Notable Investors / Q1 2026
Mason Morfit’s Portfolio — ValueAct Holdings, L.P.
CEO & CIO, ValueAct Capital
CIK 0001418814 · ONE LETTERMAN DRIVE, BUILDING D, 4TH FLOOR, SAN FRANCISCO, CA, 94129 · 415-362-3700
About Mason Morfit
Mason Morfit leads ValueAct Capital, the firm that defined 'constructive activism': quiet board seats rather than proxy fights, most famously the 2013 Microsoft stake that helped usher in the Satya Nadella era. Morfit himself served on Microsoft's board.
ValueAct's 13F holds roughly ten to fifteen large positions — enterprise software, financial services, media — typically accompanied by board involvement and multi-year transformation theses.
Portfolio data below is from ValueAct Holdings, L.P.’s SEC 13F filings. View the full filer page →
Summary
Valueact Holdings, L.P. reported $5.7B in U.S.-listed holdings across 18 positions for Q1 2026.
Its largest position, V, represents 12.3% of the portfolio.
Compared with Q4 2025, the fund opened 3 new positions and exited 1.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 95.3% · $5.4B
- Other · 4.7% · $268M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| KKRKKR & CO INC | NEW | +3.28M | 3.28M | +$303M | $303M |
| SPOTIFY TECHNOLOGY S A | NEW | +358.5K | 358.5K | +$174M | $174M |
| WIX COM LTD | NEW | +1.10M | 1.10M | +$94M | $94M |
| IEIINSIGHT ENTERPRISES INC | SOLD OUT | −1.22M | 0 | −$99M | $0 |
| DISDISNEY WALT CO | TRIMMED | −2.68M | 400.2K | −$312M | $39M |
| TOSTTOAST INC | ADDED | +4.88M | 12.90M | +$57M | $342M |
| VVISA INC | ADDED | +598.0K | 2.32M | +$97M | $700M |
| RKTROCKET COS INC | TRIMMED | −11.17M | 28.21M | −$360M | $402M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | VVISA INChistory → | COM CL A | 12.26% | $700M | 2.32M |
| 2 | AMZNAMAZON COM INChistory → | COM | 10.52% | $601M | 2.88M |
| 3 | CRMSALESFORCE INChistory → | COM | 9.79% | $559M | 2.99M |
| 4 | BLKBLACKROCK INChistory → | COM | 9.19% | $525M | 546.1K |
| 5 | METAMETA PLATFORMS INChistory → | CL A | 9.17% | $524M | 915.7K |
| 6 | LLYVKLIBERTY LIVE HOLDINGS INC | COM SHS SER C · COM SER A | 8.72% | $498M | 5.34M |
| 7 | RKTROCKET COS INChistory → | COM CL A | 7.04% | $402M | 28.21M |
| 8 | TOSTTOAST INChistory → | CL A | 5.98% | $342M | 12.90M |
| 9 | RBLXROBLOX CORPhistory → | CL A | 5.79% | $331M | 5.85M |
| 10 | KKRKKR & CO INChistory → | COM | 5.31% | $303M | 3.28M |
| 11 | MDBMONGODB INChistory → | CL A | 4.45% | $254M | 1.04M |
| 12 | SSDSIMPSON MFG INChistory → | COM | 4.20% | $240M | 1.40M |
| 13 | SPOTIFY TECHNOLOGY S A | SHS | 3.04% | $174M | 358.5K |
| 14 | LYVLIVE NATION ENTERTAINMENT INhistory → | COM | 1.67% | $95M | 624.7K |
| 15 | WIX COM LTD | SHS | 1.65% | $94M | 1.10M |
| 16 | DISDISNEY WALT COhistory → | COM | 0.68% | $39M | 400.2K |
| 17 | CBRECBRE GROUP INChistory → | CL A | 0.56% | $32M | 234.6K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $5.7B | 18 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $7.0B | 16 | Feb 17, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $5.9B | 16 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $5.6B | 18 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $4.6B | 14 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $4.4B | 12 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024REVEALED | $8.3B | 21 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $3.6B | 10 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $4.5B | 12 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $5.0B | 14 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $4.5B | 12 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $6.4B | 9 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $6.1B | 9 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $5.3B | 9 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $5.9B | 12 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $6.3B | 16 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $7.3B | 13 | May 16, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $8.9B | 12 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $8.6B | 13 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021REVEALED | $9.0B | 13 | Aug 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $8.6B | 13 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $8.6B | 11 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $7.1B | 12 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $8.7B | 21 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $7.0B | 24 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $9.9B | 22 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $9.3B | 22 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $9.6B | 23 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $9.1B | 20 | May 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $8.0B | 21 | Feb 14, 2019 | 13F-HR | changes · EDGAR ↗ |
Other Included Managers
This filing reports holdings on behalf of 1 additional manager.
- ValueAct Capital Management, L.P.
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.