ValueAct Capital

Q1 2020 13F · by Mason Morfit, CIO

As of: Mar 31, 2020
Filed: May 15, 2020
US stock: $7.0B · prev $9.9B
Positions: 24 · prev 22
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%

Moves18 since the prior filing

+4.8 pp in · −0.4 pp out

New 4 +2.28 pp
Added 8 +2.55 pp
Trimmed 4 +0.88 pp
Exited 2 −1.27 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.8 years per position

Low
Moderate
High

Top 5 positions67% of US stock

STXN Seagate Technology Holdings PLC (Ireland) held held22.1%
C Citigroup Inc. held held16.4%
KKR KKR & Co. Inc. trimmed+1.65 pp trimmed+1.6515.2%
MS Morgan Stanley trimmed−0.80 pp trimmed−0.807.0%
LKQ LKQ Corporation added+0.38 pp added+0.386.3%

Positions24 in this filing · 2 exited


STXNSeagate Technology Holdings PLC (Ireland)	22.12%	31,554,360	$1.5B	held	—	16 q
CCitigroup Inc.	16.35%	27,025,500	$1.1B	held	—	10 q
KKRKKR & Co. Inc.	15.17%	45,000,000	$1.1B	trimmed−2%	+1.65 pp	8 q
MSMorgan Stanley	6.96%	14,250,000	$485M	trimmed−5%	−0.80 pp	16 q
LKQLKQ Corporation	6.35%	21,547,746	$442M	added+30%	+0.38 pp	3 q
TRNTrinity Industries, Inc.	6.23%	27,005,855	$434M	added+9%	+0.65 pp	16 q
CBRECbre Group, Inc.	5.54%	10,225,592	$386M	held	—	28 q
TSGIStars Group INC/THE	4.00%	13,630,000	$278M	held	—	4 q
BHCBausch Health Companies Inc	3.99%	17,931,594	$278M	held	—	7 q
SLMSLM Corporation	3.34%	32,294,254	$232M	trimmed−18%	−0.19 pp	9 q
HEHawaiian Electric Industries, Inc.	2.01%	3,246,668	$140M	added+60%	+1.05 pp	7 q
STRAStrategic Education, Inc.	1.30%	650,000	$91M	trimmed−3%	+0.22 pp	7 q
AOSA.O. Smith Corporation	1.14%	2,092,510	$79M	new	+1.14 pp	new
BPBP p.l.c.	0.97%	2,772,000	$68M	new	+0.97 pp	new
EVAEnviva Inc.	0.97%	2,527,175	$68M	added+20%	+0.18 pp	8 q
AESAES Corporation	0.85%	4,346,500	$59M	held	—	8 q
DARDarling Ingredients Inc.	0.73%	2,640,000	$51M	added+29%	+0.15 pp	6 q
unresolvedOutfront Media Inc	0.66%	3,427,200	$46M	added×9.2	+0.56 pp	2 q
VRRMVerra Mobility Corporation Class A	0.61%	5,905,000	$42M	added+15%	−0.12 pp	2 q
LINDLindblad Expeditions Holdings Inc.	0.29%	4,923,247	$21M	added+38%	−0.30 pp	8 q
UFIUNIFI, Inc. New	0.24%	1,417,054	$16M	held	—	8 q
CMCSAComcast Corp	0.16%	328,000	$11M	new	+0.16 pp	new
AFIIQArmstrong Flooring Inc	0.03%	1,222,756	$2M	held	—	16 q
HDSHD Supply Holdings, Inc.	0.01%	25,000	$711,000	new	+0.01 pp	new
FDXFedEx Corporation	—	−590,000	—	exited	−0.90 pp	—
BFHBread Financial Holdings, Inc.	—	−330,000	—	exited	−0.37 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001418812-20-000040
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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