Insightful Moves in Q3 2024 Highlight Strategic Positioning

ValueAct Capital (Trades, Portfolio), a seasoned investment firm with 21 years of experience, recently disclosed its 13F filings for the third quarter of 2024. Known for its strategic long-term investments and active role in management, ValueAct Capital (Trades, Portfolio) has a history of over 100 core investments and significant board involvement in 49 public companies. The firm's investment philosophy emphasizes deep industry knowledge, integrity, and a commitment to social and ethical considerations, aiming to significantly enhance the value of its portfolio companies.

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Summary of New Buys

During the third quarter, ValueAct Capital (Trades, Portfolio) expanded its portfolio by adding five new stocks:

• Meta Platforms Inc (NASDAQ:META) was the largest new addition with 211,500 shares, representing 3.08% of the portfolio and valued at $121.07 million.

• Live Nation Entertainment Inc (NYSE:LYV) followed, with 1,014,650 shares making up 2.82% of the portfolio, valued at $111.09 million.

• Visa Inc (NYSE:V) was also significant, with 373,600 shares accounting for 2.61% of the portfolio, totaling $102.72 million.

Key Position Increases

ValueAct Capital (Trades, Portfolio) significantly increased its stakes in two major companies:

• Roblox Corp (NYSE:RBLX) saw an impressive addition of 7,835,921 shares, bringing the total to 10,135,921 shares. This 340.69% increase in shares now represents 8.81% of ValueAct's current portfolio, with a total value of $448.62 million.

• The Walt Disney Co (NYSE:DIS) also saw an increase with an additional 1,331,200 shares, bringing the total to 7,464,831 shares, valued at $718.04 million.

Summary of Sold Out Positions

ValueAct Capital (Trades, Portfolio) exited five positions in this quarter:

• Spotify Technology SA (NYSE:SPOT) was completely sold out, with all 676,553 shares liquidated, impacting the portfolio by -5.97%.

• Fiserv Inc (NYSE:FI) also saw a complete exit with all 1,103,759 shares sold, resulting in a -4.63% portfolio impact.

Key Position Reductions

The firm reduced its stake in one major stock:

• Expedia Group Inc (NASDAQ:EXPE) saw a reduction of 806,962 shares, a -23.63% decrease, impacting the portfolio by -2.86%. The stock traded at an average price of $132.47 during the quarter and has returned 41.25% over the past three months and 20.07% year-to-date.

Portfolio Overview

As of the third quarter of 2024, ValueAct Capital (Trades, Portfolio)'s portfolio included 10 stocks. The top holdings were 27.22% in Salesforce Inc (NYSE:CRM), 22.23% in Insight Enterprises Inc (NASDAQ:NSIT), 18.24% in The Walt Disney Co (NYSE:DIS), 11.4% in Roblox Corp (NYSE:RBLX), and 9.81% in Expedia Group Inc (NASDAQ:EXPE). The investments are primarily concentrated in four industries: Technology, Communication Services, Consumer Cyclical, and Financial Services.