ValueAct Capital

Q3 2013 13F · by Jeff Ubben, founder

As of: Sep 30, 2013
Filed: Nov 14, 2013
US stock: $11.1B · prev $9.7B
Positions: 14 · prev 14
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves11 since the prior filing

+2.4 pp in · −1.4 pp out

New 3 +1.47 pp
Added 5 +0.90 pp
Trimmed 0 0.00 pp
Exited 3 −1.39 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.9% a year, about 20.5 years per position

Low
Moderate
High

Top 5 positions76% of US stock

MSFT Microsoft Corp added−0.38 pp added−0.3820.1%
unresolved Valeant Pharmaceuticals Intl held held17.8%
MSI Motorola Solutions, Inc. New held held15.5%
ADBE Adobe Inc. held held14.7%
unresolved Rockwell Collins Inc added+0.75 pp added+0.758.0%

Positions14 in this filing · 3 exited


MSFTMicrosoft Corp	20.10%	66,865,530	$2.2B	added+16%	−0.38 pp	2 q
unresolvedValeant Pharmaceuticals Intl	17.82%	18,923,877	$2.0B	held	—	2 q
MSIMotorola Solutions, Inc. New	15.49%	28,907,623	$1.7B	held	—	2 q
ADBEAdobe Inc.	14.67%	31,303,362	$1.6B	held	—	2 q
unresolvedRockwell Collins Inc	8.03%	13,113,000	$890M	added+17%	+0.75 pp	2 q
unresolvedWillis Group Holdings Public	7.12%	18,214,700	$789M	held	—	2 q
CBRECbre Group, Inc.	6.71%	32,162,764	$744M	added+1%	−0.97 pp	2 q
unresolvedMicros Sys Inc	3.02%	6,697,308	$334M	held	—	2 q
CFCF Industries Holding, Inc.	2.69%	1,412,200	$298M	added+41%	+0.93 pp	2 q
MSCIMSCI, Inc.	2.69%	7,394,017	$298M	added+19%	+0.57 pp	2 q
ALSNAllison Transmission Holdings, Inc.	1.05%	4,625,204	$116M	new	+1.05 pp	new
MOSThe Mosaic Company	0.22%	575,944	$25M	new	+0.22 pp	new
OPLNOPENLANE, Inc	0.20%	803,628	$23M	held	—	2 q
VLOValero Energy Corporation	0.20%	637,747	$22M	new	+0.20 pp	new
unresolvedBard C R Inc	—	−758,704	—	exited	−0.85 pp	—
unresolvedGardner Denver Inc	—	−643,400	—	exited	−0.50 pp	—
unresolvedTechne Corp	—	−62,004	—	exited	−0.04 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 4 unresolved
Accession: 0001418812-13-000076
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet