WhaleCreep

ValueAct Holdings, L.P. 13F holdings, Q1 2020

Hedge fundSEC filingsCompare with another fundHoldings as of 2020-03-31, filed 2020-05-15

ValueAct Holdings, L.P. disclosed 24 US equity positions worth $7.0bn in its Q1 2020 13F filing. Its largest position is STX at 22.1% of the reported book, followed by C and KKR. Versus Q4 2019 it opened 4 new positions, added to 8, reduced 4 and exited 2.

$7.0bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
24
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
22.1%
Largest position
The largest single position as a share of the reported equity book.
90.0%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
8
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 Q4 2019: 4 new, 8 added, 4 reduced, 2 exited

24 rows
STX SEAGATE TECHNOLOGY PLCTechnology22.1%$1.5bn31.55m0.0%held
C CITIGROUP INCFinancial Services16.3%$1.1bn27.03m0.0%held
KKR KKR & CO INCFinancial Services15.2%$1.1bn45.00m−1.7%reduced
MS MORGAN STANLEYFinancial Services7.0%$485m14.25m−5.0%reduced
LKQ LKQ CORPConsumer Cyclical6.3%$442m21.55m+30%added
TRN Trinity Industries IncIndustrials6.2%$434m27.01m+8.5%added
CBRE CBRE GROUP INCReal Estate5.5%$386m10.23m0.0%held
AYAEUR STARS GROUP INC–4.0%$278m13.63m0.0%held
BHC BAUSCH HEALTH COS INCHealthcare4.0%$278m17.93m0.0%held
SLM SLM CORPFinancial Services3.3%$232m32.29m−18%reduced
HE HAWAIIAN ELEC INDUSTRIESUtilities2.0%$140m3.25m+60%added
STRA STRATEGIC ED INCConsumer Defensive1.3%$90.8m650,000−3.5%reduced
AOS SMITH A O CORPIndustrials1.1%$79.1m2.09m–new
BP BP PLCEnergy1.0%$67.6m2.77m–new
EVAUSD ENVIVA PARTNERS LP–1.0%$67.5m2.53m+20%added
AES AES CORPUtilities0.8%$59.1m4.35m0.0%held
DAR DARLING INGREDIENTS INCConsumer Defensive0.7%$50.6m2.64m+29%added
OUT OUTFRONT MEDIA INCReal Estate0.7%$46.2m3.43m+820%added
VRRM VERRA MOBILITY CORPTechnology0.6%$42.2m5.91m+15%added
LIND LINDBLAD EXPEDITIONS HLDGS IConsumer Cyclical0.3%$20.5m4.92m+38%added
UFI UNIFI INCConsumer Cyclical0.2%$16.4m1.42m0.0%held
CMCSA COMCAST CORP NEWCommunication Services0.2%$11.3m328,000–new
AFIIQ ARMSTRONG FLOORING INCIndustrials0.03%$1.7m1.22m0.0%held
HDSUSD HD SUPPLY HLDGS INC–0.01%$711k25,000–new

Exited since Q4 2019

2 rows
FDX FEDEX CORP0.9%$89.2m
BFH BREAD FINANCIAL HOLDINGS INC0.4%$37.0m

Sector mix

  • Financial Services41.8%
  • Technology22.7%
  • Industrials7.4%
  • Consumer Cyclical6.9%
  • Real Estate6.2%
  • Unclassified5.0%
  • Healthcare4.0%
  • Utilities2.9%
  • Consumer Defensive2.0%
  • Energy1.0%
  • Communication Services0.2%

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