ValueAct Capital

Q3 2023 13F · by Mason Morfit, CIO

As of: Sep 30, 2023
Filed: Nov 14, 2023
US stock: $4.5B · prev $6.4B
Positions: 12 · prev 9
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%

Moves11 since the prior filing

+4.2 pp in · −13.2 pp out

New 4 +4.23 pp
Added 0 0.00 pp
Trimmed 6 −12.82 pp
Exited 1 −0.34 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.9 years per position

Low
Moderate
High

Top 5 positions77% of US stock

FISV Fiserv, Inc. trimmed−3.70 pp trimmed−3.7019.1%
CRM Salesforce, Inc. held held15.9%
KKR KKR & Co. Inc. trimmed−2.08 pp trimmed−2.0815.8%
NSIT Insight Enterprises Inc held held14.8%
STX Seagate Technology Holdings PLC (Ireland) trimmed−1.54 pp trimmed−1.5411.4%

Positions12 in this filing · 1 exited


FISVFiserv, Inc.	19.15%	7,548,841	$853M	trimmed−35%	−3.70 pp	12 q
CRMSalesforce, Inc.	15.88%	3,486,309	$707M	held	—	4 q
KKRKKR & Co. Inc.	15.80%	11,420,908	$704M	trimmed−44%	−2.08 pp	22 q
NSITInsight Enterprises Inc	14.75%	4,511,630	$656M	held	—	11 q
STXSeagate Technology Holdings PLC (Ireland)	11.39%	7,687,070	$507M	trimmed−43%	−1.54 pp	30 q
CBRECbre Group, Inc.	7.69%	4,637,748	$343M	trimmed−50%	−3.90 pp	42 q
NYTNew York Times Co.	6.74%	7,284,596	$300M	trimmed−46%	−1.47 pp	6 q
SPOTSpotify Technology S.A.	4.36%	1,253,853	$194M	trimmed−30%	−0.13 pp	3 q
ILMNIllumina Inc	1.60%	519,610	$71M	new	+1.60 pp	new
RBLXRoblox Corporation	1.17%	1,800,000	$52M	new	+1.17 pp	new
ALRMAlarm.com Holdings, Inc.	0.80%	585,400	$36M	new	+0.80 pp	new
DHRDanaher Corporation	0.66%	118,000	$29M	new	+0.66 pp	new
AMPSAltus Power, Inc.	—	−4,017,628	—	exited	−0.34 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001418812-23-000073
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet