ValueAct Capital

Q2 2018 13F · by Mason Morfit, CIO

As of: Jun 30, 2018
Filed: Aug 14, 2018
US stock: $11.0B · prev $10.0B
Positions: 17 · 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%

Moves15 since the prior filing

+17.9 pp in · −16.8 pp out

New 6 +12.22 pp
Added 7 +5.71 pp
Trimmed 1 −6.67 pp
Exited 1 −10.11 pp

The book

Very concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 81% a year, about 1.2 years per position

Low
Moderate
High

Top 5 positions63% of US stock

C Citigroup Inc. added+4.29 pp added+4.2915.3%
BFH Bread Financial Holdings, Inc. added+0.30 pp added+0.3012.8%
unresolved Twenty First Centy Fox Inc trimmed−6.67 pp trimmed−6.6712.8%
STXN Seagate Technology Holdings PLC (Ireland) added−1.14 pp added−1.1411.4%
KKR KKR & Co. Inc. new+11.18 pp new+11.1811.2%

Positions17 in this filing · 1 exited


CCitigroup Inc.	15.25%	25,175,500	$1.7B	added+55%	+4.29 pp	3 q
BFHBread Financial Holdings, Inc.	12.84%	6,082,646	$1.4B	added+3%	+0.30 pp	10 q
unresolvedTwenty First Centy Fox Inc	12.77%	28,626,334	$1.4B	trimmed−46%	−6.67 pp	17 q
STXNSeagate Technology Holdings PLC (Ireland)	11.45%	22,404,700	$1.3B	added+4%	−1.14 pp	9 q
KKRKKR & Co. Inc.	11.18%	49,700,000	$1.2B	new	+11.18 pp	new
CBRECbre Group, Inc.	8.61%	19,916,923	$951M	held	—	21 q
MSMorgan Stanley	8.03%	18,709,620	$887M	added+4%	−1.69 pp	9 q
TRNTrinity Industries, Inc.	6.64%	21,407,891	$733M	held	—	9 q
AWIArmstrong World Industries, Inc.	3.92%	6,852,612	$433M	held	—	17 q
SLMSLM Corporation	3.90%	37,605,408	$431M	added×5.1	+3.07 pp	2 q
unresolvedValeant Pharmaceuticals Intl	3.79%	18,033,149	$419M	added0%	+0.92 pp	21 q
AFIIQArmstrong Flooring Inc	0.59%	4,614,787	$65M	added0%	−0.04 pp	9 q
UFIUNIFI, Inc. New	0.27%	925,000	$29M	new	+0.27 pp	new
LINDLindblad Expeditions Holdings Inc.	0.20%	1,691,300	$22M	new	+0.20 pp	new
unresolvedStrayer Education	0.20%	193,457	$22M	new	+0.20 pp	new
AESAES Corporation	0.19%	1,529,500	$21M	new	+0.19 pp	new
EVAEnviva Inc.	0.18%	685,453	$20M	new	+0.18 pp	new
unresolvedKkr & Co L P DEL	—	−49,700,000	—	exited	−10.11 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 3 unresolved
Accession: 0001418812-18-000078
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet