13F filing recap · Q4 2025

What did ValueAct Capital buy in Q4 2025?

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

Stock value

$7.03B

Positions

Estimated turnover

51.7%

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.

Quarter in review

ValueAct Capital opened new positions in Blackrock, Liberty Live Holdings, and Liberty Live Holdings, while exiting Liberty Media Corporation, Liberty Media Corporation, and Mr Cooper Group. The firm substantially added to Rocket Companies, Meta Platforms, and Roblox, and dramatically increased its Toast stake. It trimmed Mongodb and Walt Disney moderately, and reduced Insight Enterprises substantially.

New positions

BLKBlackrock, Inc.$743.89Mreported value+695.0K shares LLYVKLiberty Live Holdings, Inc.$299.71Mreported value+3.60M shares LLYVALiberty Live Holdings, Inc.$146.64Mreported value+1.80M shares

Increased positions

CRMSalesforce, Inc.$793.28Mreported value+96.0K shares+3.3%RKTRocket Companies, Inc.$762.41Mreported value+13.99M shares+55.1%METAMeta Platforms, Inc.$691.76Mreported value+279.3K shares+36.3%VVisa Inc.$602.61Mreported value+152.4K shares

Reduced positions

AMZNAmazon.com Inc$783.47Mreported value-106.2K shares-3.0%MDBMongodb, Inc.$590.42Mreported value-711.4K shares-33.6%DISWalt Disney Co/$350.18Mreported value-1.31M shares-29.9%NSITInsight Enterprises, Inc.$99.12Mreported value-1.06M shares

Exited positions

LLYVKLiberty Media Corporation$340.94Mprior reported value-3.52M shares-100.0%COOPMr Cooper Group Inc$190.72Mprior reported value-904.8K shares-100.0%LLYVALiberty Media Corporation$162.15Mprior reported value-1.72M shares-100.0%