ValueAct Holdings portfolio holdings — 2025Q4

Holdings

Sorted by value · 2023Q4

Sector14 positions

CRMSALESFORCE COM INC

Technology·Software - Application

18.36%

of portfolio

Number of shares

3,486,309 sh

Holdings current value

$917.39M

Avg closing price

$198.63

-8.3%

Last action

Added 2.8%

2025Q4

Current $182.14

NSITINSIGHT ENTERPRISES INC

Technology·Electronics & Computer Distribution

16.00%

of portfolio

Number of shares

4,511,630 sh

Holdings current value

$799.42M

Avg closing price

$92.25

-17.2%

Last action

Trimmed 19.0%

2025Q4

Current $76.43

EXPEEXPEDIA GROUP INC

Consumer Cyclical·Travel Services

12.92%

of portfolio

Number of shares

4,251,568 sh

Holdings current value

$645.35M

Avg closing price

$151.79

+75.1%

Last action

Exited

2025Q3

Current $265.84

FISVFISERV INC

11.14%

of portfolio

Number of shares

4,188,841 sh

Holdings current value

$556.45M

Avg closing price

$105.59

-39.4%

Last action

Exited

2024Q3

Current $63.97

KKRKKR & CO INC

Financial Services·Asset Management

9.87%

of portfolio

Number of shares

5,954,108 sh

Holdings current value

$493.30M

Avg closing price

$28.58

+262.4%

Last action

Exited

2024Q3

Current $103.60

DISDISNEY WALT CO

Communication Services·Entertainment

9.19%

of portfolio

Number of shares

5,086,331 sh

Holdings current value

$459.24M

Avg closing price

$93.63

+13.5%

Last action

Trimmed 20.5%

2025Q4

Current $106.29

CBRECBRE GROUP INC

Real Estate·Real Estate Services

8.64%

of portfolio

Number of shares

4,637,748 sh

Holdings current value

$431.73M

Avg closing price

$29.29

+417.3%

Last action

Trimmed 7.1%

2025Q3

Current $151.51

SPOTSPOTIFY TECHNOLOGY S A

Communication Services·Internet Content & Information

3.86%

of portfolio

Number of shares

1,027,553 sh

Holdings current value

$193.09M

Avg closing price

$133.62

+301.6%

Last action

Exited

2024Q3

Current $536.61

NYTNEW YORK TIMES CO

Communication Services·Publishing

3.56%

of portfolio

Number of shares

3,626,732 sh

Holdings current value

$177.67M

Avg closing price

$29.11

+173.0%

Last action

Exited

2024Q3

Current $79.48

PAYCPAYCOM SOFTWARE INC

Technology·Software - Application

2.52%

of portfolio

Number of shares

608,000 sh

Holdings current value

$125.69M

Avg closing price

$206.72

-38.6%

Last action

Exited

2024Q1

Current $126.93

RBLXROBLOX CORP

Communication Services·Electronic Gaming & Multimedia

1.65%

of portfolio

Number of shares

1,800,000 sh

Holdings current value

$82.30M

Avg closing price

$52.51

+14.9%

Last action

Added 1576.0%

2025Q4

Current $60.34

DHRDANAHER CORPORATION

Healthcare·Diagnostics & Research

0.93%

of portfolio

Number of shares

200,000 sh

Holdings current value

$46.27M

Avg closing price

$241.23

-19.3%

Last action

Exited

2024Q1

Current $194.75

ILMNILLUMINA INC

Healthcare·Diagnostics & Research

0.91%

of portfolio

Number of shares

328,045 sh

Holdings current value

$45.68M

Avg closing price

$137.28

-2.0%

Last action

Exited

2024Q2

Current $134.50

G7997R103SEAGATE TECHNOLOGY HLDNGS PL

0.45%

of portfolio

Number of shares

262,348 sh

Holdings current value

$22.40M

Avg closing price

$82.52

Last action

Exited

2024Q1

Current —

Portfolio heatmap

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

SEAGATE TECHNOLOGY HLDNGS PL

0.45%

Sector exposure

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

Technology3 pos$1.84B41.7%
Communication Services4 pos$912.3M20.7%
Consumer Cyclical1 pos$645.3M14.6%
Financial Services1 pos$493.3M11.2%
Real Estate1 pos$431.7M9.8%
Healthcare2 pos$91.9M2.1%

