Jeffrey Ubben et al
ValueAct Holdings, L.P.
Jeffrey Ubben et al (ValueAct Holdings, L.P.) discloses a $5.71B portfolio across 18 US-listed positions in the latest 13F filing (2026Q1, filed May 15, 2026). The largest holding is V at 12.3% of the book. The biggest move of the quarter: added 35% to the V share count (position now $700M). Latticework's clone backtest puts this 13F book at -1.8%/yr vs SPY over 12.0 years.
About Jeffrey Ubben et al
Jeffrey Ubben built ValueAct Capital into one of the more recognizable activist shops in the U.S. by taking concentrated stakes in a small number of companies and then working constructively with management rather than launching public campaigns — board seats over press releases. The fund's history includes notable positions in Microsoft (where a ValueAct board seat preceded Satya Nadella's strategic pivot) and Rolls-Royce. Ubben departed in 2020 to found Inclusive Capital Partners, an ESG-oriented vehicle, leaving Mason Morfit to run ValueAct. The current 13F reflects an 18-position book with modest concentration — top-5 at roughly 51%, anchored by Visa, Amazon, Salesforce, BlackRock, and Meta — which sits closer to a focused long-only fund than a classic activist block-builder. Readers should note that ValueAct's influence has historically come from privately negotiated arrangements that never appear in 13F filings; the public portfolio is a partial and lagging view of where the actual engagement thesis lives.
2026Q1 brief
ValueAct's $5.71B book leaned further into payments and commerce infrastructure this quarter, with V surging to a 12.3% top position after a 35% add and TOST jumping to 6.0% on a 61% build — together signaling conviction in durable fintech franchises with activist-friendly operational levers. Three new positions — KKR (5.3%), SPOT (3.0%), and WIX (1.6%) — suggest a pivot toward alternative asset managers and platform-model SaaS, consistent with ValueAct's preference for businesses undergoing structural reinvention. Meanwhile, the portfolio shed nearly all of DIS (–87% trim, now just 0.7%), halved RKT (–28%), and cut BLK by 21%, indicating reduced enthusiasm for financial incumbents facing distribution headwinds. The near-exit from DIS is notable given ValueAct's historically patient activist stance there. With KKR entering at over 5% on day one and private-credit tailwinds accelerating, watch whether ValueAct adds meaningfully to that position — or initiates engagement — in 2026Q2.
AI-generated. Not investment advice.
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Holdings (18) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | V | 12.3% | $700M | |||
| 2 | AMZN | 10.5% | $601M | |||
| 3 | CRM | 9.8% | $559M | |||
| 4 | BLK | 9.2% | $525M | |||
| 5 | META | 9.2% | $524M | |||
| 6 | RKT | 7.0% | $402M | |||
| 7 | TOST | 6.0% | $342M | |||
| 8 | LLYVK | 5.9% | $335M | |||
| 9 | RBLX | 5.8% | $331M | |||
| 10 | KKR | 5.3% | $303M | |||
| 11 | MDB | 4.4% | $254M | |||
| 12 | SSD | 4.2% | $240M | |||
| 13 | SPOT | 3.0% | $174M | |||
| 14 | LLYVA | 2.9% | $163M | |||
| 15 | LYV | 1.7% | $95M | |||
| 16 | WIX | 1.6% | $94M | |||
| 17 | DIS | 0.7% | $39M | |||
| 18 | CBRE | 0.6% | $32M |
- 1Vport12.3%val$700MVisa Inc-class A Sharesthis Q +35%·7q
- 2AMZNport10.5%val$601MAmazon.com Incthis Q hold·6q
- 3CRMport9.8%val$559MSalesforce Incthis Q hold·14q
- 4BLKport9.2%val$525MBlackrock Incthis Q -21%·2q
- 5METAport9.2%val$524MMeta Platforms Inc-class Athis Q hold·7q
- 6RKTport7.0%val$402MRocket Cos Inc-class Athis Q -28%·7q
- 7TOSTport6.0%val$342MToast Inc-class Athis Q +61%·6q
- port5.9%val$335MLiberty Live Holdings-cthis Q hold·2q
- 9RBLXport5.8%val$331MRoblox Corp -class Athis Q hold·11q
- 10KKRport5.3%val$303MKkr & CO Incthis Q New·26q
- 11MDBport4.4%val$254MMongodb Incthis Q -26%·4q
- 12SSDport4.2%val$240MSimpson Manufacturing CO Incthis Q hold·4q
- 13SPOTport3.0%val$174MSpotify Technology S Athis Q New·7q
- 14LLYVAport2.9%val$163MLiberty Live Holdings-athis Q hold·2q
- 15LYVport1.7%val$95MLive Nation Entertainment INthis Q -24%·7q
- 16WIXport1.6%val$94MWix Com Ltdthis Q New·—1q
- 17DISport0.7%val$39MWalt Disney Co/thethis Q -87%·10q
- 18CBREport0.6%val$32MCbre Group Inc - Athis Q hold·36q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| V | Visa Inc-class A Shares | ADD | 12.3% | +35% | $700M |
| RKT | Rocket Cos Inc-class A | TRIM | 7.0% | -28% | $402M |
| BLK | Blackrock Inc | TRIM | 9.2% | -21% | $525M |
| MDB | Mongodb Inc | TRIM | 4.4% | -26% | $254M |
| TOST | Toast Inc-class A | ADD | 6.0% | +61% | $342M |
| KKR | Kkr & CO Inc | NEW | 5.3% | +100% | $303M |
| DIS | Walt Disney Co/the | TRIM | 0.7% | -87% | $39M |
| SPOT | Spotify Technology S A | NEW | 3.0% | +100% | $174M |
| LYV | Live Nation Entertainment IN | TRIM | 1.7% | -24% | $95M |
| WIX | Wix Com Ltd | NEW | 1.6% | +100% | $94M |
| NSIT | Insight Enterprises Inc | EXIT | 1.4% | -100% | $0 |
- ADDV12.3%Visa Inc-class A SharesΔ +35%·$700M
- TRIMRKT7.0%Rocket Cos Inc-class AΔ -28%·$402M
- TRIMBLK9.2%Blackrock IncΔ -21%·$525M
- TRIMMDB4.4%Mongodb IncΔ -26%·$254M
- ADDTOST6.0%Toast Inc-class AΔ +61%·$342M
- NEWKKR5.3%Kkr & CO IncΔ +100%·$303M
- TRIMDIS0.7%Walt Disney Co/theΔ -87%·$39M
- NEWSPOT3.0%Spotify Technology S AΔ +100%·$174M
- TRIMLYV1.7%Live Nation Entertainment INΔ -24%·$95M
- NEWWIX1.6%Wix Com LtdΔ +100%·$94M
- EXITNSIT1.4%Insight Enterprises IncΔ -100%·$0
Frequently asked questions
- What stocks does Jeffrey Ubben et al own?
- As of 2026Q1, Jeffrey Ubben et al's 13F discloses 18 positions worth $5.71B. The top five holdings: V (12.3%), AMZN (10.5%), CRM (9.8%), BLK (9.2%), META (9.2%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Jeffrey Ubben et al buy this quarter?
- In 2026Q1, the filing shows 3 new positions and 2 additions to existing holdings. The largest positions touched by buying: V, TOST, KKR, SPOT, WIX.
- How big is Jeffrey Ubben et al's portfolio?
- $5.71B across 18 positions per the latest 13F (filed May 15, 2026). The top five holdings account for 51% of the disclosed book.
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Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001418814). Not investment advice.