN | 0.98% | Reduced 51.6% | 302,066−322,600 | $183 | $55,311,000−$39,957,000 | 13F2026-06-30 ↗ |
WIX WIX COM LTD | 0.84% | Unchanged | 1,099,370 | $43 | $47,384,000−$46,685,000 | 13F2026-06-30 ↗ |
PAYP PAYPAY CORP | 0.55% | New | 2,154,800+2,154,800 | $14 | $30,878,000+$30,878,000 | 13F2026-06-30 ↗ |
DIS DISNEY WALT CO | 0.00% | Exited | 0−400,231 | $96 | $0−$38,574,000 | 13F2026-06-30 ↗ |
Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.
Filing history
Historical holdings
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| V | VISA INC | 14.10% | 2,316,250 | $794,682,000 |
| AMZN | AMAZON COM INC | 12.44% | 2,941,700 | $701,125,000 |
| RKT | ROCKET COS INC | 11.65% | 41,668,774 | $656,283,000 |
| BLK | BLACKROCK INC | 9.93% | 581,700 | $559,339,000 |
| META | META PLATFORMS INC | 9.15% | 915,674 | $515,790,000 |
| CRM | SALESFORCE INC | 8.33% | 2,994,509 | $469,120,000 |
| TOST | TOAST INC | 6.98% | 14,134,038 | $393,209,000 |
| KKR | KKR & CO INC | 5.80% | 3,558,200 | $326,572,000 |
| SPOT | SPOTIFY TECHNOLOGY S A | 4.29% | 526,800 | $241,870,000 |
| LLYVK | LIBERTY LIVE HOLDINGS INC | 4.07% | 2,172,388 | $229,491,000 |
| SSD | SIMPSON MFG INC | 3.09% | 830,642 | $173,895,000 |
| RBLX | ROBLOX CORP | 3.04% | 3,147,421 | $171,157,000 |
| CBRE | CBRE GROUP INC | 2.37% | 992,391 | $133,665,000 |
| LLYVA | LIBERTY LIVE HOLDINGS INC | 1.41% | 785,119 | $79,501,000 |
| MDB | MONGODB INC | 0.99% | 165,700 | $55,659,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 0.98% | 302,066 | $55,311,000 |
| WIX | WIX COM LTD | 0.84% | 1,099,370 | $47,384,000 |
| PAYP | PAYPAY CORP | 0.55% | 2,154,800 | $30,878,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| V | VISA INC | 12.26% | 2,316,250 | $700,063,000 |
| AMZN | AMAZON COM INC | 10.52% | 2,884,600 | $600,776,000 |
| CRM | SALESFORCE INC | 9.79% | 2,994,509 | $558,985,000 |
| BLK | BLACKROCK INC | 9.19% | 546,100 | $525,190,000 |
| META | META PLATFORMS INC | 9.17% | 915,674 | $523,885,000 |
| RKT | ROCKET COS INC | 7.04% | 28,214,724 | $402,060,000 |
| TOST | TOAST INC | 5.98% | 12,895,438 | $341,858,000 |
| LLYVK | LIBERTY LIVE HOLDINGS INC | 5.87% | 3,561,208 | $335,145,000 |
| RBLX | ROBLOX CORP | 5.79% | 5,848,621 | $330,798,000 |
| KKR | KKR & CO INC | 5.31% | 3,279,700 | $303,372,000 |
| MDB | MONGODB INC | 4.45% | 1,037,800 | $254,022,000 |
| SSD | SIMPSON MFG INC | 4.20% | 1,398,042 | $239,932,000 |
| SPOT | SPOTIFY TECHNOLOGY S A | 3.04% | 358,500 | $173,840,000 |
| LLYVA | LIBERTY LIVE HOLDINGS INC | 2.85% | 1,777,075 | $162,851,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 1.67% | 624,666 | $95,268,000 |
| WIX | WIX COM LTD | 1.65% | 1,099,370 | $94,069,000 |
| DIS | DISNEY WALT CO | 0.68% | 400,231 | $38,574,000 |
