ValueAct Capital

Q4 2016 13F · by Jeff Ubben, founder

As of: Dec 31, 2016
Filed: Feb 14, 2017
US stock: $12.2B · prev $11.5B
Positions: 14 · prev 13
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

+5.7 pp in · −2.7 pp out

New 1 +0.43 pp
Added 5 +5.30 pp
Trimmed 3 −2.73 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 6.0 years per position

Low
Moderate
High

Top 5 positions67% of US stock

MSFT Microsoft Corp added+0.35 pp added+0.3519.7%
unresolved Baker Hughes Inc. trimmed+1.49 pp trimmed+1.4914.6%
unresolved Twenty First Centy Fox Inc added+1.09 pp added+1.0911.9%
CBRE Cbre Group, Inc. added+2.40 pp added+2.4010.8%
BFH Bread Financial Holdings, Inc. added+0.52 pp added+0.529.8%

Positions14 in this filing · 0 exited


MSFTMicrosoft Corp	19.71%	38,626,497	$2.4B	added0%	+0.35 pp	15 q
unresolvedBaker Hughes Inc.	14.62%	27,407,820	$1.8B	trimmed−8%	+1.49 pp	9 q
unresolvedTwenty First Centy Fox Inc	11.93%	53,326,334	$1.5B	added+6%	+1.09 pp	11 q
CBRECbre Group, Inc.	10.83%	41,873,250	$1.3B	added+21%	+2.40 pp	15 q
BFHBread Financial Holdings, Inc.	9.85%	5,246,500	$1.2B	added+5%	+0.52 pp	4 q
MSMorgan Stanley	9.33%	26,901,000	$1.1B	trimmed−36%	−2.36 pp	3 q
WTWWillis Towers Watson Public Limited Company	8.14%	8,108,015	$991M	held	—	4 q
TRNTrinity Industries, Inc.	3.55%	15,582,605	$433M	added+25%	+0.94 pp	3 q
AWIArmstrong World Industries, Inc.	3.16%	9,200,000	$385M	held	—	11 q
STXNSeagate Technology Holdings PLC (Ireland)	2.99%	9,539,490	$364M	held	—	3 q
ALSNAllison Transmission Holdings, Inc.	2.91%	10,525,204	$355M	trimmed−45%	−1.86 pp	14 q
unresolvedValeant Pharmaceuticals Intl	1.79%	14,994,261	$218M	held	—	15 q
AFIIQArmstrong Flooring Inc	0.75%	4,600,000	$92M	held	—	3 q
NTCTNetscout Systems Inc	0.43%	1,645,000	$52M	new	+0.43 pp	new

Source

Form: 13F-HR
Reading: 0 defects · 3 unresolved
Accession: 0001418812-17-000016
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet