ValueAct Capital Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

The psychological portrait of ValueAct is one of patience, deep fundamental research, and a preference for high-quality businesses that may be undergoing temporary transitions or structural undervaluations. Mason Morfit has evolved the firm’s legacy from the more confrontational activism of the early 2000s toward a model of "constructive engagement." This approach involves seeking board representation and working alongside management teams to unlock long-term shareholder value. The current portfolio scale of $7.03 billion, spread across just 16 names, results in an average position size of over $439 million . This high concentration ratio indicates that ValueAct is not looking for "market beta"; rather, it is seeking "idiosyncratic alpha" through concentrated bets on companies where it believes it can influence the outcome.

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II. Sector Allocation Analysis

The most striking feature of ValueAct’s allocation is the 84.93% concentration in just three sectors: Financials, Communication Services, and Technology. This is an incredibly focused layout that suggests Mason Morfit and his team have a very specific view of where value resides in the current market environment. By allocating nearly a third of the portfolio to Financials, ValueAct is signaling a strong belief in the resilience and earnings power of financial infrastructure and service providers. This is not a bet on traditional "boring" banking, but rather on high-scale financial platforms like BlackRock, Visa, and Rocket Companies.

The 11.15% in Consumer Discretionary is almost entirely represented by Amazon (AMZN). This position serves as a hybrid bet on e-commerce and cloud computing (AWS). The slight reduction in AMZN weight (from 12.96% to 11.15%) appears to be a tactical rebalancing rather than a loss of faith, likely used to fund the new entry into BlackRock. The remaining sectors—Materials (SSD) and Real Estate (CBRE)—are "satellite" positions that provide a small amount of diversification into industrial and commercial property cycles, but they remain secondary to the core "Financial-Comm-Tech" triad.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

Salesforce remains the crown jewel of ValueAct’s portfolio. Having held this position for over three years, ValueAct has been a key witness (and likely a participant) in the company’s transition from "growth at all costs" to a "profitable growth" machine. This quarter, the firm added a modest 3.31% to its shares, bringing the total value to nearly $800 million.

Conversely, the 33.59% reduction in MongoDB (MDB) and 29.92% reduction in Disney (DIS) suggest a cooling of sentiment. For MDB, this might be profit-taking after a period of high valuation. For Disney, it may reflect frustration with the pace of the turnaround or a strategic decision to reallocate capital to higher-certainty financial plays like BlackRock. The presence of Liberty Live (LLYVK/LLYVA) and Live Nation (LYV) further down the list indicates a secondary theme in "Live Entertainment and Experiences," which ValueAct seems to be gradually building.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

There is a clear "Clustering" in Fintech and Financial Platforms (BLK, RKT, TOST, V). Over $1.2 billion in estimated new capital was funneled into these four names alone. This reveals a macro-theme: ValueAct believes the "Financialization of Technology" is the next big wave. They are moving away from general software (MDB) and toward software that specifically facilitates money movement, asset management, and lending.

Where did the money come from? The $743M for BlackRock and the other adds were funded by the complete exit of Mr. Cooper (COOP), the heavy reduction in MongoDB (MDB) and Disney (DIS), and the trimming of Insight Enterprises (NSIT). This is a "Strategy Rotation" from niche servicing and high-multiple tech into global financial titans and industry-standard platforms . ValueAct is "upgrading" the quality of its portfolio, moving into companies with deeper moats and more significant market influence.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The exit from COOP and the trim of MDB show excellent "Exit Quality." ValueAct is selling into strength, capturing 40-100% gains in relatively short periods. This capital is being recycled into "fresher" ideas where the valuation gap is wider. The reduction in Insight Enterprises (NSIT) after nearly five years is also telling. With a pnlPercent of -15.11% , this appears to be an " Error Correction " or a "Stop Loss" move. ValueAct is admitting that the long-term thesis for this IT solutions provider hasn't materialized as expected and is moving that capital to more productive areas.

The common thread among the sells (MDB, NSIT, DIS) is a retreat from companies facing intense competition or structural headwinds in their specific niches. MDB faces competition from cloud giants; NSIT faces margin pressure in IT services; Disney faces the brutal economics of the streaming wars. By contrast, the buys (BLK, V, META) are in companies that have essentially "won" their markets and have the scale to dictate terms. ValueAct is signaling a preference for unassailable market leaders over "challengers" or "turnarounds."

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The logic chain is clear: 1. Sell the "Matured" and the "Struggling" : Exit high-multiple tech that has already doubled (MDB) and legacy media turnarounds that are lagging (DIS). 2. Recycle into "Systemic Winners" : Use that cash to buy massive stakes in the world’s largest asset manager (BLK) and the dominant digital mortgage platform (RKT). 3. Focus on Operating Leverage : Every major add this quarter (META, TOST, RBLX, V) is a company with high fixed costs but very low marginal costs. As these platforms scale, their profitability should explode.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.