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ValueAct Portfolio – Q3 2022 Replace

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This text is a part of a sequence that gives an ongoing evaluation of the modifications made to ValueAct’s 13F inventory portfolio on a quarterly foundation. It’s primarily based on their regulatory 13F Kind filed on 11/14/2022. Please go to our Monitoring ValueAct Portfolio article for an concept on their funding philosophy and our earlier replace for the fund’s strikes throughout Q2 2022.

This quarter, ValueAct’s 13F portfolio worth decreased ~6% from $6.27B to $5.90B. The variety of holdings decreased from 16 to 12. The highest three positions are at ~55% whereas the highest 5 are at ~75% of the 13F belongings. The most important place is Fiserv which is at ~23% of the portfolio. To know extra about ValueAct’s activist type of worth investing, try Deep Worth: Why Activist Buyers and Different Contrarians Battle for Management of Dropping Firms.

Word 1: Jeffrey Ubben retired from ValueAct final June to launch Inclusive Capital Companions (local weather change and social inequity focus). Lots of the stakes beforehand within the ValueAct portfolio are actually managed by Inclusive Capital Companions.

Word 2: It was reported in April 2020 that ValueAct has constructed a 2.6M share (~2% of the enterprise, ~$1.1B) stake in Nintendo (OTCPK:NTDOY). The inventory was round ~$10 at the moment and is at the moment at across the identical worth.

New Stakes:

None.

Stake Disposals:

SLM Corp. (SLM): SLM was a really small 0.83% of the portfolio stake established in Q1 2018. Subsequent quarter noticed the stake elevated by ~410% at costs between $11 and $12. There was a ~18% promoting in Q1 2020 at costs between $6.45 and $12.30. That was adopted with a ~60% promoting during the last 5 quarters at costs between ~$15 and ~$21. The disposal this quarter was at costs between ~$13.90 and ~$17.25. The inventory is at the moment at $16.73.

Bausch Well being (BHC) beforehand Valeant Prescription drugs: The BHC place was a 1.91% of the 13F portfolio very long-term stake. They first bought Valeant in 2006 when it was an early-stage pharmaceutical enterprise. Current exercise follows. Q1 2017 noticed a ~20% stake improve at ~$10.85 per share. Final two quarters had seen an identical promoting at costs between ~$22 and ~$29. The elimination this quarter was at costs between ~$4.60 and ~$9.20. The inventory is now at $7.55.

Trinity Industries (TRN): The TRN stake was roughly doubled at ~$13.75 per share in Q3 2016 and that was adopted with one other ~25% improve the next quarter at ~$12.25 per share. Current exercise follows. The 2 quarters via Q3 2021 had seen a ~45% discount at costs between ~$25.50 and ~$30. That was adopted with a ~75% promoting in This autumn 2021 at across the identical worth vary. The place was lowered to a minutely small stake subsequent quarter at ~$28.45 per share. The rest stake was bought this quarter. The inventory is now at $30.48.

Word: The costs quoted above are adjusted for the Arcosa, Inc. (ACA) spinoff that closed in November 2018.

Univar Options (UNVR): UNVR was a minutely small 0.13% of the portfolio stake bought final quarter and bought this quarter.

Stake Decreases:

Rocket Firms (RKT): RKT is a minutely small 0.14% of the portfolio place established final quarter however bought down by ~35% this quarter.

Stake Will increase:

Perception Enterprises (NSIT): NSIT is a 6.17% of the portfolio stake established in Q1 2021 at ~$95 per share cost-basis. Subsequent quarter noticed a ~160% stake improve at costs between ~$94 and ~$107. That was adopted with a ~17% stake improve in Q3 2021. Final quarter additionally noticed an identical improve at a mean price of ~$97 per share. The inventory at the moment trades at ~$101. There was a ~8% additional improve this quarter at ~$94 per share.

Word: They’ve a ~13% possession stake within the enterprise.

New York Instances (NYT): The 5.66% NYT stake was constructed during the last two quarters at costs between ~$28 and ~$47 and the inventory is now at ~$35.

TopBuild Corp. (BLD): BLD is a 4.32% of the portfolio place established during the last three quarters at costs between ~$153 and ~$276 and the inventory at the moment trades at ~$157.

Stored Regular:

Fiserv, Inc. (FISV): FISV is at the moment the most important place at ~23% of the portfolio. It was established over the 5 quarters via This autumn 2021 at costs between ~$95 and ~$126. The inventory at the moment trades close to the low finish of that vary at ~$102. Final quarter noticed a ~12% stake improve.

KKR & Co. (KKR): KKR is at the moment the second largest 13F place at ~19% of the portfolio. It was established in Q2 2017 and elevated by a whopping ~800% the next quarter at costs between $18 and $20.50. This autumn 2020 noticed a ~15% promoting at ~$37.50 per share. The three quarters via Q3 2021 had seen one other ~37% promoting at costs between ~$38 and ~$68. There was a ~17% stake improve final quarter at costs between ~$45 and ~$60. The inventory at the moment trades at $49.57.

Seagate Know-how (STX): STX is at the moment the third-largest place at ~12% of the portfolio. It noticed an enormous ~220% improve in Q3 2016 at costs between $23 and $38.50. There was one other ~45% improve in Q2 2017 at costs between $38.75 and $50.50. That was adopted with a ~55% improve the next quarter at ~$33 per share. The 5 quarters through Q2 2019 had seen a ~47% additional improve at costs between $36 and $60. H1 2021 had seen a ~42% discount at costs between ~$59 and ~$104. That was adopted with a ~23% promoting during the last two quarters at costs between ~$79 and ~$116. The inventory is now at $52.25.

CBRE Group (CBRE): CBRE is a big 10.56% of the 13F portfolio stake. Nearly all of the unique place was established in 2011 & 2012 within the mid-to-high-teens price-range. This autumn 2017 and Q1 2018 noticed a ~31% promoting at ~$44 per share and that was adopted with a one-third promoting in Q1 2019 at $49.51. Q3 2019 additionally noticed a ~23% promoting at $53.86. The inventory is at the moment at ~$78. There was a ~10% trimming in Q3 2021 at ~$96 per share. Final quarter noticed a marginal improve.

LKQ Company (LKQ): LKQ is a big (high 5) ~10% of the portfolio stake bought at round $27 per share in September 2019. Q1 2020 noticed a ~30% stake improve at costs between ~$14 and ~$36. This autumn 2021 noticed a ~20% discount at $57.28 in a repurchase settlement with the issuer. That was adopted with a ~30% discount final quarter at $50.35 per share. The inventory at the moment trades at ~$54.

Word 1: Regulatory filings for the reason that quarter ended present them proudly owning 6M shares of LKQ. That is in comparison with 12.55M shares within the 13F report. The discount occurred at $53.60 per share.

Word 2: In August 2020, ValueAct’s Jacob H. Welch was elected to LKQ Company’s board.

Citigroup (C): The big ~8% Citigroup place established in This autumn 2017 noticed a ~500% stake improve in Q1 2018 at costs between $67 and $80. H2 2018 had additionally seen one other ~25% improve at costs between $49 and $75. There was a ~20% promoting in Q1 2021 at costs between ~$58 and ~$75. That was adopted with a one-third discount in Q3 2021 at costs between ~$65 and ~$74. Final quarter noticed a ~22% promoting this quarter at costs between ~$45.50 and ~$54. The inventory at the moment trades at $45.64.

Altus Energy (AMPS): AMPS is a really small 0.40% of the portfolio place established in This autumn 2021 at costs between ~$6.40 and ~$11 and the inventory at the moment trades at $6.85.

The spreadsheet beneath highlights modifications to ValueAct’s 13F inventory holdings in Q3 2022:

ValueAct's Q3 2022 13F Report Q/Q Comparison

ValueAct’s Q3 2022 13F Report Q/Q Comparability (John Vincent (creator))

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