ValueAct Capital

Q4 2015 13F · by Jeff Ubben, founder

As of: Dec 31, 2015
Filed: Feb 16, 2016
US stock: $14.4B · prev $17.2B
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%

Moves5 since the prior filing

+0.4 pp in · −6.3 pp out

New 0 0.00 pp
Added 1 +0.41 pp
Trimmed 3 −1.43 pp
Exited 1 −4.87 pp

The book

Very concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.4% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions59% of US stock

MSFT Microsoft Corp trimmed+2.38 pp trimmed+2.3821.8%
unresolved Valeant Pharmaceuticals Intl held held10.6%
ADBE Adobe Inc. held held9.1%
unresolved Twenty First Centy Fox Inc held held8.9%
MSI Motorola Solutions, Inc. New held held8.3%

Positions14 in this filing · 1 exited


MSFTMicrosoft Corp	21.75%	56,623,770	$3.1B	trimmed−25%	+2.38 pp	11 q
unresolvedValeant Pharmaceuticals Intl	10.55%	14,994,261	$1.5B	held	—	11 q
ADBEAdobe Inc.	9.11%	14,010,739	$1.3B	held	—	11 q
unresolvedTwenty First Centy Fox Inc	8.92%	47,326,334	$1.3B	held	—	7 q
MSIMotorola Solutions, Inc. New	8.33%	17,588,576	$1.2B	held	—	11 q
CBRECbre Group, Inc.	7.50%	31,327,405	$1.1B	held	—	11 q
unresolvedBaker Hughes Inc.	7.43%	23,246,700	$1.1B	held	—	5 q
unresolvedAgrium Inc.	6.19%	10,003,451	$894M	held	—	6 q
unresolvedWillis Group Holdings Public	6.19%	18,423,835	$895M	held	—	11 q
HALHalliburton Company	3.89%	16,504,295	$562M	trimmed−56%	−3.75 pp	5 q
ALSNAllison Transmission Holdings, Inc.	3.43%	19,125,204	$495M	held	—	10 q
MSCIMSCI, Inc.	3.16%	6,327,311	$456M	trimmed−32%	−0.06 pp	11 q
AWIArmstrong World Industries, Inc.	2.91%	9,200,000	$421M	held	—	7 q
unresolvedTowers Watson & Co.	0.64%	725,000	$93M	added×2.2	+0.41 pp	2 q
AXPAmerican Express Company	—	−11,300,000	—	exited	−4.87 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 6 unresolved
Accession: 0001418812-16-000098
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet