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.
History
Jeff Ubben and partners launch the firm around collaborative, board-level activism.
ValueAct takes a stake and a board seat at Microsoft during its leadership transition, a signature campaign.
Mason Morfit, long-time partner, becomes CEO and CIO as ValueAct keeps its concentrated, constructive approach.
2026 Q2 holdings
| # | 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 | MDBMongoDB, 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 2026 Q2 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 | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 |
|---|---|---|---|---|
| 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 |
| MDBMongodb Inc | $55.7M | $254.0M | $590.4M | $367.2M |