ValueAct Capital

Q1 2021 13F · by Mason Morfit, CIO

As of: Mar 31, 2021
Filed: May 17, 2021
US stock: $8.6B · prev $8.6B
Positions: 13 · prev 11
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%

Moves12 since the prior filing

+2.6 pp in · −8.7 pp out

New 4 +1.81 pp
Added 1 +0.76 pp
Trimmed 5 −1.60 pp
Exited 2 −7.14 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 10% a year, about 9.8 years per position

Low
Moderate
High

Top 5 positions77% of US stock

Positions13 in this filing · 2 exited


STXNSeagate Technology Holdings PLC (Ireland)	20.61%	23,011,223	$1.8B	trimmed−24%	−1.13 pp	20 q
CCitigroup Inc.	18.44%	21,723,719	$1.6B	trimmed−20%	−0.89 pp	14 q
KKRKKR & Co. Inc.	18.01%	31,584,672	$1.5B	trimmed−17%	+0.14 pp	12 q
LKQLKQ Corporation	10.65%	21,547,746	$912M	held	—	7 q
CBRECbre Group, Inc.	9.45%	10,229,820	$809M	held	—	32 q
TRNTrinity Industries, Inc.	7.68%	23,105,855	$658M	trimmed−14%	−0.59 pp	20 q
BHCBausch Health Companies Inc	6.65%	17,941,603	$569M	held	—	11 q
SLMSLM Corporation	5.51%	26,294,254	$473M	trimmed−19%	+0.87 pp	13 q
NSITInsight Enterprises Inc	1.23%	1,100,000	$105M	new	+1.23 pp	new
FISVFiserv, Inc.	1.19%	860,000	$102M	added×2.6	+0.76 pp	2 q
BLDTopBuild Corp.	0.54%	221,770	$46M	new	+0.54 pp	new
unresolvedOutfront Media Inc	0.04%	157,448	$3M	new	+0.04 pp	new
unresolvedCbre Acquisition Hldgs Inc	0.00%	18,417	$17,000	new	0.00 pp	new
MSMorgan Stanley	—	−8,283,722	—	exited	−6.58 pp	—
CDWCDW Corporation	—	−368,116	—	exited	−0.56 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0001418812-21-000031
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet