Jeffrey Ubben - ValueAct Holdings 13F Activity & Position Changes (Q1 2018)

According to the SEC 13F filed on Aug 14, 2026, the ValueAct Holdings portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2018. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q1 2018, the filing reported:

New Buys - SLM Corporation

Increases - Citigroup, Inc., KKR & Co. Inc., Trinity Industries, Inc.

Reductions - Armstrong World Industries Inc, CBRE Group Inc

Complete Exits - Microsoft Corporation

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2018	AWI Armstrong World Industries Inc	Armstrong World Industries Inc	Sell	-2,350,000	-25.5%	$385.80K	6,852,612
Q1 2018	C Citigroup, Inc.	Citigroup, Inc.	Buy	+15,100,000	+1372.7%	$1.09M	16,200,000
Q1 2018	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-5,000,000	-20.1%	$940.48K	19,916,923
Q1 2018	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+1,950,000	+4.1%	$1.01M	49,700,000
Q1 2018	MSFT Microsoft Corporation	Microsoft Corporation	Sell - Position Exit	-9,014,063	-100.0%	$0.00	-
Q1 2018	SLM SLM Corporation	SLM Corporation	Buy - Position Entry	+7,400,000	-	$82.95K	7,400,000
Q1 2018	TRN Trinity Industries, Inc.	Trinity Industries, Inc.	Buy	+2,800,539	+15.1%	$698.54K	21,407,891