Fund · 13F holdings
ValueAct Holdings, L.P.
Mason Morfit · San Francisco, CA · Founded 2000
ValueAct Capital is a San Francisco firm founded in 2000, a pioneer of "constructive" activism — taking meaningful stakes in a small number of companies and working collaboratively, often from a board seat, to improve strategy and capital allocation. It has held board seats at companies including Microsoft, Adobe, Rolls-Royce, Seagate and Spotify.
Founded by Jeff Ubben and now led by chief investment officer Mason Morfit, ValueAct runs a concentrated, long-term book. The 13F reflects its US-listed equity positions.
How to read these tables. A Form 13F reports each holding's market value as of the quarter-end date and the share count — not the price the fund paid, when it bought, or any short positions. Buys and sells are inferred by comparing share counts across quarters. Put/call lines are options (often hedges), and their value is notional rather than a straight equity stake. Figures are the fund's US-listed 13(f) holdings only; private positions appear when the manager reports them.
History
2000
ValueAct founded
Jeff Ubben and partners launch the firm around collaborative, board-level activism.
2013
Microsoft board seat
ValueAct takes a stake and a board seat at Microsoft during its leadership transition, a signature campaign.
2020s
Morfit leads
Mason Morfit, long-time partner, becomes CEO and CIO as ValueAct keeps its concentrated, constructive approach.
Q2 2026 holdings
Period end
2026-06-30
Filed
2026-08-14
Portfolio value
$5.63B
Positions
18
We track
4
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | VVisa Inc.★ | COM CL A | $794.7M | 2.3M | 14.1% | HOLD |
| 2 | AMZNAmazon.com, Inc.★ | COM | $701.1M | 2.9M | 12.4% | ADD |
| 3 | Rocket Cos Inc | COM CL A | $656.3M | 41.7M | 11.6% | ADD |
| 4 | Blackrock Inc | COM | $559.3M | 582K | 9.9% | ADD |
| 5 | METAMeta Platforms, Inc.★ | CL A | $515.8M | 916K | 9.2% | HOLD |
| 6 | CRMSalesforce, Inc.★ | COM | $469.1M | 3.0M | 8.3% | HOLD |
| 7 | Toast Inc | CL A | $393.2M | 14.1M | 7.0% | ADD |
| 8 | Kkr & Co Inc | COM | $326.6M | 3.6M | 5.8% | ADD |
| 9 | Spotify Technology S A | SHS | $241.9M | 527K | 4.3% | ADD |
| 10 | Liberty Live Holdings Inc | COM SHS SER C | $229.5M | 2.2M | 4.1% | TRIM |
| 11 | Simpson Mfg Inc | COM | $173.9M | 831K | 3.1% | TRIM |
| 12 | Roblox Corp | CL A | $171.2M | 3.1M | 3.0% | TRIM |
| 13 | Cbre Group Inc | CL A | $133.7M | 992K | 2.4% | ADD |
| 14 | Liberty Live Holdings Inc | COM SER A | $79.5M | 785K | 1.4% | TRIM |
| 15 | Mongodb Inc | CL A | $55.7M | 166K | 1.0% | TRIM |
| 16 | Live Nation Entertainment In | COM | $55.3M | 302K | 1.0% | TRIM |
| 17 | Wix Com Ltd | SHS | $47.4M | 1.1M | 0.8% | HOLD |
| 18 | Paypay Corp | SPONSORED ADS | $30.9M | 2.2M | 0.5% | NEW |
Notable Q2 2026 moves
New positions
- Paypay Corp $30.9M
Exited
- Disney Walt Co was $38.6M
Position history in tracked names
Quarter-end value of each holding that has a page on R40, most recent first.
