ValueAct Holdings portfolio holdings — 2025Q4

Holdings

Sorted by value · 2023Q3

Sector12 positions

FISVFISERV INC

19.15%

of portfolio

Number of shares

7,548,841 sh

Holdings current value

$852.72M

Avg closing price

$105.59

-39.4%

Last action

Exited

2024Q3

Current $63.97

CRMSALESFORCE COM INC

Technology·Software - Application

15.88%

of portfolio

Number of shares

3,486,309 sh

Holdings current value

$706.95M

Avg closing price

$198.63

-8.3%

Last action

Added 2.8%

2025Q4

Current $182.14

KKRKKR & CO INC

Financial Services·Asset Management

15.80%

of portfolio

Number of shares

11,420,908 sh

Holdings current value

$703.53M

Avg closing price

$28.58

+262.4%

Last action

Exited

2024Q3

Current $103.60

NSITINSIGHT ENTERPRISES INC

Technology·Electronics & Computer Distribution

14.75%

of portfolio

Number of shares

4,511,630 sh

Holdings current value

$656.44M

Avg closing price

$92.25

-17.2%

Last action

Trimmed 19.0%

2025Q4

Current $76.43

G7997R103SEAGATE TECHNOLOGY HLDNGS PL

11.39%

of portfolio

Number of shares

7,687,070 sh

Holdings current value

$506.96M

Avg closing price

$82.52

Last action

Exited

2024Q1

Current —

CBRECBRE GROUP INC

Real Estate·Real Estate Services

7.69%

of portfolio

Number of shares

4,637,748 sh

Holdings current value

$342.54M

Avg closing price

$29.29

+417.3%

Last action

Trimmed 7.1%

2025Q3

Current $151.51

NYTNEW YORK TIMES CO

Communication Services·Publishing

6.74%

of portfolio

Number of shares

7,284,596 sh

Holdings current value

$300.13M

Avg closing price

$29.11

+173.0%

Last action

Exited

2024Q3

Current $79.48

SPOTSPOTIFY TECHNOLOGY S A

Communication Services·Internet Content & Information

4.36%

of portfolio

Number of shares

1,253,853 sh

Holdings current value

$193.90M

Avg closing price

$133.62

+301.6%

Last action

Exited

2024Q3

Current $536.61

ILMNILLUMINA INC

Healthcare·Diagnostics & Research

1.60%

of portfolio

Number of shares

519,610 sh

Holdings current value

$71.33M

Avg closing price

$137.28

-2.0%

Last action

Exited

2024Q2

Current $134.50

RBLXROBLOX CORP

Communication Services·Electronic Gaming & Multimedia

1.17%

of portfolio

Number of shares

1,800,000 sh

Holdings current value

$52.13M

Avg closing price

$52.51

+14.9%

Last action

Added 1576.0%

2025Q4

Current $60.34

ALRMALARM COM HLDGS INC

Technology·Software - Application

0.80%

of portfolio

Number of shares

585,400 sh

Holdings current value

$35.79M

Avg closing price

$61.14

-23.9%

Last action

Exited

2023Q4

Current $46.51

DHRDANAHER CORPORATION

Healthcare·Diagnostics & Research

0.66%

of portfolio

Number of shares

118,000 sh

Holdings current value

$29.28M

Avg closing price

$241.23

-19.3%

Last action

Exited

2024Q1

Current $194.75

Portfolio heatmap

Box size = % of portfolio · color = return since filing

SEAGATE TECHNOLOGY HLDNGS PL

11.39%

Sector exposure

Share of dollar value across the latest reported portfolio. Unclassified positions excluded.

Technology3 pos$1.40B45.3%
Financial Services1 pos$703.5M22.8%
Communication Services3 pos$546.1M17.7%
Real Estate1 pos$342.5M11.1%
Healthcare2 pos$100.6M3.3%

(30.5% unclassified, excluded from %)

Holdings

Sorted by value · 2023Q3

Sector12 positions

FISVFISERV INC

19.15%

of portfolio

Number of shares

7,548,841 sh

Holdings current value

$852.72M

Avg closing price

$105.59

-39.4%

Last action

Exited

2024Q3

Current $63.97

CRMSALESFORCE COM INC

Technology·Software - Application

15.88%

of portfolio

Number of shares

3,486,309 sh

Holdings current value

$706.95M

Avg closing price

$198.63

-8.3%

Last action

Added 2.8%

2025Q4

Current $182.14

KKRKKR & CO INC

Financial Services·Asset Management

15.80%

of portfolio

Number of shares

11,420,908 sh

Holdings current value

$703.53M

Avg closing price

$28.58

+262.4%

Last action

Exited

2024Q3

Current $103.60

NSITINSIGHT ENTERPRISES INC

Technology·Electronics & Computer Distribution

14.75%

of portfolio

Number of shares

4,511,630 sh

Holdings current value

$656.44M

Avg closing price

$92.25

-17.2%

Last action

Trimmed 19.0%

2025Q4

Current $76.43

G7997R103SEAGATE TECHNOLOGY HLDNGS PL

11.39%

of portfolio

Number of shares

7,687,070 sh

Holdings current value

$506.96M

Avg closing price

$82.52

Last action

Exited

2024Q1

Current —

CBRECBRE GROUP INC

Real Estate·Real Estate Services

7.69%

of portfolio

Number of shares

4,637,748 sh

Holdings current value

$342.54M

Avg closing price

$29.29

+417.3%

Last action

Trimmed 7.1%

2025Q3

Current $151.51

NYTNEW YORK TIMES CO

Communication Services·Publishing

6.74%

of portfolio

Number of shares

7,284,596 sh

Holdings current value

$300.13M

Avg closing price

$29.11

+173.0%

Last action

Exited

2024Q3

Current $79.48

SPOTSPOTIFY TECHNOLOGY S A

Communication Services·Internet Content & Information

4.36%

of portfolio

Number of shares

1,253,853 sh

Holdings current value

$193.90M

Avg closing price

$133.62

+301.6%

Last action

Exited

2024Q3

Current $536.61

ILMNILLUMINA INC

Healthcare·Diagnostics & Research

1.60%

of portfolio

Number of shares

519,610 sh

Holdings current value

$71.33M

Avg closing price

$137.28

-2.0%

Last action

Exited

2024Q2

Current $134.50

RBLXROBLOX CORP

Communication Services·Electronic Gaming & Multimedia

1.17%

of portfolio

Number of shares

1,800,000 sh

Holdings current value

$52.13M

Avg closing price

$52.51

+14.9%

Last action

Added 1576.0%

2025Q4

Current $60.34

ALRMALARM COM HLDGS INC

Technology·Software - Application

0.80%

of portfolio

Number of shares

585,400 sh

Holdings current value

$35.79M

Avg closing price

$61.14

-23.9%

Last action

Exited

2023Q4

Current $46.51

DHRDANAHER CORPORATION

Healthcare·Diagnostics & Research

0.66%

of portfolio

Number of shares

118,000 sh

Holdings current value

$29.28M

Avg closing price

$241.23

-19.3%

Last action

Exited

2024Q1

Current $194.75

Portfolio heatmap

Box size = % of portfolio · color = return since filing

SEAGATE TECHNOLOGY HLDNGS PL

11.39%

Sector exposure

Share of dollar value across the latest reported portfolio. Unclassified positions excluded.

Technology3 pos$1.40B45.3%
Financial Services1 pos$703.5M22.8%
Communication Services3 pos$546.1M17.7%
Real Estate1 pos$342.5M11.1%
Healthcare2 pos$100.6M3.3%

(30.5% unclassified, excluded from %)