13F filing recap · Q1 2011

What did ValueAct Capital buy in Q1 2011?

Reported stock-position changes between this filing and the previous one.

Stock value

$4.22B

Positions

Estimated turnover

39.1%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

New positions

MSIMotorola, Inc.$178.34Mreported value+3.99M shares CEPHCephalon Inc$145.68Mreported value+1.91M shares FLIRFlir Systems, Inc.$91.07Mreported value+2.63M shares ADBEAdobe Inc.$20.75Mreported value+625.9K shares

Increased positions

MCOMoody’s Corporation$280.60Mreported value+2.16M shares+35.4%

Reduced positions

VRXValeant Pharmaceuticals International, Inc.$975.95Mreported value-7.37M shares-27.3%SLESara Lee Corp$484.24Mreported value-7.51M shares-21.5%VRSNVeriSign Inc/ca$363.78Mreported value-1.19M shares-10.6%WTWWillis Towers Watson Plc$346.23Mreported value-78.5K shares