Jeffrey Ubben - ValueAct Holdings Investment Strategy (Dec 31, 2025)


As of Dec 31, 2025, the ValueAct Holdings portfolio managed by Jeffrey Ubben demonstrates a sophisticated investment approach with 42 positions and an average holding period of 1158 quarters. The strategy focuses on Basic Materials, Communication Services, Consumer Cyclical, Energy, Financial Services, Healthcare, Real Estate, Technology, Utilities sectors with a typical position size of 10.8% of the portfolio.


The portfolio's risk management approach includes a maximum position size of 10.78% and sector diversification of 9%, exemplified by the case study of SALESFORCE INC (CRM). This strategic framework provides insights into Jeffrey Ubben's investment philosophy, risk management practices, and long-term value creation approach.

Investment Strategy Metrics

Key metrics revealing investment style, risk management, and performance characteristics

MetricValueCategoryDescription
Holding Period3.2 yearsStyleAverage duration positions are maintained
Position Count42StyleNumber of active positions in portfolio
Position Size10.8%RiskTypical allocation per position
Win Rate52.6%PerformancePercentage of profitable positions
Average Return1569.8%PerformanceMean return across positions
Sharpe Ratio0.14PerformanceReturn per unit of risk taken

Investment Case Study: SALESFORCE INC (CRM)

12/31/2022 - 3/25/2026

Performance Metrics

Total Return: 839.44%

Holding Period: 1180 days

Max Position Size: $1,006,368,844.00

Position Weight: 14.88%

Key Events

12/31/2022: ENTRY(560,221.00 shares) @ $132.59
3/31/2023: INCREASE(2,926,088.00 shares) @ $199.78
6/30/2024: INCREASE(428,000.00 shares) @ $257.10
12/31/2024: DECREASE(-1,015,800.00 shares) @ $334.33
12/31/2025: INCREASE(96,000.00 shares) @ $264.91

Investment Thesis

Entry Context: Initial position established based on fundamental analysis

Sector Conditions: Favorable market conditions in the sector

Risk Factors:
  • Market volatility
  • Sector-specific risks

Key Learnings

  • Position sizing is critical for portfolio management
  • Important to monitor sector exposure

Sector Allocations