(11.6% unclassified, excluded from %)

Holdings

Sorted by value · 2023Q4

Sector14 positions

CRMSALESFORCE COM INC

Technology·Software - Application

18.36%

of portfolio

Number of shares

3,486,309 sh

Holdings current value

$917.39M

Avg closing price

$198.63

-8.3%

Last action

Added 2.8%

2025Q4

Current $182.14

NSITINSIGHT ENTERPRISES INC

Technology·Electronics & Computer Distribution

16.00%

of portfolio

Number of shares

4,511,630 sh

Holdings current value

$799.42M

Avg closing price

$92.25

-17.2%

Last action

Trimmed 19.0%

2025Q4

Current $76.43

EXPEEXPEDIA GROUP INC

Consumer Cyclical·Travel Services

12.92%

of portfolio

Number of shares

4,251,568 sh

Holdings current value

$645.35M

Avg closing price

$151.79

+75.1%

Last action

Exited

2025Q3

Current $265.84

FISVFISERV INC

11.14%

of portfolio

Number of shares

4,188,841 sh

Holdings current value

$556.45M

Avg closing price

$105.59

-39.4%

Last action

Exited

2024Q3

Current $63.97

KKRKKR & CO INC

Financial Services·Asset Management

9.87%

of portfolio

Number of shares

5,954,108 sh

Holdings current value

$493.30M

Avg closing price

$28.58

+262.4%

Last action

Exited

2024Q3

Current $103.60

DISDISNEY WALT CO

Communication Services·Entertainment

9.19%

of portfolio

Number of shares

5,086,331 sh

Holdings current value

$459.24M

Avg closing price

$93.63

+13.5%

Last action

Trimmed 20.5%

2025Q4

Current $106.29

CBRECBRE GROUP INC

Real Estate·Real Estate Services

8.64%

of portfolio

Number of shares

4,637,748 sh

Holdings current value

$431.73M

Avg closing price

$29.29

+417.3%

Last action

Trimmed 7.1%

2025Q3

Current $151.51

SPOTSPOTIFY TECHNOLOGY S A

Communication Services·Internet Content & Information

3.86%

of portfolio

Number of shares

1,027,553 sh

Holdings current value

$193.09M

Avg closing price

$133.62

+301.6%

Last action

Exited

2024Q3

Current $536.61

NYTNEW YORK TIMES CO

Communication Services·Publishing

3.56%

of portfolio

Number of shares

3,626,732 sh

Holdings current value

$177.67M

Avg closing price

$29.11

+173.0%

Last action

Exited

2024Q3

Current $79.48

PAYCPAYCOM SOFTWARE INC

Technology·Software - Application

2.52%

of portfolio

Number of shares

608,000 sh

Holdings current value

$125.69M

Avg closing price

$206.72

-38.6%

Last action

Exited

2024Q1

Current $126.93

RBLXROBLOX CORP

Communication Services·Electronic Gaming & Multimedia

1.65%

of portfolio

Number of shares

1,800,000 sh

Holdings current value

$82.30M

Avg closing price

$52.51

+14.9%

Last action

Added 1576.0%

2025Q4

Current $60.34

DHRDANAHER CORPORATION

Healthcare·Diagnostics & Research

0.93%

of portfolio

Number of shares

200,000 sh

Holdings current value

$46.27M

Avg closing price

$241.23

-19.3%

Last action

Exited

2024Q1

Current $194.75

ILMNILLUMINA INC

Healthcare·Diagnostics & Research

0.91%

of portfolio

Number of shares

328,045 sh

Holdings current value

$45.68M

Avg closing price

$137.28

-2.0%

Last action

Exited

2024Q2

Current $134.50

G7997R103SEAGATE TECHNOLOGY HLDNGS PL

0.45%

of portfolio

Number of shares

262,348 sh

Holdings current value

$22.40M

Avg closing price

$82.52

Last action

Exited

2024Q1

Current —

Portfolio heatmap

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

SEAGATE TECHNOLOGY HLDNGS PL

0.45%

Sector exposure

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

Technology3 pos$1.84B41.7%
Communication Services4 pos$912.3M20.7%
Consumer Cyclical1 pos$645.3M14.6%
Financial Services1 pos$493.3M11.2%
Real Estate1 pos$431.7M9.8%
Healthcare2 pos$91.9M2.1%

(11.6% unclassified, excluded from %)