| Stock | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|
| VVisa Inc | $794.7M | $700.1M | $602.6M | $534.5M |
| AMZNAmazon Com Inc | $701.1M | $600.8M | $783.5M | $768.6M |
| METAMeta Platforms Inc | $515.8M | $523.9M | $691.8M | $564.5M |
| CRMSalesforce Inc | $469.1M | $559.0M | $793.3M | $686.9M |
Earlier filings
Q1 2026 · 18 positions · $5.71B · filed 2026-05-15
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | VVisa Inc.★ | COM CL A | $700.1M | 2.3M | 12.3% | ADD |
| 2 | AMZNAmazon.com, Inc.★ | COM | $600.8M | 2.9M | 10.5% | TRIM |
| 3 | CRMSalesforce, Inc.★ | COM | $559.0M | 3.0M | 9.8% | HOLD |
| 4 | Blackrock Inc | COM | $525.2M | 546K | 9.2% | TRIM |
| 5 | METAMeta Platforms, Inc.★ | CL A | $523.9M | 916K | 9.2% | TRIM |
| 6 | Rocket Cos Inc | COM CL A | $402.1M | 28.2M | 7.0% | TRIM |
| 7 | Toast Inc | CL A | $341.9M | 12.9M | 6.0% | ADD |
| 8 | Liberty Live Holdings Inc | COM SHS SER C | $335.1M | 3.6M | 5.9% | TRIM |
| 9 | Roblox Corp | CL A | $330.8M | 5.8M | 5.8% | TRIM |
| 10 | Kkr & Co Inc | COM | $303.4M | 3.3M | 5.3% | NEW |
| 11 | Mongodb Inc | CL A | $254.0M | 1.0M | 4.4% | TRIM |
| 12 | Simpson Mfg Inc | COM | $239.9M | 1.4M | 4.2% | TRIM |
| 13 | Spotify Technology S A | SHS | $173.8M | 358K | 3.0% | NEW |
| 14 | Liberty Live Holdings Inc | COM SER A | $162.9M | 1.8M | 2.9% | TRIM |
| 15 | Live Nation Entertainment In | COM | $95.3M | 625K | 1.7% | TRIM |
| 16 | Wix Com Ltd | SHS | $94.1M | 1.1M | 1.6% | NEW |
| 17 | Disney Walt Co | COM | $38.6M | 400K | 0.7% | TRIM |
| 18 | Cbre Group Inc | CL A | $31.8M | 235K | 0.6% | HOLD |
Q4 2025 · 16 positions · $7.03B · filed 2026-02-17
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | CRMSalesforce, Inc.★ | COM | $793.3M | 3.0M | 11.3% | ADD |
| 2 | AMZNAmazon.com, Inc.★ | COM | $783.5M | 3.4M | 11.2% | TRIM |
| 3 | Rocket Cos Inc | COM CL A | $762.4M | 39.4M | 10.9% | ADD |
| 4 | Blackrock Inc | COM | $743.9M | 695K | 10.6% | NEW |
| 5 | METAMeta Platforms, Inc.★ | CL A | $691.8M | 1.0M | 9.8% | ADD |
| 6 | VVisa Inc.★ | COM CL A | $602.6M | 1.7M | 8.6% | ADD |
| 7 | Mongodb Inc | CL A | $590.4M | 1.4M | 8.4% | TRIM |
| 8 | Roblox Corp | CL A | $484.2M | 6.0M | 6.9% | ADD |
| 9 | Disney Walt Co | COM | $350.2M | 3.1M | 5.0% | TRIM |
| 10 | Liberty Live Holdings Inc | COM SHS SER C | $299.7M | 3.6M | 4.3% | NEW |
| 11 | Toast Inc | CL A | $284.6M | 8.0M | 4.1% | ADD |
| 12 | Simpson Mfg Inc | COM | $237.7M | 1.5M | 3.4% | ADD |
| 13 | Liberty Live Holdings Inc | COM SER A | $146.6M | 1.8M | 2.1% | NEW |
| 14 | Live Nation Entertainment In | COM | $117.3M | 823K | 1.7% | ADD |
| 15 | Insight Enterprises Inc | COM | $99.1M | 1.2M | 1.4% | TRIM |
| 16 | Cbre Group Inc | CL A | $37.7M | 235K | 0.5% | HOLD |
Q3 2025 · 16 positions · $5.93B · filed 2025-11-14
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | AMZNAmazon.com, Inc.★ | COM | $768.6M | 3.5M | 13.0% | |
| 2 | CRMSalesforce, Inc.★ | COM | $686.9M | 2.9M | 11.6% | |
| 3 | Roblox Corp | CL A | $593.3M | 4.3M | 10.0% | |
| 4 | METAMeta Platforms, Inc.★ | CL A | $564.5M | 769K | 9.5% | |
| 5 | VVisa Inc.★ | COM CL A | $534.5M | 1.6M | 9.0% | |
| 6 | Disney Walt Co | COM | $502.9M | 4.4M | 8.5% | |
| 7 | Rocket Cos Inc | COM CL A | $492.2M | 25.4M | 8.3% | |
| 8 | Mongodb Inc | CL A | $367.2M | 2.1M | 6.2% | |
| 9 | Liberty Media Corp Del | COM LBTY LIV S C | $340.9M | 3.5M | 5.7% | |
| 10 | Insight Enterprises Inc | COM | $257.6M | 2.3M | 4.3% | |
| 11 | Simpson Mfg Inc | COM | $202.3M | 1.2M | 3.4% | |
| 12 | Mr Cooper Group Inc | COM | $190.7M | 905K | 3.2% | |
| 13 | Liberty Media Corp Del | COM LBTY LIV S A | $162.2M | 1.7M | 2.7% | |
| 14 | Toast Inc | CL A | $124.0M | 3.4M | 2.1% | |
| 15 | Live Nation Entertainment In | COM | $104.7M | 641K | 1.8% | |
| 16 | Cbre Group Inc | CL A | $37.0M | 235K | 0.6% |