Jeffrey Ubben - ValueAct Holdings 13F Activity & Position Changes (Q2 2019)

According to the SEC 13F filed on Aug 14, 2026, the ValueAct Holdings portfolio showed several notable changes in holdings as of quarter-end Jun 30, 2019. 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 Q2 2019, the filing reported:

New Buys - Booking Holdings Inc. Common St, Edison International, Parsons Corporation, XPO, Inc.

Increases - The AES Corporation, CBRE Group Inc, Darling Ingredients Inc., Lindblad Expeditions Holdings I, Unifi, Inc. New

Reductions - Arcosa, Inc., Bread Financial Holdings, Inc., Bausch Health Companies Inc., Hawaiian Electric Industries, I, Strategic Education, Inc.

Complete Exits - Armstrong World Industries Inc, Pacific Gas & Electric Co.

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
Q2 2019	ACA Arcosa, Inc.	Arcosa, Inc.	Sell	-1,500,000	-26.1%	$159.59K	4,240,963
Q2 2019	AES The AES Corporation	The AES Corporation	Buy	+2,582,000	+165.0%	$69.50K	4,146,500
Q2 2019	AWI Armstrong World Industries Inc	Armstrong World Industries Inc	Sell - Position Exit	-63,910	-100.0%	$0.00	-
Q2 2019	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Sell	-1,500,000	-28.8%	$519.55K	3,707,646
Q2 2019	BHC Bausch Health Companies Inc.	Bausch Health Companies Inc.	Sell	-101,555	-0.6%	$452.24K	17,931,594
Q2 2019	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Buy - Position Entry	+35,000	-	$65.61K	35,000
Q2 2019	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+4,216	+0.0%	$678.47K	13,225,592
Q2 2019	DAR Darling Ingredients Inc.	Darling Ingredients Inc.	Buy	+585,000	+51.2%	$34.36K	1,727,528
Q2 2019	EIX Edison International	Edison International	Buy - Position Entry	+700,000	-	$47.19K	700,000
Q2 2019	HE Hawaiian Electric Industries, I	Hawaiian Electric Industries, I	Sell	-250,000	-17.5%	$51.20K	1,175,747
Q2 2019	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Buy	+121,467	+4.2%	$54.07K	3,012,298
Q2 2019	PCG Pacific Gas & Electric Co.	Pacific Gas & Electric Co.	Sell - Position Exit	-1,000,000	-100.0%	$0.00	-
Q2 2019	PSN Parsons Corporation	Parsons Corporation	Buy - Position Entry	+1,805,000	-	$66.53K	1,805,000
Q2 2019	STRA Strategic Education, Inc.	Strategic Education, Inc.	Sell	-202,476	-46.4%	$41.61K	233,765
Q2 2019	UFI Unifi, Inc. New	Unifi, Inc. New	Buy	+167,500	+14.8%	$23.59K	1,298,402
Q2 2019	XPO XPO, Inc.	XPO, Inc.	Buy - Position Entry	+1,000,000	-	$57.81K	1,000,000