SEC 13F Intelligence

Managers / Q4 2023 · view latest →

ValueAct Holdings, L.P.

CIK 0001418814 · ONE LETTERMAN DRIVE, BUILDING D, 4TH FLOOR, SAN FRANCISCO, CA, 94129 · 415-362-3700

Reported Value
$5.0B
Q4 2023
Positions
14
Filings on Record
32
2019–present window
Filed
Feb 14, 2024
original filing

Summary

Valueact Holdings, L.P. reported $5.0B in U.S.-listed holdings across 14 positions for Q4 2023.

Its largest position, CRM, represents 18.4% of the portfolio.

Compared with Q3 2023, the fund opened 3 new positions and exited 1.

Portfolio Metrics

Turnover
+24.9%
vs prior filed quarter
Top-10 Concentration
+96.1%
share of reported value
Largest Position
+18.4%
Salesforce
New / Exited
3 / 1
positions this quarter

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

13F Reported Value
Q4 ’18: $8.0BQ4 ’18Q1 ’19: $9.1BQ2 ’19: $9.6BQ3 ’19: $9.3BQ4 ’19: $9.9BQ4 ’19Q1 ’20: $7.0BQ2 ’20: $8.7BQ3 ’20: $7.1BQ4 ’20: $8.6BQ4 ’20Q1 ’21: $8.6BQ2 ’21: $9.0BQ3 ’21: $8.6BQ4 ’21: $8.9BQ4 ’21Q1 ’22: $7.3BQ2 ’22: $6.3BQ3 ’22: $5.9BQ4 ’22: $5.3BQ4 ’22Q1 ’23: $6.1BQ2 ’23: $6.4BQ3 ’23: $4.5BQ4 ’23: $5.0BQ4 ’23Q1 ’24: $4.5BQ2 ’24: $3.6BQ3 ’24: $8.3BQ4 ’24: $4.4BQ4 ’24Q1 ’25: $4.6BQ2 ’25: $5.6BQ3 ’25: $5.9BQ4 ’25: $7.0BQ4 ’25Q1 ’26: $5.7Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 95.7%Other: 4.3%
  • Common Stock · 95.7% · $4.8B
  • Other · 4.3% · $215M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
EXPEEXPEDIA GROUP INCNEW+4.25M4.25M+$645M$645M
DISDISNEY WALT CONEW+5.09M5.09M+$459M$459M
PAYCPAYCOM SOFTWARE INCNEW+608.0K608.0K+$126M$126M
ALRMALARM COM HLDGS INCSOLD OUT−585.4K0−$36M$0
SEAGATE TECHNOLOGY HLDNGS PLTRIMMED−7.42M262.3K−$485M$22M
DHRDANAHER CORPORATIONADDED+82.0K200.0K+$17M$46M
NYTNEW YORK TIMES COTRIMMED−3.66M3.63M−$122M$178M
KKRKKR & CO INCTRIMMED−5.47M5.95M−$210M$493M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2023

14 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CRMSALESFORCE INChistory →COM18.36%$917M3.49M
2IEIINSIGHT ENTERPRISES INChistory →COM16.00%$799M4.51M
3EXPEEXPEDIA GROUP INChistory →COM12.92%$645M4.25M
4FISVFISERV INChistory →COM11.14%$556M4.19M
5KKRKKR & CO INChistory →COM9.87%$493M5.95M
6DISDISNEY WALT COhistory →COM9.19%$459M5.09M
7CBRECBRE GROUP INChistory →CL A8.64%$432M4.64M
8SPOTIFY TECHNOLOGY S ASHS3.86%$193M1.03M
9NYTNEW YORK TIMES COhistory →CL A3.56%$178M3.63M
10PAYCPAYCOM SOFTWARE INChistory →COM2.52%$126M608.0K
11RBLXROBLOX CORPhistory →CL A1.65%$82M1.80M
12DHRDANAHER CORPORATIONhistory →COM0.93%$46M200.0K
13ILMNILLUMINA INChistory →COM0.91%$46M328.0K
14SEAGATE TECHNOLOGY HLDNGS PLORD SHS0.45%$22M262.3K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$5.7B18May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$7.0B16Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$5.9B16Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$5.6B18Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$4.6B14May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$4.4B12Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024REVEALED$8.3B21Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$3.6B10Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$4.5B12May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$5.0B14Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$4.5B12Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$6.4B9Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$6.1B9May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$5.3B9Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$5.9B12Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$6.3B16Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$7.3B13May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$8.9B12Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$8.6B13Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021REVEALED$9.0B13Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$8.6B13May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$8.6B11Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$7.1B12Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$8.7B21Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$7.0B24May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$9.9B22Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$9.3B22Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$9.6B23Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$9.1B20May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$8.0B21Feb 14, 201913F-HRchanges · EDGAR ↗

Other Included Managers

This filing reports holdings on behalf of 2 additional managers.

  • ValueAct Capital Management, L.P.
  • ValueAct Capital Management, L.P.028-12033

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 ↗.