ValueAct Capital

Q2 2015 13F · by Jeff Ubben, founder

As of: Jun 30, 2015
Filed: Aug 17, 2015
US stock: $19.0B · prev $18.1B
Positions: 14 · prev 15
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%

Moves9 since the prior filing

+7.1 pp in · −4.7 pp out

New 1 +4.54 pp
Added 4 +2.57 pp
Trimmed 2 −3.58 pp
Exited 2 −1.07 pp

The book

Very concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions59% of US stock

unresolved Valeant Pharmaceuticals Intl trimmed−3.74 pp trimmed−3.7417.5%
MSFT Microsoft Corp held held17.5%
HAL Halliburton Company added+0.32 pp added+0.328.5%
unresolved Twenty First Centy Fox Inc added+1.86 pp added+1.867.6%
unresolved Baker Hughes Inc. held held7.5%

Positions14 in this filing · 2 exited


unresolvedValeant Pharmaceuticals Intl	17.54%	14,994,261	$3.3B	trimmed−23%	−3.74 pp	9 q
MSFTMicrosoft Corp	17.50%	75,271,429	$3.3B	held	—	9 q
HALHalliburton Company	8.51%	37,518,260	$1.6B	added+11%	+0.32 pp	3 q
unresolvedTwenty First Centy Fox Inc	7.56%	44,581,334	$1.4B	added+42%	+1.86 pp	5 q
unresolvedBaker Hughes Inc.	7.55%	23,246,700	$1.4B	held	—	3 q
ADBEAdobe Inc.	6.70%	15,703,739	$1.3B	trimmed−2%	+0.16 pp	9 q
CBRECbre Group, Inc.	6.10%	31,327,405	$1.2B	added0%	−0.60 pp	9 q
unresolvedAgrium Inc.	5.58%	10,003,451	$1.1B	added+26%	+0.99 pp	4 q
MSIMotorola Solutions, Inc. New	5.31%	17,588,576	$1.0B	held	—	9 q
unresolvedWillis Group Holdings Public	4.55%	18,423,835	$864M	held	—	9 q
AXPAmerican Express Company	4.54%	11,100,000	$863M	new	+4.54 pp	new
MSCIMSCI, Inc.	3.02%	9,308,960	$573M	held	—	9 q
ALSNAllison Transmission Holdings, Inc.	2.95%	19,125,204	$560M	held	—	8 q
AWIArmstrong World Industries, Inc.	2.58%	9,200,000	$490M	held	—	5 q
unresolvedPrecision Castparts Corp	—	−569,185	—	exited	−0.66 pp	—
WCCWesco International Inc.	—	−1,064,800	—	exited	−0.41 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 5 unresolved
Accession: 0001418812-15-000057
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet