Jeffrey Ubben - ValueAct Holdings 13F Activity & Position Changes (Q1 2020)

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, 2020. 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 2020, the filing reported:

New Buys - A.O. Smith Corporation, BP p.l.c., Comcast Corporation

Increases - Darling Ingredients Inc., Hawaiian Electric Industries, I, Lindblad Expeditions Holdings I, LKQ Corporation, OUTFRONT Media Inc., and 2 more

Reductions - KKR & Co. Inc., Morgan Stanley, SLM Corporation, Strategic Education, Inc.

Complete Exits - Bread Financial Holdings, Inc., FedEx 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 2020	AOS A.O. Smith Corporation	A.O. Smith Corporation	Buy - Position Entry	+2,092,510	-	$79.12K	2,092,510
Q1 2020	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Sell - Position Exit	-330,000	-100.0%	$0.00	-
Q1 2020	BP BP p.l.c.	BP p.l.c.	Buy - Position Entry	+2,772,000	-	$67.61K	2,772,000
Q1 2020	CMCSA Comcast Corporation	Comcast Corporation	Buy - Position Entry	+328,000	-	$11.28K	328,000
Q1 2020	DAR Darling Ingredients Inc.	Darling Ingredients Inc.	Buy	+600,000	+29.4%	$50.61K	2,640,000
Q1 2020	FDX FedEx Corporation	FedEx Corporation	Sell - Position Exit	-590,000	-100.0%	$0.00	-
Q1 2020	HE Hawaiian Electric Industries, I	Hawaiian Electric Industries, I	Buy	+1,213,205	+59.7%	$139.77K	3,246,668
Q1 2020	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-784,200	-1.7%	$1.06M	45,000,000
Q1 2020	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Buy	+1,355,129	+38.0%	$20.53K	4,923,247
Q1 2020	LKQ LKQ Corporation	LKQ Corporation	Buy	+5,015,028	+30.3%	$441.94K	21,547,746
Q1 2020	MS Morgan Stanley	Morgan Stanley	Sell	-750,000	-5.0%	$484.50K	14,250,000
Q1 2020	OUT OUTFRONT Media Inc.	OUTFRONT Media Inc.	Buy	+3,054,800	+820.3%	$46.20K	3,427,200
Q1 2020	SLM SLM Corporation	SLM Corporation	Sell	-6,890,000	-17.6%	$232.20K	32,294,254
Q1 2020	STRA Strategic Education, Inc.	Strategic Education, Inc.	Sell	-23,265	-3.5%	$90.84K	650,000
Q1 2020	TRN Trinity Industries, Inc.	Trinity Industries, Inc.	Buy	+2,115,857	+8.5%	$433.98K	27,005,855
Q1 2020	VRRM Verra Mobility Corporation	Verra Mobility Corporation	Buy	+750,000	+14.5%	$42.16K	5,905,000