ValueAct Holdings portfolio holdings — 2025Q4

Holdings

Sorted by value · 2025Q1

Sector14 positions

CRMSALESFORCE COM INC

Technology·Software - Application

16.98%

of portfolio

Number of shares

2,898,509 sh

Holdings current value

$777.84M

Avg closing price

$198.63

-8.3%

Last action

Added 3.4%

2025Q4

Current $182.14

DISDISNEY WALT CO

Communication Services·Entertainment

14.15%

of portfolio

Number of shares

6,566,031 sh

Holdings current value

$648.07M

Avg closing price

$93.63

+13.5%

Last action

Trimmed 16.7%

2025Q4

Current $106.29

NSITINSIGHT ENTERPRISES INC

Technology·Electronics & Computer Distribution

13.30%

of portfolio

Number of shares

4,061,739 sh

Holdings current value

$609.22M

Avg closing price

$92.25

-17.2%

Last action

Trimmed 20.6%

2025Q4

Current $76.43

METAMETA PLATFORMS INC

Communication Services·Internet Content & Information

12.77%

of portfolio

Number of shares

1,014,874 sh

Holdings current value

$584.93M

Avg closing price

$620.10

+11.0%

Last action

Added 38.0%

2025Q4

Current $688.55

RBLXROBLOX CORP

Communication Services·Electronic Gaming & Multimedia

11.15%

of portfolio

Number of shares

8,764,921 sh

Holdings current value

$510.91M

Avg closing price

$52.51

+14.9%

Last action

Added 23.9%

2025Q4

Current $60.34

VVISA INC

Financial Services·Credit Services

10.04%

of portfolio

Number of shares

1,312,950 sh

Holdings current value

$460.14M

Avg closing price

$333.22

-4.9%

Last action

Added 13.1%

2025Q4

Current $317.02

LLYVK*LIBERTY MEDIA CORP DELTRK

5.81%

of portfolio

Number of shares

3,903,888 sh

Holdings current value

$266.01M

Avg closing price

$62.76

Last action

Exited

2025Q4

Current —

EXPEEXPEDIA GROUP INC

Consumer Cyclical·Travel Services

4.10%

of portfolio

Number of shares

1,117,156 sh

Holdings current value

$187.79M

Avg closing price

$151.79

+75.1%

Last action

Exited

2025Q3

Current $265.84

LYVLIVE NATION ENTERTAINMENT IN

Communication Services·Entertainment

2.52%

of portfolio

Number of shares

885,266 sh

Holdings current value

$115.60M

Avg closing price

$117.48

+33.3%

Last action

Added 25.9%

2025Q4

Current $156.56

LLYVA*LIBERTY MEDIA CORP DELTRK

2.43%

of portfolio

Number of shares

1,658,648 sh

Holdings current value

$111.53M

Avg closing price

$61.08

Last action

Exited

2025Q4

Current —

AMZNAMAZON COM INC

Consumer Cyclical·Internet Retail

2.34%

of portfolio

Number of shares

563,100 sh

Holdings current value

$107.14M

Avg closing price

$219.19

+14.3%

Last action

Trimmed 15.9%

2025Q4

Current $250.56

TOSTTOAST INC

Technology·Software - Infrastructure

1.88%

of portfolio

Number of shares

2,597,200 sh

Holdings current value

$86.15M

Avg closing price

$33.28

-12.6%

Last action

Added

2025Q4

Current $29.08

RKTROCKET COS INC

Financial Services·Mortgage Finance

1.77%

of portfolio

Number of shares

6,728,509 sh

Holdings current value

$81.21M

Avg closing price

$16.86

-1.4%

Last action

Added

2025Q4

Current $16.63

NUNU HLDGS LTD

Financial Services·Banks - Regional

0.76%

of portfolio

Number of shares

3,416,200 sh

Holdings current value

$34.98M

Avg closing price

$10.24

+49.8%

Last action

Exited

2025Q2

Current $15.34

Portfolio heatmap

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

Sector exposure

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

Communication Services4 pos$1.86B44.2%
Technology3 pos$1.47B35.0%
Financial Services3 pos$576.3M13.7%
Consumer Cyclical2 pos$294.9M7.0%

(8.2% unclassified, excluded from %)

Holdings

Sorted by value · 2025Q1

Sector14 positions

CRMSALESFORCE COM INC

Technology·Software - Application

16.98%

of portfolio

Number of shares

2,898,509 sh

Holdings current value

$777.84M

Avg closing price

$198.63

-8.3%

Last action

Added 3.4%

2025Q4

Current $182.14

DISDISNEY WALT CO

Communication Services·Entertainment

14.15%

of portfolio

Number of shares

6,566,031 sh

Holdings current value

$648.07M

Avg closing price

$93.63

+13.5%

Last action

Trimmed 16.7%

2025Q4

Current $106.29

NSITINSIGHT ENTERPRISES INC

Technology·Electronics & Computer Distribution

13.30%

of portfolio

Number of shares

4,061,739 sh

Holdings current value

$609.22M

Avg closing price

$92.25

-17.2%

Last action

Trimmed 20.6%

2025Q4

Current $76.43

METAMETA PLATFORMS INC

Communication Services·Internet Content & Information

12.77%

of portfolio

Number of shares

1,014,874 sh

Holdings current value

$584.93M

Avg closing price

$620.10

+11.0%

Last action

Added 38.0%

2025Q4

Current $688.55

RBLXROBLOX CORP

Communication Services·Electronic Gaming & Multimedia

11.15%

of portfolio

Number of shares

8,764,921 sh

Holdings current value

$510.91M

Avg closing price

$52.51

+14.9%

Last action

Added 23.9%

2025Q4

Current $60.34

VVISA INC

Financial Services·Credit Services

10.04%

of portfolio

Number of shares

1,312,950 sh

Holdings current value

$460.14M

Avg closing price

$333.22

-4.9%

Last action

Added 13.1%

2025Q4

Current $317.02

LLYVK*LIBERTY MEDIA CORP DELTRK

5.81%

of portfolio

Number of shares

3,903,888 sh

Holdings current value

$266.01M

Avg closing price

$62.76

Last action

Exited

2025Q4

Current —

EXPEEXPEDIA GROUP INC

Consumer Cyclical·Travel Services

4.10%

of portfolio

Number of shares

1,117,156 sh

Holdings current value

$187.79M

Avg closing price

$151.79

+75.1%

Last action

Exited

2025Q3

Current $265.84

LYVLIVE NATION ENTERTAINMENT IN

Communication Services·Entertainment

2.52%

of portfolio

Number of shares

885,266 sh

Holdings current value

$115.60M

Avg closing price

$117.48

+33.3%

Last action

Added 25.9%

2025Q4

Current $156.56

LLYVA*LIBERTY MEDIA CORP DELTRK

2.43%

of portfolio

Number of shares

1,658,648 sh

Holdings current value

$111.53M

Avg closing price

$61.08

Last action

Exited

2025Q4

Current —

AMZNAMAZON COM INC

Consumer Cyclical·Internet Retail

2.34%

of portfolio

Number of shares

563,100 sh

Holdings current value

$107.14M

Avg closing price

$219.19

+14.3%

Last action

Trimmed 15.9%

2025Q4

Current $250.56

TOSTTOAST INC

Technology·Software - Infrastructure

1.88%

of portfolio

Number of shares

2,597,200 sh

Holdings current value

$86.15M

Avg closing price

$33.28

-12.6%

Last action

Added

2025Q4

Current $29.08

RKTROCKET COS INC

Financial Services·Mortgage Finance

1.77%

of portfolio

Number of shares

6,728,509 sh

Holdings current value

$81.21M

Avg closing price

$16.86

-1.4%

Last action

Added

2025Q4

Current $16.63

NUNU HLDGS LTD

Financial Services·Banks - Regional

0.76%

of portfolio

Number of shares

3,416,200 sh

Holdings current value

$34.98M

Avg closing price

$10.24

+49.8%

Last action

Exited

2025Q2

Current $15.34

Portfolio heatmap

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

Sector exposure

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

Communication Services4 pos$1.86B44.2%
Technology3 pos$1.47B35.0%
Financial Services3 pos$576.3M13.7%
Consumer Cyclical2 pos$294.9M7.0%

(8.2% unclassified, excluded from %)