Jeffrey Ubben

ValueAct Holdings, L.P. · Holdings as of Sep 30, 2025, filed by Nov 15, 2025 · US long stock positions only

Boardroom activist

Reported value

$6B

16 positions shown

Copycat since 2016

3.04x

11% per year

vs SPY

behind

SPY 3.57x same window

Top position

AMZN

13% of book

Copying these filings vs SPY

$1 at every deadline since 2016

Price returns, dividends excluded on both lines. A copycat of public filings traded at each deadline, not the fund's actual performance.

Mar 2026 Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Sep 2023 Jun 2023

The book

tile = share of the filed book · tap a tile for the ticker · Sep 2025

AMZN 13% CRM 12% RBLX 10% META 10% V 9% DIS 8% RKT 8% MDB 6%

unlisted 6%

NSIT 4% SSD 3%

unlisted 3%

TOST 2% LYV 2%

Symbol	Value	% of book	vs prior quarter
AMZN	$769M	13%	trimmed
CRM	$687M	12%	unchanged
RBLX	$593M	10%	trimmed
META	$564M	10%	added
V	$535M	9%	added
DIS	$503M	8%	trimmed
RKT	$492M	8%	added
MDB	$367M	6%	added
unlisted	$341M	6%	trimmed
NSIT	$258M	4%	trimmed
SSD	$202M	3%	trimmed
unlisted	$191M	3%	unchanged
unlisted	$162M	3%	trimmed
TOST	$124M	2%	new
LYV	$105M	2%	trimmed
CBRE	$37M	1%	trimmed

Positions built under SEC confidential treatment appear only after the SEC releases them. Cash, foreign listings and shorts never appear in these filings.