| CBRE | CBRE GROUP INC | 0.56% | 234,591 | $31,778,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| CRM | SALESFORCE INC | 11.29% | 2,994,509 | $793,275,000 |
| AMZN | AMAZON COM INC | 11.15% | 3,394,300 | $783,472,000 |
| RKT | ROCKET COS INC | 10.85% | 39,380,652 | $762,409,000 |
| BLK | BLACKROCK INC | 10.59% | 695,000 | $743,886,000 |
| META | META PLATFORMS INC | 9.85% | 1,047,974 | $691,757,000 |
| V | VISA INC | 8.58% | 1,718,250 | $602,607,000 |
| MDB | MONGODB INC | 8.40% | 1,406,800 | $590,420,000 |
| RBLX | ROBLOX CORP | 6.89% | 5,975,821 | $484,221,000 |
| DIS | DISNEY WALT CO | 4.98% | 3,077,931 | $350,176,000 |
| LLYVK | LIBERTY LIVE HOLDINGS INC | 4.27% | 3,603,988 | $299,708,000 |
| TOST | TOAST INC | 4.05% | 8,015,277 | $284,622,000 |
| SSD | SIMPSON MFG INC | 3.38% | 1,472,142 | $237,707,000 |
| LLYVA | LIBERTY LIVE HOLDINGS INC | 2.09% | 1,799,319 | $146,644,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 1.67% | 823,066 | $117,287,000 |
| NSIT | INSIGHT ENTERPRISES INC | 1.41% | 1,216,592 | $99,116,000 |
| CBRE | CBRE GROUP INC | 0.54% | 234,591 | $37,720,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AMZN | AMAZON COM INC | 12.96% | 3,500,500 | $768,605,000 |
| CRM | SALESFORCE INC | 11.59% | 2,898,509 | $686,947,000 |
| RBLX | ROBLOX CORP | 10.01% | 4,283,221 | $593,312,000 |
| META | META PLATFORMS INC | 9.52% | 768,674 | $564,499,000 |
| V | VISA INC | 9.01% | 1,565,850 | $534,550,000 |
| DIS | DISNEY WALT CO | 8.48% | 4,391,931 | $502,876,000 |
| RKT | ROCKET COS INC | 8.30% | 25,395,627 | $492,167,000 |
| MDB | MONGODB INC | 6.19% | 2,118,200 | $367,193,000 |
| LLYVK* | LIBERTY MEDIA CORP DEL | 5.75% | 3,515,888 | $340,936,000 |
| NSIT | INSIGHT ENTERPRISES INC | 4.34% | 2,271,739 | $257,638,000 |
| SSD | SIMPSON MFG INC | 3.41% | 1,207,942 | $202,282,000 |
| — | MR COOPER GROUP INC | 3.22% | 904,800 | $190,723,000 |
| LLYVA* | LIBERTY MEDIA CORP DEL | 2.73% | 1,719,548 | $162,153,000 |
| TOST | TOAST INC | 2.09% | 3,397,200 | $124,032,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 1.77% | 640,866 | $104,718,000 |
| CBRE | CBRE GROUP INC | 0.62% | 234,591 | $36,962,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AMZN | AMAZON COM INC | 15.17% | 3,872,500 | $849,588,000 |
| CRM | SALESFORCE INC | 14.12% | 2,898,509 | $790,394,000 |
| DIS | DISNEY WALT CO | 11.27% | 5,087,631 | $630,917,000 |
| RBLX | ROBLOX CORP | 8.89% | 4,732,021 | $497,809,000 |
| META | META PLATFORMS INC | 8.22% | 623,374 | $460,106,000 |
| V | VISA INC | 7.89% | 1,244,950 | $442,019,000 |
| NSIT | INSIGHT ENTERPRISES INC | 7.06% | 2,861,739 | $395,163,000 |
| LLYVK* | LIBERTY MEDIA CORP DEL | 5.79% | 3,991,888 | $323,982,000 |
| SSD | SIMPSON MFG INC | 3.90% | 1,406,105 | $218,382,000 |
