WhaleCreep

ValueAct Holdings, L.P. 13F holdings, Q3 2016

Hedge fundSEC filingsCompare with another fundHoldings as of 2016-09-30, filed 2016-11-15

ValueAct Holdings, L.P. disclosed 13 US equity positions worth $11.5bn in its Q3 2016 13F filing. Its largest position is MSFT at 19.4% of the reported book, followed by BKR and MS. Versus Q2 2016 it opened 0 new positions, added to 6, reduced 2 and exited 1.

$11.5bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
13
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
19.4%
Largest position
The largest single position as a share of the reported equity book.
93.4%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
9
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
73
Quarters on file since Q2 2008
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q2 2016: 0 new, 6 added, 2 reduced, 1 exited

13 rows
MSFT MICROSOFT CORPTechnology19.4%$2.2bn38.62m−32%reduced
BKR BAKER HUGHES INCEnergy13.1%$1.5bn29.89m−23%reduced
MS MORGAN STANLEYFinancial Services11.7%$1.3bn41.90m+10%added
TWENTY FIRST CENTY FOX INC no ticker–10.8%$1.2bn50.33m+6.3%added
WTW WILLIS TOWERS WATSON PLC LTDFinancial Services9.4%$1.1bn8.11m0.0%held
BFH BREAD FINANCIAL HOLDINGS INCFinancial Services9.3%$1.1bn5.00m+52%added
CBRE CBRE GROUP INCReal Estate8.4%$969m34.62m+5.1%added
ALSN ALLISON TRANSMISSION HLDGS IConsumer Cyclical4.8%$549m19.13m0.0%held
AWI ARMSTRONG WORLD INDS INC NEWIndustrials3.3%$380m9.20m0.0%held
VALEANT PHARMACEUTICALS INTL no ticker–3.2%$368m14.99m0.0%held
STX SEAGATE TECHNOLOGY PLCTechnology3.2%$368m9.54m+218%added
TRN Trinity Industries IncIndustrials2.6%$300m12.42m+107%added
AFIIQ ARMSTRONG FLOORING INCIndustrials0.8%$86.8m4.60m0.0%held

Exited since Q2 2016

1 row
MSCI MSCI INC0.9%$100m

Sector mix

  • Financial Services30.4%
  • Technology22.6%
  • Unclassified14.0%
  • Energy13.1%
  • Real Estate8.4%
  • Industrials6.7%
  • Consumer Cyclical4.8%

Book over time

Every quarter on file (73)
QuarterPositionsEquity book
Q2 202618$5.6bn
Q1 202618$5.7bn
Q4 202516$7.0bn
Q3 202516$5.9bn
Q2 202518$5.6bn
Q1 202514$4.6bn
Q4 202412$4.4bn
Q3 202411$4.4bn
Q2 202410$3.6bn
Q1 202412$4.5bn
Q4 202314$5.0bn
Q3 202312$4.5bn
Q2 20239$6.4bn
Q1 20239$6.1bn
Q4 20229$5.3bn
Q3 202212$5.9bn
Q2 202216$6.3bn
Q1 202213$7.3bn
Q4 202112$8.9bn
Q3 202113$8.6bn
Q2 202113$9.0bn
Q1 202113$8.6bn
Q4 202011$8.6bn
Q3 202012$7.1bn
Q2 202021$8.7bn
Q1 202024$7.0bn
Q4 201922$9.9bn
Q3 201922$9.3bn
Q2 201923$9.6bn
Q1 201920$9.1bn
Q4 201821$8.0bn
Q3 201819$10.2bn
Q2 201817$11.0bn
Q1 201812$10.0bn
Q4 201713$9.9bn
Q3 201714$10.0bn
Q2 201715$11.2bn
Q1 201714$11.9bn
Q4 201614$12.2bn
Q3 201613$11.5bn
Q2 201614$11.0bn
Q1 201613$10.0bn
Q4 201514$14.4bn
Q3 201515$17.2bn
Q2 201514$19.0bn
Q1 201515$18.1bn
Q4 201414$16.0bn
Q3 201413$14.9bn
Q2 201414$13.5bn
Q1 201414$13.2bn
Q4 201312$12.1bn
Q3 201314$11.1bn
Q2 201314$9.7bn
Q1 201311$5.8bn
Q4 201212$6.1bn
Q3 201210$5.4bn
Q2 201211$5.0bn
Q1 201211$4.6bn
Q4 201112$5.6bn
Q3 201114$4.9bn
Q2 201118$4.9bn
Q1 201116$4.2bn
Q4 201012$3.8bn
Q3 201012$3.2bn
Q2 201010$2.9bn
Q1 201013$2.7bn
Q4 200912$2.4bn
Q3 200912$2.4bn
Q2 200913$2.1bn
Q1 200912$1.6bn
Q4 200811$2.1bn
Q3 200816$3.3bn
Q2 200816$3.5bn

Where ValueAct Holdings, L.P. was early

30 rows
VRSN VERISIGN INCQ3 20099 of 1422.5%11.7%11Exited by Q2 2012+62%
OPLN KAR AUCTION SERVICES INCQ4 20092 of 1321.3%1.3%19Exited by Q3 2014+131%
SNA SNAP ON INCQ4 20093 of 1082.1%6.7%7Exited by Q3 2011+48%
NYT NEW YORK TIMES COQ4 20101 of 1481.8%8.5%14Exited by Q3 2024+423%
MSI MOTOROLA SOLUTIONS, INCQ1 20111 of 1374.2%20.6%16Exited by Q2 2016+69%
ADBE ADOBE SYSTEMS INCQ1 20115 of 2750.5%23.5%21Exited by Q2 2016+183%
FLIR FLIR SYSTEMS INCQ1 20115 of 802.2%2.2%2Exited by Q3 2011−2.6%
CBRE CBRE GROUP INCQ3 20111 of 1582.0%14.0%56Held at last filing, Q2 2026+901%
HAL HALLIBURTON COQ1 20126 of 1821.6%8.5%9Exited by Q1 2016+2.6%
ADSK AUTODESK INCQ2 20127 of 2171.7%6.0%3Exited by Q1 2013+1.0%
MSCI MSCI INCQ4 20126 of 1763.1%3.6%15Exited by Q3 2016+149%
CF CF INDUSTRIES HOLDINGS INCQ2 20136 of 1851.8%2.7%2Exited by Q4 2013+23%
MSFT MICROSOFT CORPQ2 20137 of 37420.5%31.2%19Exited by Q1 2018+148%
ALSN ALLISON TRANSMISSION HLDGS IQ3 20132 of 1311.0%5.2%14Exited by Q1 2017+34%
AWI ARMSTRONG WORLD INDS INC NEWQ2 20147 of 1331.1%5.6%20Exited by Q2 2019+38%
BKR BAKER HUGHES A GE COQ4 20146 of 1785.3%15.9%12Exited by Q4 2017−35%
AXP AMERICAN EXPRESS COMPANYQ2 201516 of 1944.5%4.9%2Exited by Q4 2015−4.6%
WTW WILLIS TOWERS WATSON PUB LTDQ1 20165 of 1849.1%9.4%7Exited by Q4 2017+30%
TRN TRINITY INDS INCQ2 20164 of 1061.0%8.3%25Exited by Q3 2022+81%
STX SEAGATE TECHNOLOGY HLDNGS PLQ2 201610 of 2040.7%22.1%31Exited by Q1 2024+250%
MS MORGAN STANLEYQ2 201612 of 1789.0%13.0%19Exited by Q1 2021+164%
SLM SLM CORPQ1 201811 of 1220.8%5.5%18Exited by Q3 2022+42%
KKR KKR & CO INCQ2 20181 of 21111.2%21.7%27Held at last filing, Q2 2026+269%
HE HAWAIIAN ELEC INDUSTRIESQ3 20181 of 960.4%2.0%8Exited by Q3 2020+1.3%
BHC BAUSCH HEALTH COS INCQ3 20183 of 1544.6%6.6%16Exited by Q3 2022−67%
STRA STRATEGIC ED INCQ3 20184 of 830.3%1.3%8Exited by Q3 2020+12%
ACA ARCOSA INCQ4 20181 of 1162.5%2.5%4Exited by Q4 2019+24%
NSIT INSIGHT ENTERPRISES INCQ1 20214 of 941.2%22.7%20Exited by Q1 2026−15%
BLD* TOPBUILD CORPQ1 202111 of 1520.5%4.3%5Exited by Q4 2022−21%
RKT ROCKET COS INCQ2 20227 of 2160.2%11.6%8Held at last filing, Q2 2026+114%

Concentration and tenure

20.4%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
96.7%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
3
Median completed holding, quarters