Jeffrey Ubben - ValueAct Holdings 13F Activity & Position Changes (Q3 2018)

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, 2018. 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 2018, the filing reported:

New Buys - Bausch Health Companies Inc., Hawaiian Electric Industries, I, Strategic Education, Inc., DENTSPLY SIRONA Inc.

Increases - Citigroup, Inc., Morgan Stanley, SLM Corporation

Reductions - Armstrong World Industries Inc

Complete Exits - None reported

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 2018	AWI Armstrong World Industries Inc	Armstrong World Industries Inc	Sell	-1,627,702	-23.8%	$363.65K	5,224,910
Q3 2018	BHC Bausch Health Companies Inc.	Bausch Health Companies Inc.	Buy - Position Entry	+18,033,149	-	$462.91K	18,033,149
Q3 2018	C Citigroup, Inc.	Citigroup, Inc.	Buy	+1,050,000	+4.2%	$1.88M	26,225,500
Q3 2018	HE Hawaiian Electric Industries, I	Hawaiian Electric Industries, I	Buy - Position Entry	+1,197,261	-	$42.61K	1,197,261
Q3 2018	MS Morgan Stanley	Morgan Stanley	Buy	+2,100,850	+11.2%	$969.14K	20,810,470
Q3 2018	SLM SLM Corporation	SLM Corporation	Buy	+1,578,846	+4.2%	$436.90K	39,184,254
Q3 2018	STRA Strategic Education, Inc.	Strategic Education, Inc.	Buy - Position Entry	+242,141	-	$33.18K	242,141
Q3 2018	XRAY DENTSPLY SIRONA Inc.	DENTSPLY SIRONA Inc.	Buy - Position Entry	+2,200,000	-	$83.03K	2,200,000