| RKT | ROCKET COS INC | 3.83% | 15,125,609 | $214,481,000 |
| MDB | MONGODB INC | 2.59% | 690,500 | $144,998,000 |
| LLYVA* | LIBERTY MEDIA CORP DEL | 2.52% | 1,773,148 | $140,930,000 |
| — | MR COOPER GROUP INC | 2.41% | 904,800 | $135,005,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 2.39% | 885,266 | $133,923,000 |
| CBRE | CBRE GROUP INC | 1.47% | 589,391 | $82,585,000 |
| — | REDFIN CORP | 1.16% | 5,805,600 | $64,965,000 |
| EXPE | EXPEDIA GROUP INC | 0.84% | 278,356 | $46,953,000 |
| CCC | CCC INTELLIGENT SOLUTIONS HL | 0.48% | 2,881,800 | $27,118,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| CRM | SALESFORCE INC | 16.98% | 2,898,509 | $777,844,000 |
| DIS | DISNEY WALT CO | 14.15% | 6,566,031 | $648,067,000 |
| NSIT | INSIGHT ENTERPRISES INC | 13.30% | 4,061,739 | $609,220,000 |
| META | META PLATFORMS INC | 12.77% | 1,014,874 | $584,933,000 |
| RBLX | ROBLOX CORP | 11.15% | 8,764,921 | $510,907,000 |
| V | VISA INC | 10.04% | 1,312,950 | $460,136,000 |
| LLYVK* | LIBERTY MEDIA CORP DEL | 5.81% | 3,903,888 | $266,011,000 |
| EXPE | EXPEDIA GROUP INC | 4.10% | 1,117,156 | $187,794,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 2.52% | 885,266 | $115,598,000 |
| LLYVA* | LIBERTY MEDIA CORP DEL | 2.43% | 1,658,648 | $111,527,000 |
| AMZN | AMAZON COM INC | 2.34% | 563,100 | $107,135,000 |
| TOST | TOAST INC | 1.88% | 2,597,200 | $86,149,000 |
| RKT | ROCKET COS INC | 1.77% | 6,728,509 | $81,213,000 |
| NU | NU HLDGS LTD | 0.76% | 3,416,200 | $34,982,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| CRM | SALESFORCE INC | 22.08% | 2,898,509 | $969,059,000 |
| DIS | DISNEY WALT CO | 16.66% | 6,566,031 | $731,128,000 |
| NSIT | INSIGHT ENTERPRISES INC | 14.08% | 4,061,739 | $617,791,000 |
| RBLX | ROBLOX CORP | 13.36% | 10,135,921 | $586,464,000 |
| EXPE | EXPEDIA GROUP INC | 8.56% | 2,017,406 | $375,903,000 |
| TOST | TOAST INC | 7.10% | 8,548,600 | $311,596,000 |
| LLYVK* | LIBERTY MEDIA CORP DEL | 4.91% | 3,168,788 | $215,668,000 |
| LYV | LIVE NATION ENTERTAINMENT INC | 3.13% | 1,061,466 | $137,460,000 |
| META | META PLATFORMS INC | 2.82% | 211,500 | $123,835,000 |
| V | VISA INC | 2.69% | 373,600 | $118,073,000 |
| AMZN | AMAZON COM INC | 2.68% | 536,900 | $117,790,000 |
| LLYVA* | LIBERTY MEDIA CORP DEL | 1.92% | 1,268,448 | $84,428,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| CRM | SALESFORCE INC | 24.49% | 3,914,309 | $1,071,386,000 |
| NSIT | INSIGHT ENTERPRISES INC | 20.00% | 4,061,739 | $874,858,000 |
| DIS | DISNEY WALT CO | 16.42% | 7,464,831 | $718,042,000 |
| RBLX | ROBLOX CORP | 10.26% | 10,135,921 | $448,616,000 |
| TOST | TOAST INC | 10.02% | 15,482,200 | $438,301,000 |
| EXPE | EXPEDIA GROUP INC | 8.82% | 2,607,606 | $385,978,000 |
