ValueAct Capital Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

ValueAct Capital, under the strategic leadership of Mason Morfit, represents a distinct and formidable breed of institutional investment. As of the portfolio snapshot on March 31, 2026, the firm manages a reported market value of approximately $5.71 billion . While this figure represents a significant pool of capital, the true essence of ValueAct lies not in its total assets under management, but in its highly concentrated and activist-oriented investment philosophy. With only 18 holdings in its entire portfolio, ValueAct operates with a level of conviction that is rarely seen in the broader institutional landscape. This concentration suggests that the firm does not merely "pick stocks" but rather "buys businesses," often seeking to engage with management teams and boards to drive long-term structural value.

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II. Sector Allocation Analysis

The dominance of Financials (33.80%) as the largest sector allocation is particularly noteworthy. This is not a bet on traditional retail banking, but rather a sophisticated play on the "financialization" of the global economy. By holding significant positions in companies like V (Visa Inc.) , KKR (KKR & Co. Inc.) , and BLK (BlackRock, Inc.) , ValueAct is positioning itself to capture the steady flow of global transactions and the increasing shift toward alternative asset management. The logic here is clear: in an environment of fluctuating interest rates and economic uncertainty, companies that earn fees on the movement or management of capital are more resilient than those that rely on capital-intensive manufacturing or volatile consumer demand.

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

Visa has ascended to the number one spot in ValueAct’s portfolio, now representing 12.26% of total assets. This quarter, the firm aggressively increased its position by 34.80% , adding nearly 600,000 shares. This is a classic "conviction holding" for an activist fund. Visa operates as a near-monopoly in the global payments infrastructure. The decision to increase the stake suggests that ValueAct views Visa as a premier hedge against inflation—as prices rise, Visa’s percentage-based transaction fees naturally increase without a corresponding rise in capital expenditure. Furthermore, the firm likely sees Visa’s expansion into "new flows" (B2B payments and government disbursements) as a significant growth lever that the market may be underestimating. The active adjustment of the weight (up 3.68%) confirms that this was a deliberate strategic move to make Visa the cornerstone of the portfolio.

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IV. Major Buys/Additions

The most significant move this quarter was the initiation of a $303.37 million position in KKR, instantly making it the 10th largest holding. This is a classic "valuation trough mining" play. Alternative asset managers like KKR have faced headwinds due to a slower deal-making environment and higher interest rates. However, ValueAct likely sees a "distressed reversal" opportunity here. KKR has successfully diversified into private credit and insurance (through Global Atlantic), creating a more stable and recurring fee base. By entering at this stage, ValueAct is betting on a recovery in the private equity cycle and the long-term trend of institutional capital shifting toward "alts." This position fits perfectly with ValueAct’s history of investing in complex financial entities where they can potentially influence capital return policies.

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 most dramatic move this quarter was the 87% reduction in Disney, a position ValueAct had held for over two years. This is a clear "logical clearing." Despite ValueAct’s previous collaborative efforts with Disney’s board, the company has faced persistent challenges in its transition to streaming and the volatility of its linear TV business. By slashing the position from nearly 5% of the portfolio to a mere 0.68%, ValueAct is signaling a "breakdown in long-term logic." They likely concluded that the capital required to fix Disney’s structural issues was better deployed in high-margin platforms like Spotify or KKR. This move represents a significant "error-correcting exit" from a thesis that failed to deliver the expected activist alpha.

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 overarching theme of ValueAct Capital’s Q1 2026 adjustments can be summarized as: "Concentrating on Digital Toll-Bridges and Financial Platforms." This quarter, Mason Morfit has executed a sophisticated "Sell A to Buy B" rotation. By exiting or drastically reducing "legacy" and "cyclical" names like Disney, Rocket, and Insight Enterprises, the firm has recouped over $600 million in capital. This capital was not moved to the sidelines but was immediately redeployed into "high-moat platforms" like KKR, Spotify, and Wix, while doubling down on the ultimate "toll-bridge"—Visa.

The logic chain is clear: ValueAct is betting that in an era of technological disruption and macro uncertainty, the safest and most profitable place to be is at the "intersection of transactions." Whether it is Visa processing global payments, KKR managing alternative capital, or Toast running restaurant operations, these companies all share a common trait: they are essential infrastructure with high switching costs and the ability to extract a "fee" from every unit of economic activity that passes through them. For retail investors, the key takeaway is ValueAct’s move away from "content" (Disney) and "commodity growth" (Amazon) toward "platform utility" (Visa, KKR, Toast).

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.