ValueAct Capital

Q1 2014 13F · by Jeff Ubben, founder

As of: Mar 31, 2014
Filed: May 14, 2014
US stock: $13.2B · prev $12.1B
Positions: 14 · prev 12
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%

Moves8 since the prior filing

+4.4 pp in · −2.4 pp out

New 2 +1.79 pp
Added 4 +2.59 pp
Trimmed 2 −2.40 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.1% a year, about 14.1 years per position

Low
Moderate
High

Top 5 positions75% of US stock

MSFT Microsoft Corp added+1.37 pp added+1.3722.1%
unresolved Valeant Pharmaceuticals Intl held held18.8%
MSI Motorola Solutions, Inc. New held held14.0%
ADBE Adobe Inc. held held12.6%
unresolved Rockwell Collins Inc trimmed−0.13 pp trimmed−0.137.9%

Positions14 in this filing · 0 exited


MSFTMicrosoft Corp	22.06%	71,285,530	$2.9B	added+7%	+1.37 pp	4 q
unresolvedValeant Pharmaceuticals Intl	18.84%	18,923,877	$2.5B	held	—	4 q
MSIMotorola Solutions, Inc. New	14.03%	28,907,623	$1.9B	held	—	4 q
ADBEAdobe Inc.	12.56%	25,310,116	$1.7B	held	—	4 q
unresolvedRockwell Collins Inc	7.89%	13,111,700	$1.0B	trimmed−0%	−0.13 pp	4 q
CBRECbre Group, Inc.	6.66%	32,162,764	$882M	held	—	4 q
unresolvedWillis Group Holdings Public	6.14%	18,422,600	$813M	added+1%	−0.61 pp	4 q
ALSNAllison Transmission Holdings, Inc.	4.07%	18,025,204	$540M	held	—	3 q
MSCIMSCI, Inc.	2.64%	8,133,117	$350M	added+9%	−0.06 pp	4 q
DRCDresser-rand Group Inc	2.21%	5,008,408	$293M	added×7.6	+1.89 pp	2 q
SYMCGen Digital Inc.	1.14%	7,591,219	$152M	new	+1.14 pp	new
unresolvedMicros Sys Inc	0.91%	2,272,552	$120M	trimmed−66%	−2.27 pp	4 q
EXPDExpeditors International of Washington, Inc.	0.65%	2,186,700	$87M	new	+0.65 pp	new
OPLNOPENLANE, Inc	0.18%	803,628	$24M	held	—	4 q

Source

Form: 13F-HR
Reading: 0 defects · 4 unresolved
Accession: 0001418812-14-000024
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet