ValueAct Capital

Q3 2017 13F · by Mason Morfit, CIO

As of: Sep 30, 2017
Filed: Nov 14, 2017
US stock: $10.0B · prev $11.2B
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%

Moves12 since the prior filing

+24.7 pp in · −26.3 pp out

New 1 +11.53 pp
Added 5 +13.18 pp
Trimmed 4 −10.45 pp
Exited 2 −15.83 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 91% a year, about 1.1 years per position

Low
Moderate
High

Top 5 positions59% of US stock

unresolved Twenty First Centy Fox Inc held held13.8%
BFH Bread Financial Holdings, Inc. held held13.1%
BKR Baker Hughes Company new+11.53 pp new+11.5311.5%
CBRE Cbre Group, Inc. trimmed−0.22 pp trimmed−0.2211.0%
unresolved Kkr & Co L P DEL added+8.45 pp added+8.459.3%

Positions14 in this filing · 2 exited


unresolvedTwenty First Centy Fox Inc	13.78%	53,326,334	$1.4B	held	—	14 q
BFHBread Financial Holdings, Inc.	13.05%	5,877,400	$1.3B	held	—	7 q
BKRBaker Hughes Company	11.53%	31,407,820	$1.2B	new	+11.53 pp	new
CBRECbre Group, Inc.	10.96%	28,878,480	$1.1B	trimmed−16%	−0.22 pp	18 q
unresolvedKkr & Co L P DEL	9.28%	45,555,916	$926M	added×9.1	+8.45 pp	2 q
MSMorgan Stanley	8.63%	17,884,620	$862M	held	—	6 q
STXNSeagate Technology Holdings PLC (Ireland)	7.13%	21,458,600	$712M	added+55%	+2.35 pp	6 q
MSFTMicrosoft Corp	6.73%	9,013,474	$671M	trimmed−44%	−3.13 pp	18 q
TRNTrinity Industries, Inc.	5.52%	17,255,115	$550M	added+11%	+1.62 pp	6 q
AWIArmstrong World Industries, Inc.	4.73%	9,202,612	$472M	added0%	+0.95 pp	14 q
WTWWillis Towers Watson Public Limited Company	4.61%	2,980,008	$460M	trimmed−55%	−3.98 pp	7 q
unresolvedValeant Pharmaceuticals Intl	2.59%	18,010,027	$258M	added0%	−0.19 pp	18 q
AFIIQArmstrong Flooring Inc	0.73%	4,609,071	$73M	held	—	6 q
BIVVBioverativ Inc	0.73%	1,270,619	$73M	trimmed−82%	−3.12 pp	3 q
unresolvedBaker Hughes Inc.	—	−31,407,820	—	exited	−15.29 pp	—
NTCTNetscout Systems Inc	—	−1,750,943	—	exited	−0.54 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 3 unresolved
Accession: 0001418812-17-000114
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet