Jeffrey Ubben - ValueAct Holdings 13F Activity & Position Changes (Q4 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 Dec 31, 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 Q4 2017, the filing reported:

New Buys - Citigroup, Inc.

Increases - KKR & Co. Inc., Morgan Stanley, Microsoft Corporation, Trinity Industries, Inc.

Reductions - CBRE Group Inc

Complete Exits - Baker Hughes Company, Willis Towers Watson

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 2017	BKR Baker Hughes Company	Baker Hughes Company	Sell - Position Exit	-31,407,820	-100.0%	$0.00	-
Q4 2017	C Citigroup, Inc.	Citigroup, Inc.	Buy - Position Entry	+1,100,000	-	$81.85K	1,100,000
Q4 2017	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-3,961,557	-13.7%	$1.08M	24,916,923
Q4 2017	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+2,194,084	+4.8%	$1.01M	47,750,000
Q4 2017	MS Morgan Stanley	Morgan Stanley	Buy	+75,000	+0.4%	$942.34K	17,959,620
Q4 2017	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+589	+0.0%	$771.06K	9,014,063
Q4 2017	TRN Trinity Industries, Inc.	Trinity Industries, Inc.	Buy	+1,352,237	+7.8%	$697.03K	18,607,352
Q4 2017	WTW Willis Towers Watson	Willis Towers Watson	Sell - Position Exit	-2,980,008	-100.0%	$0.00	-