ValueAct Capital

Q4 2020 13F · by Mason Morfit, CIO

As of: Dec 31, 2020
Filed: Feb 16, 2021
US stock: $8.6B · prev $7.1B
Positions: 11 · 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%

Moves8 since the prior filing

+1.0 pp in · −6.9 pp out

New 1 +0.43 pp
Added 2 +0.57 pp
Trimmed 3 −5.24 pp
Exited 2 −1.61 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.5% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions76% of US stock

STXN Seagate Technology Holdings PLC (Ireland) trimmed−0.13 pp trimmed−0.1321.7%
C Citigroup Inc. held held19.3%
KKR KKR & Co. Inc. trimmed−3.87 pp trimmed−3.8717.9%
LKQ LKQ Corporation held held8.8%
TRN Trinity Industries, Inc. held held8.3%

Positions11 in this filing · 2 exited


STXNSeagate Technology Holdings PLC (Ireland)	21.74%	30,146,673	$1.9B	trimmed−4%	−0.13 pp	19 q
CCitigroup Inc.	19.33%	27,025,500	$1.7B	held	—	13 q
KKRKKR & Co. Inc.	17.87%	38,050,000	$1.5B	trimmed−15%	−3.87 pp	11 q
LKQLKQ Corporation	8.81%	21,547,746	$759M	held	—	6 q
TRNTrinity Industries, Inc.	8.27%	27,005,855	$713M	held	—	19 q
CBRECbre Group, Inc.	7.44%	10,229,820	$642M	held	—	31 q
MSMorgan Stanley	6.58%	8,283,722	$568M	trimmed−28%	−1.24 pp	19 q
SLMSLM Corporation	4.64%	32,294,254	$400M	held	—	12 q
BHCBausch Health Companies Inc	4.33%	17,941,603	$373M	added0%	+0.41 pp	10 q
CDWCDW Corporation	0.56%	368,116	$49M	added+54%	+0.16 pp	2 q
FISVFiserv, Inc.	0.43%	328,281	$37M	new	+0.43 pp	new
AOSA.O. Smith Corporation	—	−2,092,510	—	exited	−1.55 pp	—
AFIIQArmstrong Flooring Inc	—	−1,222,756	—	exited	−0.06 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001418812-21-000008
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet