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

As of Mar 31, 2018, the ValueAct Holdings portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 2026. 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