ValueAct Capital

Q2 2020 13F · by Mason Morfit, CIO

Picture100.0% US stock

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

+9.8 pp in · −5.4 pp out

Very concentrated · behaves like 9 equal-sized positions

Low turnover · 16% a year, about 6.2 years per position


STXNSeagate Technology Holdings PLC (Ireland)	17.49%	31,554,360	$1.5B	held	—	17 q
KKRKKR & Co. Inc.	15.91%	45,000,000	$1.4B	held	—	9 q
CCitigroup Inc.	15.81%	27,025,500	$1.4B	held	—	11 q
unresolvedNikola Corp	9.03%	11,675,437	$788M	new	+9.03 pp	new
MSMorgan Stanley	7.88%	14,250,000	$688M	held	—	17 q
TRNTrinity Industries, Inc.	6.58%	27,005,855	$575M	held	—	17 q
LKQLKQ Corporation	6.46%	21,547,746	$565M	held	—	4 q
CBRECbre Group, Inc.	5.30%	10,229,820	$463M	added0%	−0.24 pp	29 q
BHCBausch Health Companies Inc	3.75%	17,931,594	$328M	held	—	8 q
SLMSLM Corporation	2.60%	32,294,254	$227M	held	—	10 q
EVAEnviva Inc.	1.99%	4,834,867	$174M	added+91%	+1.02 pp	9 q
HEHawaiian Electric Industries, Inc.	1.34%	3,246,668	$117M	held	—	8 q
AOSA.O. Smith Corporation	1.13%	2,092,510	$99M	held	—	2 q
STRAStrategic Education, Inc.	1.04%	591,375	$91M	trimmed−9%	−0.26 pp	8 q
AESAES Corporation	0.89%	5,346,500	$77M	added+23%	+0.04 pp	9 q
DARDarling Ingredients Inc.	0.74%	2,640,000	$65M	held	—	7 q
BPBP p.l.c.	0.69%	2,572,000	$60M	trimmed−7%	−0.28 pp	2 q
VRRMVerra Mobility Corporation Class A	0.69%	5,905,000	$61M	held	—	3 q
LINDLindblad Expeditions Holdings Inc.	0.44%	4,923,247	$38M	held	—	9 q
UFIUNIFI, Inc. New	0.21%	1,417,054	$18M	held	—	9 q
AFIIQArmstrong Flooring Inc	0.04%	1,222,756	$4M	held	—	17 q
TSGIStars Group INC/THE	—	−13,630,000	—	exited	−4.00 pp	—
unresolvedOutfront Media Inc	—	−3,427,200	—	exited	−0.66 pp	—
CMCSAComcast Corp	—	−328,000	—	exited	−0.16 pp	—
HDSHD Supply Holdings, Inc.	—	−25,000	—	exited	−0.01 pp	—