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

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, 2016. 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