Jeffrey Ubben - ValueAct Holdings 13F Activity & Position Changes (Q3 2016)

As of Sep 30, 2016, 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 Q3 2016, the filing reported:

New Buys - None reported

Increases - Bread Financial Holdings, Inc., CBRE Group Inc, Morgan Stanley, Trinity Industries, Inc.

Reductions - Microsoft Corporation

Complete Exits - MSCI 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 2016	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Buy	+1,712,090	+52.1%	$1.07M	5,000,000
Q3 2016	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+1,684,260	+5.1%	$968.67K	34,620,054
Q3 2016	MS Morgan Stanley	Morgan Stanley	Buy	+3,900,000	+10.3%	$1.34M	41,900,000
Q3 2016	MSCI MSCI Inc.	MSCI Inc.	Sell - Position Exit	-1,300,900	-100.0%	$0.00	-
Q3 2016	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-18,000,000	-31.8%	$2.22M	38,624,678
Q3 2016	TRN Trinity Industries, Inc.	Trinity Industries, Inc.	Buy	+6,421,000	+107.0%	$300.34K	12,421,000