ValueAct Capital

Q2 2021 13F · by Mason Morfit, CIO

Picture100.0% US stock

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

+10.8 pp in · −10.0 pp out

Very concentrated · behaves like 8 equal-sized positions

Moderate turnover · 39% a year, about 2.6 years per position

revealed late 1 name revealed after the original — carried back to this quarter, never shown as a new buy 13F-HR/A · Aug 19, 2021 ↗


KKRKKR & Co. Inc.	17.87%	27,221,126	$1.6B	trimmed−14%	−0.14 pp	13 q
STXSeagate Technology Holdings PLC (Ireland)	16.93%	17,377,070	$1.5B	trimmed−24%	−3.68 pp	21 q
CCitigroup Inc.	16.27%	20,745,704	$1.5B	trimmed−5%	−2.17 pp	15 q
LKQLKQ Corporation	11.75%	21,550,411	$1.1B	added0%	+1.10 pp	8 q
CBRECbre Group, Inc.	9.72%	10,232,609	$877M	added0%	+0.27 pp	33 q
FISVFiserv, Inc.	7.30%	6,160,200	$658M	added×7.2	+6.11 pp	3 q
BHCBausch Health Companies Inc	5.83%	17,941,603	$526M	held	—	12 q
SLMSLM Corporation	4.78%	20,579,254	$431M	trimmed−22%	−0.73 pp	14 q
TRNTrinity Industries, Inc.	4.47%	15,005,855	$404M	trimmed−35%	−3.21 pp	21 q
NSITInsight Enterprises Inc	3.15%	2,843,690	$284M	added×2.6	+1.92 pp	2 q
BLDTopBuild Corp.	1.05%	480,000	$95M	added×2.2	+0.51 pp	2 q
LITELumentum Holdings Inc.	0.88%	967,049	$79M	new	+0.88 pp	new
unresolvedCbre Acquisition Hldgs Inc	0.00%	18,417	$20,000	held	—	2 q
unresolvedOutfront Media Inc	—	−157,448	—	exited	−0.04 pp	—