Jeffrey Ubben - ValueAct Holdings 13F Activity & Position Changes (Q3 2014)

According to the SEC 13F filed on Aug 14, 2026, the ValueAct Holdings portfolio showed several notable changes in holdings as of quarter-end Sep 30, 2014. 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 Q3 2014, the filing reported:

New Buys - None reported

Increases - Armstrong World Industries Inc, Microsoft Corporation

Reductions - Adobe Inc., MSCI Inc.

Complete Exits - Expeditors International of Was, OPENLANE, Inc.

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
Q3 2014	ADBE Adobe Inc.	Adobe Inc.	Sell	-700,000	-2.9%	$1.65M	23,860,116
Q3 2014	AWI Armstrong World Industries Inc	Armstrong World Industries Inc	Buy	+6,500,000	+240.7%	$515.20K	9,200,000
Q3 2014	EXPD Expeditors International of Was	Expeditors International of Was	Sell - Position Exit	-905,364	-100.0%	$0.00	-
Q3 2014	KAR OPENLANE, Inc.	OPENLANE, Inc.	Sell - Position Exit	-803,628	-100.0%	$0.00	-
Q3 2014	MSCI MSCI Inc.	MSCI Inc.	Sell	-32,328	-0.3%	$437.71K	9,308,960
Q3 2014	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+827	+0.0%	$3.44M	74,237,469