Jeffrey Ubben - ValueAct Holdings 13F Activity & Position Changes (Q4 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 Dec 31, 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 Q4 2016, the filing reported:

New Buys - NetScout Systems, Inc.

Increases - Bread Financial Holdings, Inc., CBRE Group Inc, Microsoft Corporation, Trinity Industries, Inc.

Reductions - Allison Transmission Holdings, , Morgan Stanley

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
Q4 2016	ALSN Allison Transmission Holdings,	Allison Transmission Holdings,	Sell	-8,600,000	-45.0%	$354.59K	10,525,204
Q4 2016	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Buy	+246,500	+4.9%	$1.20M	5,246,500
Q4 2016	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+7,253,196	+21.0%	$1.32M	41,873,250
Q4 2016	MS Morgan Stanley	Morgan Stanley	Sell	-14,999,000	-35.8%	$1.14M	26,901,000
Q4 2016	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+1,819	+0.0%	$2.40M	38,626,497
Q4 2016	NTCT NetScout Systems, Inc.	NetScout Systems, Inc.	Buy - Position Entry	+1,645,000	-	$51.82K	1,645,000
Q4 2016	TRN Trinity Industries, Inc.	Trinity Industries, Inc.	Buy	+3,161,605	+25.5%	$432.57K	15,582,605