Jeffrey Ubben et al

ValueAct's $5.71B portfolio underwent meaningful reshaping in Q1 2026, with the firm adding three new positions while signaling conviction shifts in existing names. The standout moves: V was aggressively added (+34.8%), lifting it to the top spot at 12.3% of the portfolio (~$700M), while TOST was nearly doubled (+60.9%) to 6.0%—both reflecting ValueAct's activist-leaning preference for durable payment infrastructure plays. Simultaneously, the fund initiated KKR at 5.3% and SPOT at 3.0%, suggesting a thematic push into alternative asset management and subscription-model platform businesses. On the other side, DIS was nearly entirely liquidated (-87%), and RKT was trimmed by 28%, signaling fading patience with restructuring stories that haven't delivered. The exit of NSIT (a 1.4% position) further trims peripheral IT distribution exposure. With top-5 concentration at 50.9% across just 18 names, ValueAct remains highly focused. Watch whether KKR receives activist engagement disclosures or whether the TOST bet grows into a top-3 position next quarter.