ValueAct Capital

Q3 2019 13F · by Mason Morfit, CIO

As of: Sep 30, 2019
Filed: Nov 14, 2019
US stock: $9.3B · prev $9.6B
Positions: 22 · prev 23
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%

Moves19 since the prior filing

+6.6 pp in · −8.1 pp out

New 2 +5.60 pp
Added 7 +1.04 pp
Trimmed 7 −6.31 pp
Exited 3 −1.78 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.8 years per position

Low
Moderate
High

Top 5 positions69% of US stock

Positions22 in this filing · 3 exited


CCitigroup Inc.	20.89%	28,025,500	$1.9B	trimmed−11%	−2.16 pp	8 q
STXNSeagate Technology Holdings PLC (Ireland)	18.31%	31,554,360	$1.7B	held	—	14 q
KKRKKR & Co. Inc.	13.93%	48,100,000	$1.3B	trimmed−5%	+0.55 pp	6 q
MSMorgan Stanley	10.24%	22,250,000	$949M	trimmed−15%	−1.76 pp	14 q
CBRECbre Group, Inc.	5.85%	10,225,592	$542M	trimmed−23%	−1.23 pp	26 q
LKQLKQ Corporation	5.44%	16,032,718	$504M	new	+5.44 pp	new
BFHBread Financial Holdings, Inc.	5.13%	3,707,646	$475M	held	—	15 q
TRNTrinity Industries, Inc.	4.79%	22,561,698	$444M	added+3%	+0.05 pp	14 q
BHCBausch Health Companies Inc	4.23%	17,931,594	$392M	held	—	5 q
SLMSLM Corporation	3.73%	39,184,254	$346M	held	—	7 q
TSGIStars Group INC/THE	2.20%	13,630,000	$204M	held	—	2 q
HEHawaiian Electric Industries, Inc.	0.80%	1,620,747	$74M	added+38%	+0.27 pp	5 q
AESAES Corporation	0.77%	4,346,500	$71M	added+5%	+0.04 pp	6 q
EVAEnviva Inc.	0.73%	2,104,261	$67M	added+27%	+0.19 pp	6 q
STRAStrategic Education, Inc.	0.73%	500,765	$68M	added×2.1	+0.30 pp	5 q
ACAArcosa, Inc.	0.58%	1,577,265	$54M	trimmed−63%	−1.09 pp	4 q
LINDLindblad Expeditions Holdings Inc.	0.52%	2,860,188	$48M	trimmed−5%	−0.04 pp	6 q
DARDarling Ingredients Inc.	0.46%	2,240,000	$43M	added+30%	+0.10 pp	4 q
UFIUNIFI, Inc. New	0.34%	1,417,054	$31M	added+9%	+0.09 pp	6 q
PCGPG&E Corporation	0.16%	1,444,800	$14M	new	+0.16 pp	new
PSNParsons Corporation	0.11%	298,000	$10M	trimmed−83%	−0.58 pp	2 q
AFIIQArmstrong Flooring Inc	0.08%	1,222,756	$8M	held	—	14 q
BKNGBooking Holdings Inc.	—	−35,000	—	exited	−0.69 pp	—
XPOXPO, Inc.	—	−1,000,000	—	exited	−0.60 pp	—
EIXEdison International	—	−700,000	—	exited	−0.49 pp	—