| META | META PLATFORMS INC | 2.77% | 211,500 | $121,071,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 2.54% | 1,014,650 | $111,094,000 |
| V | VISA | 2.35% | 373,600 | $102,721,000 |
| LLYVK* | LIBERTY MEDIA CORP DEL | 1.57% | 1,337,500 | $68,654,000 |
| LLYVA* | LIBERTY MEDIA CORP DEL | 0.76% | 671,800 | $33,261,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| CRM | SALESFORCE INC | 27.22% | 3,914,309 | $1,071,386,000 |
| NSIT | INSIGHT ENTERPRISES INC | 22.23% | 4,061,739 | $874,858,000 |
| DIS | DISNEY WALT CO | 18.24% | 7,464,831 | $718,042,000 |
| RBLX | ROBLOX CORP | 11.40% | 10,135,921 | $448,616,000 |
| EXPE | EXPEDIA GROUP INC | 9.81% | 2,607,606 | $385,978,000 |
| META | META PLATFORMS INC | 3.08% | 211,500 | $121,071,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 2.82% | 1,014,650 | $111,094,000 |
| V | VISA | 2.61% | 373,600 | $102,721,000 |
| LLYVK* | LIBERTY MEDIA CORP DEL | 1.74% | 1,337,500 | $68,654,000 |
| LLYVA* | LIBERTY MEDIA CORP DEL | 0.85% | 671,800 | $33,261,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| CRM | SALESFORCE INC | 28.30% | 3,914,309 | $1,006,369,000 |
| NSIT | INSIGHT ENTERPRISES INC | 22.66% | 4,061,739 | $805,687,000 |
| DIS | DISNEY WALT CO | 17.12% | 6,133,631 | $609,008,000 |
| EXPE | EXPEDIA GROUP INC | 12.10% | 3,414,568 | $430,201,000 |
| SPOT | SPOTIFY TECHNOLOGY S A | 5.97% | 676,553 | $212,296,000 |
| FISV | FISERV INC | 4.63% | 1,103,759 | $164,504,000 |
| KKR | KKR & CO INC | 3.57% | 1,207,208 | $127,047,000 |
| RBLX | ROBLOX CORP | 2.41% | 2,300,000 | $85,583,000 |
| NYT | NEW YORK TIMES CO | 1.94% | 1,344,392 | $68,846,000 |
| FLUT | FLUTTER ENTMT PLC | 1.31% | 323,235 | $46,756,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| CRM | SALESFORCE INC | 23.11% | 3,486,309 | $1,050,007,000 |
| NSIT | INSIGHT ENTERPRISES INC | 18.42% | 4,511,739 | $837,018,000 |
| DIS | DISNEY WALT CO | 14.59% | 5,418,631 | $663,024,000 |
| FISV | FISERV INC | 12.86% | 3,655,641 | $584,245,000 |
| EXPE | EXPEDIA GROUP INC | 10.35% | 3,414,568 | $470,357,000 |
| CBRE | CBRE GROUP INC | 5.29% | 2,470,748 | $240,256,000 |
| SPOT | SPOTIFY TECHNOLOGY S A | 4.77% | 820,553 | $216,544,000 |
| KKR | KKR & CO INC | 4.22% | 1,904,808 | $191,586,000 |
| NYT | NEW YORK TIMES CO | 1.99% | 2,094,392 | $90,520,000 |
| RBLX | ROBLOX CORP | 1.93% | 2,300,000 | $87,814,000 |
| FLUT | FLUTTER ENTMT PLC | 1.72% | 495,135 | $78,182,000 |
| ILMN | ILLUMINA INC | 0.74% | 243,777 | $33,475,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| CRM | SALESFORCE INC | 18.36% | 3,486,309 | $917,387,000 |
| NSIT | INSIGHT ENTERPRISES INC | 16.00% | 4,511,630 | $799,416,000 |
| EXPE | EXPEDIA GROUP INC | 12.92% | 4,251,568 | $645,346,000 |
| FISV | FISERV INC | 11.14% | 4,188,841 | $556,446,000 |
| KKR | KKR & CO INC | 9.87% | 5,954,108 | $493,298,000 |
| DIS | DISNEY WALT CO | 9.19% | 5,086,331 | $459,245,000 |
| CBRE | CBRE GROUP INC | 8.64% | 4,637,748 | $431,728,000 |
| SPOT | SPOTIFY TECHNOLOGY S A | 3.86% | 1,027,553 | $193,087,000 |
| NYT | NEW YORK TIMES CO | 3.56% | 3,626,732 | $177,674,000 |
| PAYC | PAYCOM SOFTWARE INC | 2.52% | 608,000 | $125,686,000 |
| RBLX | ROBLOX CORP | 1.65% | 1,800,000 | $82,296,000 |
| DHR | DANAHER CORPORATION | 0.93% | 200,000 | $46,268,000 |
| ILMN | ILLUMINA INC | 0.91% | 328,045 | $45,677,000 |
| STX | SEAGATE TECHNOLOGY HLDNGS PL | 0.45% | 262,348 | $22,397,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| FISV | FISERV INC | 19.15% | 7,548,841 | $852,717,000 |
| CRM | SALESFORCE INC | 15.88% | 3,486,309 | $706,954,000 |
| KKR | KKR & CO INC | 15.80% | 11,420,908 | $703,528,000 |
| NSIT | INSIGHT ENTERPRISES INC | 14.75% | 4,511,630 | $656,442,000 |
| STX | SEAGATE TECHNOLOGY HLDNGS PL | 11.39% | 7,687,070 | $506,962,000 |
| CBRE | CBRE GROUP INC | 7.69% | 4,637,748 | $342,544,000 |
| NYT | NEW YORK TIMES CO | 6.74% | 7,284,596 | $300,125,000 |
| SPOT | SPOTIFY TECHNOLOGY S A | 4.36% | 1,253,853 | $193,896,000 |
| ILMN | ILLUMINA INC | 1.60% | 519,610 | $71,332,000 |
| RBLX | ROBLOX CORP | 1.17% | 1,800,000 | $52,128,000 |
| ALRM | ALARM COM HLDGS INC | 0.80% | 585,400 | $35,791,000 |
| DHR | DANAHER CORPORATION | 0.66% | 118,000 | $29,276,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| FISV | FISERV INC | 22.85% | 11,647,776 | $1,469,367,000 |
| KKR | KKR & CO INC | 17.88% | 20,535,233 | $1,149,973,000 |
| STX | SEAGATE TECHNOLOGY HLDNGS PL | 12.93% | 13,437,070 | $831,352,000 |
| CBRE | CBRE GROUP INC | 11.59% | 9,237,748 | $745,579,000 |
| CRM | SALESFORCE INC | 11.45% | 3,486,309 | $736,518,000 |
| NSIT | INSIGHT ENTERPRISES INC | 10.27% | 4,511,630 | $660,232,000 |
| NYT | NEW YORK TIMES CO | 8.21% | 13,410,554 | $528,108,000 |
| SPOT | SPOTIFY TECHNOLOGY S A | 4.49% | 1,799,141 | $288,852,000 |
| — | ALTUS POWER INC | 0.34% | 4,017,628 | $21,695,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| FISV | FISERV INC | 21.44% | 11,647,776 | $1,316,548,000 |
| KKR | KKR & CO INC | 17.56% | 20,535,233 | $1,078,510,000 |
| STX | SEAGATE TECHNOLOGY HLDNGS PL | 14.47% | 13,437,070 | $888,459,000 |
| CRM | SALESFORCE INC | 11.34% | 3,486,309 | $696,495,000 |
| CBRE | CBRE GROUP INC | 10.95% | 9,234,964 | $672,398,000 |
| NSIT | INSIGHT ENTERPRISES INC | 10.50% | 4,511,116 | $644,909,000 |
| NYT | NEW YORK TIMES CO | 8.49% | 13,410,554 | $521,402,000 |
| SPOT | SPOTIFY TECHNOLOGY S A | 4.89% | 2,249,141 | $300,530,000 |
| — | ALTUS POWER INC | 0.36% | 4,017,608 | $22,016,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| FISV | FISERV INC | 27.89% | 14,647,776 | $1,480,451,000 |
| KKR | KKR & CO INC | 20.73% | 23,702,511 | $1,100,271,000 |
| CBRE | CBRE GROUP INC | 13.39% | 9,234,964 | $710,723,000 |
| STX | SEAGATE TECHNOLOGY HLDNGS PL | 13.32% | 13,437,070 | $706,924,000 |
| NSIT | INSIGHT ENTERPRISES INC | 8.35% | 4,421,951 | $443,389,000 |
| NYT | NEW YORK TIMES CO | 8.34% | 13,646,112 | $442,953,000 |
| LKQ | LKQ CORP | 6.09% | 6,052,751 | $323,277,000 |
| CRM | SALESFORCE INC | 1.40% | 560,221 | $74,280,000 |
| — | ALTUS POWER INC | 0.49% | 4,017,608 | $26,195,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| FISV | FISERV INC | 23.22% | 14,647,776 | $1,370,592,000 |
| KKR | KKR & CO INC | 19.27% | 26,456,563 | $1,137,632,000 |
| STX | SEAGATE TECHNOLOGY HLDNGS PL | 12.12% | 13,437,070 | $715,255,000 |
| CBRE | CBRE GROUP INC | 10.56% | 9,234,964 | $623,452,000 |
| LKQ | LKQ CORP | 10.03% | 12,552,751 | $591,862,000 |
| C | CITIGROUP INC | 7.76% | 10,992,637 | $458,063,000 |
| NSIT | INSIGHT ENTERPRISES INC | 6.17% | 4,421,951 | $364,413,000 |
| NYT | NEW YORK TIMES CO | 5.66% | 11,614,741 | $333,924,000 |
| — | TOPBUILD CORP | 4.32% | 1,546,253 | $254,792,000 |
| — | ALTUS POWER INC | 0.75% | 4,000,020 | $44,040,000 |
| RKT | ROCKET COS INC | 0.14% | 1,296,027 | $8,191,000 |
| — | ALTUS POWER INC | 0.00% | 18,417 | $56,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| FISV | FISERV INC | 20.77% | 14,647,776 | $1,303,213,000 |
| KKR | KKR & CO INC | 19.52% | 26,456,563 | $1,224,674,000 |
| STX | SEAGATE TECHNOLOGY HLDNGS PL | 15.30% | 13,437,070 | $959,944,000 |
| CBRE | CBRE GROUP INC | 10.83% | 9,234,964 | $679,786,000 |
| LKQ | LKQ CORP | 9.82% | 12,552,751 | $616,215,000 |
| C | CITIGROUP INC | 8.06% | 10,992,637 | $505,551,000 |
| NSIT | INSIGHT ENTERPRISES INC | 5.64% | 4,099,226 | $353,681,000 |
| — | TOPBUILD CORP | 3.21% | 1,204,908 | $201,412,000 |
| SLM | SLM CORP | 2.77% | 10,886,031 | $173,523,000 |
| BHC | BAUSCH HEALTH COS INC | 1.91% | 14,341,265 | $119,893,000 |
| NYT | NEW YORK TIMES CO | 1.38% | 3,095,000 | $86,351,000 |
| — | ALTUS POWER INC | 0.40% | 4,000,020 | $25,240,000 |
| RKT | ROCKET COS INC | 0.23% | 2,000,000 | $14,720,000 |
| — | UNIVAR SOLUTIONS INC | 0.13% | 340,000 | $8,456,000 |
| TRN | TRINITY INDS INC | 0.04% | 90,847 | $2,200,000 |
| — | ALTUS POWER INC | 0.00% | 18,417 | $24,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| FISV | FISERV INC | 18.18% | 13,035,201 | $1,321,769,000 |
| KKR | KKR & CO INC | 18.18% | 22,605,349 | $1,321,735,000 |
| STX | SEAGATE TECHNOLOGY HLDNGS PL | 16.62% | 13,437,070 | $1,207,993,000 |
| CBRE | CBRE GROUP INC | 11.62% | 9,232,609 | $844,968,000 |
