Jeffrey Ubben - ValueAct Holdings 13F Activity & Position Changes (Q4 2019)

As of Dec 31, 2019, the ValueAct Holdings portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 2026. 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 2019, the filing reported:

New Buys - FedEx Corporation, OUTFRONT Media Inc., Verra Mobility Corporation

Increases - Hawaiian Electric Industries, I, Lindblad Expeditions Holdings I, LKQ Corporation, Strategic Education, Inc., Trinity Industries, Inc.

Reductions - Bread Financial Holdings, Inc., Citigroup, Inc., Darling Ingredients Inc., KKR & Co. Inc., Morgan Stanley

Complete Exits - Arcosa, Inc., Pacific Gas & Electric Co., Parsons Corporation

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 2019	ACA Arcosa, Inc.	Arcosa, Inc.	Sell - Position Exit	-1,577,265	-100.0%	$0.00	-
Q4 2019	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Sell	-3,377,646	-91.1%	$37.03K	330,000
Q4 2019	C Citigroup, Inc.	Citigroup, Inc.	Sell	-1,000,000	-3.6%	$2.16M	27,025,500
Q4 2019	DAR Darling Ingredients Inc.	Darling Ingredients Inc.	Sell	-200,000	-8.9%	$57.28K	2,040,000
Q4 2019	FDX FedEx Corporation	FedEx Corporation	Buy - Position Entry	+590,000	-	$89.21K	590,000
Q4 2019	HE Hawaiian Electric Industries, I	Hawaiian Electric Industries, I	Buy	+412,716	+25.5%	$95.29K	2,033,463
Q4 2019	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-2,315,800	-4.8%	$1.34M	45,784,200
Q4 2019	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Buy	+707,930	+24.8%	$58.34K	3,568,118
Q4 2019	LKQ LKQ Corporation	LKQ Corporation	Buy	+500,000	+3.1%	$590.22K	16,532,718
Q4 2019	MS Morgan Stanley	Morgan Stanley	Sell	-7,250,000	-32.6%	$766.80K	15,000,000
Q4 2019	OUT OUTFRONT Media Inc.	OUTFRONT Media Inc.	Buy - Position Entry	+372,400	-	$9.99K	372,400
Q4 2019	PCG Pacific Gas & Electric Co.	Pacific Gas & Electric Co.	Sell - Position Exit	-1,444,800	-100.0%	$0.00	-
Q4 2019	PSN Parsons Corporation	Parsons Corporation	Sell - Position Exit	-298,000	-100.0%	$0.00	-
Q4 2019	STRA Strategic Education, Inc.	Strategic Education, Inc.	Buy	+172,500	+34.4%	$106.98K	673,265
Q4 2019	TRN Trinity Industries, Inc.	Trinity Industries, Inc.	Buy	+2,328,300	+10.3%	$551.31K	24,889,998
Q4 2019	VRRM Verra Mobility Corporation	Verra Mobility Corporation	Buy - Position Entry	+5,155,000	-	$72.12K	5,155,000