ValueAct Capital

Q4 2019 13F · by Mason Morfit, CIO

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

+3.6 pp in · −7.4 pp out

Very concentrated · behaves like 8 equal-sized positions

Low turnover · 12% a year, about 8.3 years per position


CCitigroup Inc.	21.85%	27,025,500	$2.2B	trimmed−4%	+0.96 pp	9 q
STXNSeagate Technology Holdings PLC (Ireland)	19.00%	31,554,360	$1.9B	held	—	15 q
KKRKKR & Co. Inc.	13.52%	45,784,200	$1.3B	trimmed−5%	−0.41 pp	7 q
MSMorgan Stanley	7.76%	15,000,000	$767M	trimmed−33%	−2.48 pp	15 q
CBRECbre Group, Inc.	6.34%	10,225,592	$627M	held	—	27 q
LKQLKQ Corporation	5.97%	16,532,718	$590M	added+3%	+0.53 pp	2 q
TRNTrinity Industries, Inc.	5.58%	24,889,998	$551M	added+10%	+0.79 pp	15 q
BHCBausch Health Companies Inc	5.43%	17,931,594	$537M	held	—	6 q
TSGIStars Group INC/THE	3.60%	13,630,000	$356M	held	—	3 q
SLMSLM Corporation	3.53%	39,184,254	$349M	held	—	8 q
STRAStrategic Education, Inc.	1.08%	673,265	$107M	added+34%	+0.35 pp	6 q
HEHawaiian Electric Industries, Inc.	0.96%	2,033,463	$95M	added+25%	+0.16 pp	6 q
FDXFedEx Corporation	0.90%	590,000	$89M	new	+0.90 pp	new
AESAES Corporation	0.88%	4,346,500	$86M	held	—	7 q
EVAEnviva Inc.	0.79%	2,104,261	$79M	held	—	7 q
VRRMVerra Mobility Corporation Class A	0.73%	5,155,000	$72M	new	+0.73 pp	new
LINDLindblad Expeditions Holdings Inc.	0.59%	3,568,118	$58M	added+25%	+0.07 pp	7 q
DARDarling Ingredients Inc.	0.58%	2,040,000	$57M	trimmed−9%	+0.12 pp	5 q
BFHBread Financial Holdings, Inc.	0.37%	330,000	$37M	trimmed−91%	−4.76 pp	16 q
UFIUNIFI, Inc. New	0.36%	1,417,054	$36M	held	—	7 q
unresolvedOutfront Media Inc	0.10%	372,400	$10M	new	+0.10 pp	new
AFIIQArmstrong Flooring Inc	0.05%	1,222,756	$5M	held	—	15 q
ACAArcosa, Inc.	—	−1,577,265	—	exited	−0.58 pp	—
PCGPG&E Corporation	—	−1,444,800	—	exited	−0.16 pp	—
PSNParsons Corporation	—	−298,000	—	exited	−0.11 pp	—