| LKQ | LKQ CORP | 10.96% | 17,550,411 | $796,964,000 |
| C | CITIGROUP INC | 10.17% | 13,846,107 | $739,382,000 |
| NSIT | INSIGHT ENTERPRISES INC | 5.23% | 3,543,143 | $380,250,000 |
| BHC | BAUSCH HEALTH COS INC | 4.54% | 14,430,901 | $329,746,000 |
| SLM | SLM CORP | 3.51% | 13,901,031 | $255,223,000 |
| — | TOPBUILD CORP | 0.53% | 214,371 | $38,885,000 |
| — | ALTUS POWER INC | 0.41% | 4,000,000 | $29,720,000 |
| TRN | TRINITY INDS INC | 0.04% | 90,847 | $3,122,000 |
| — | ALTUS POWER INC | 0.00% | 18,417 | $30,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| STX | SEAGATE TECHNOLOGY HLDNGS PL | 19.73% | 15,487,070 | $1,749,729,000 |
| KKR | KKR & CO INC | 18.53% | 22,055,349 | $1,643,124,000 |
| FISV | FISERV INC | 15.25% | 13,035,201 | $1,352,924,000 |
| LKQ | LKQ CORP | 11.88% | 17,550,411 | $1,053,551,000 |
| CBRE | CBRE GROUP INC | 11.30% | 9,232,609 | $1,001,830,000 |
| C | CITIGROUP INC | 9.43% | 13,846,107 | $836,166,000 |
| BHC | BAUSCH HEALTH COS INC | 4.86% | 15,616,761 | $431,179,000 |
| NSIT | INSIGHT ENTERPRISES INC | 4.00% | 3,324,835 | $354,427,000 |
| SLM | SLM CORP | 3.24% | 14,601,031 | $287,202,000 |
| TRN | TRINITY INDS INC | 1.32% | 3,870,847 | $116,900,000 |
| — | ALTUS POWER INC | 0.47% | 4,000,000 | $41,800,000 |
| — | ALTUS POWER INC | 0.00% | 18,417 | $47,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| KKR | KKR & CO INC | 16.96% | 24,055,349 | $1,464,490,000 |
| STX | SEAGATE TECHNOLOGY HLDNGS PL | 16.61% | 17,377,070 | $1,433,956,000 |
| FISV | FISERV INC | 13.74% | 10,935,201 | $1,186,469,000 |
| LKQ | LKQ CORP | 12.56% | 21,550,411 | $1,084,417,000 |
| C | CITIGROUP INC | 11.25% | 13,846,107 | $971,720,000 |
| CBRE | CBRE GROUP INC | 10.41% | 9,232,609 | $898,887,000 |
| BHC | BAUSCH HEALTH COS INC | 5.79% | 17,941,603 | $499,674,000 |
| TRN | TRINITY INDS INC | 4.72% | 15,005,855 | $407,709,000 |
| NSIT | INSIGHT ENTERPRISES INC | 3.47% | 3,324,835 | $299,501,000 |
| SLM | SLM CORP | 3.45% | 16,912,667 | $297,663,000 |
| LITE | LUMENTUM HLDGS INC | 0.97% | 1,000,000 | $83,540,000 |
| RXT | RACKSPACE TECHNOLOGY INC | 0.07% | 400,000 | $5,688,000 |
| — | CBRE ACQUISITION HLDGS INC | 0.00% | 18,417 | $30,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| KKR | KKR & CO INC | 19.28% | 27,221,126 | $1,612,580,000 |
| STX | SEAGATE TECHNOLOGY HLDNGS PL | 18.27% | 17,377,070 | $1,527,966,000 |
| C | CITIGROUP INC | 17.55% | 20,745,704 | $1,467,759,000 |
| LKQ | LKQ CORP | 12.68% | 21,550,411 | $1,060,711,000 |
| CBRE | CBRE GROUP INC | 10.49% | 10,232,609 | $877,242,000 |
| BHC | BAUSCH HEALTH COS INC | 6.29% | 17,941,603 | $526,048,000 |
| SLM | SLM CORP | 5.15% | 20,579,254 | $430,930,000 |
| TRN | TRINITY INDS INC | 4.82% | 15,005,855 | $403,507,000 |
| NSIT | INSIGHT ENTERPRISES INC | 3.40% | 2,843,690 | $284,397,000 |
| — | TOPBUILD CORP | 1.13% | 480,000 | $94,934,000 |
| LITE | LUMENTUM HOLDINGS INC | 0.95% | 967,049 | $79,327,000 |
| — | CBRE ACQUISITION HLDGS INC | 0.00% | 18,417 | $20,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| FISV | FISERV INC | 100.00% | 6,160,200 | $658,464,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| STXN | SEAGATE TECHNOLOGY PLC | 20.61% | 23,011,223 | $1,766,111,000 |
| C | CITIGROUP INC | 18.44% | 21,723,719 | $1,580,401,000 |
| KKR | KKR & CO INC | 18.01% | 31,584,672 | $1,542,911,000 |
| LKQ | LKQ CORP | 10.65% | 21,547,746 | $912,116,000 |
| CBRE | CBRE GROUP INC | 9.45% | 10,229,820 | $809,281,000 |
| TRN | TRINITY INDS INC | 7.68% | 23,105,855 | $658,286,000 |
| BHC | BAUSCH HEALTH COS INC | 6.65% | 17,941,603 | $569,466,000 |
| SLM | SLM CORP | 5.51% | 26,294,254 | $472,508,000 |
| NSIT | INSIGHT ENTERPRISES INC | 1.23% | 1,100,000 | $104,962,000 |
| FISV | FISERV INC | 1.19% | 860,000 | $102,374,000 |
| — | TOPBUILD CORP | 0.54% | 221,770 | $46,445,000 |
| — | OUTFRONT MEDIA INC | 0.04% | 157,448 | $3,437,000 |
| — | CBRE ACQUISITION HLDGS INC | 0.00% | 18,417 | $17,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| STXN | SEAGATE TECHNOLOGY PLC | 21.74% | 30,146,673 | $1,873,917,000 |
| C | CITIGROUP INC | 19.33% | 27,025,500 | $1,666,392,000 |
| KKR | KKR & CO INC | 17.87% | 38,050,000 | $1,540,645,000 |
| LKQ | LKQ CORP | 8.81% | 21,547,746 | $759,343,000 |
| TRN | TRINITY INDS INC | 8.27% | 27,005,855 | $712,685,000 |
| CBRE | CBRE GROUP INC | 7.44% | 10,229,820 | $641,614,000 |
| MS | MORGAN STANLEY | 6.58% | 8,283,722 | $567,683,000 |
| SLM | SLM CORP | 4.64% | 32,294,254 | $400,126,000 |
| BHC | BAUSCH HEALTH COS INC | 4.33% | 17,941,603 | $373,185,000 |
| — | CDW CORP | 0.56% | 368,116 | $48,514,000 |
| FISV | FISERV INC | 0.43% | 328,281 | $37,378,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| STXN | SEAGATE TECHNOLOGY PLC | 21.87% | 31,554,360 | $1,554,683,000 |
| KKR | KKR & CO INC | 21.74% | 45,000,000 | $1,545,300,000 |
| C | CITIGROUP INC | 16.39% | 27,025,500 | $1,165,069,000 |
| LKQ | LKQ CORP | 8.41% | 21,547,746 | $597,519,000 |
| MS | MORGAN STANLEY | 7.82% | 11,500,000 | $556,025,000 |
| TRN | TRINITY INDS INC | 7.41% | 27,005,855 | $526,614,000 |
| CBRE | CBRE GROUP INC | 6.76% | 10,229,820 | $480,495,000 |
| BHC | BAUSCH HEALTH COS INC | 3.92% | 17,931,594 | $278,657,000 |
| SLM | SLM CORP | 3.68% | 32,294,254 | $261,261,000 |
| AOS | SMITH A O CORP | 1.55% | 2,092,510 | $110,485,000 |
| — | CDW CORP | 0.40% | 239,613 | $28,641,000 |
| AFIIQ | ARMSTRONG FLOORING INC | 0.06% | 1,222,756 | $4,219,000 |
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.