Jeffrey Ubben - ValueAct Holdings 13F Activity & Position Changes (Q3 2017)

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, 2017. 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 2017, the filing reported:

New Buys - Baker Hughes Company

Increases - Armstrong World Industries Inc, KKR & Co. Inc., Trinity Industries, Inc.

Reductions - CBRE Group Inc, Microsoft Corporation, Willis Towers Watson

Complete Exits - NetScout Systems, 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 2017	AWI Armstrong World Industries Inc	Armstrong World Industries Inc	Buy	+2,612	+0.0%	$471.63K	9,202,612
Q3 2017	BKR Baker Hughes Company	Baker Hughes Company	Buy - Position Entry	+31,407,820	-	$1.15M	31,407,820
Q3 2017	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-5,500,000	-16.0%	$1.09M	28,878,480
Q3 2017	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+40,555,916	+811.1%	$926.15K	45,555,916
Q3 2017	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-6,999,325	-43.7%	$671.41K	9,013,474
Q3 2017	NTCT NetScout Systems, Inc.	NetScout Systems, Inc.	Sell - Position Exit	-1,750,943	-100.0%	$0.00	-
Q3 2017	TRN Trinity Industries, Inc.	Trinity Industries, Inc.	Buy	+1,672,510	+10.7%	$550.44K	17,255,115
Q3 2017	WTW Willis Towers Watson	Willis Towers Watson	Sell	-3,629,350	-54.9%	$459.61K	2,980,008