Jeffrey Ubben – ValueAct Holdings Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the ValueAct Holdings portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 2025. 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 Q2 2025, the filing reported:

New Buys – Redfin Corporation (RDFN), CCC Intelligent Solutions Holdi (CCCS), Simpson Manufacturing Company, (SSD), Mr. Cooper Group Inc. (COOP), MongoDB, Inc. (MDB), and 1 more

Increases – Rocket Companies, Inc. (RKT), Amazon.com, Inc. (AMZN), Liberty Media Corporation - Ser (LLYVA), Liberty Media Corporation - Ser (LLYVK)

Reductions – Visa Inc. (V), Meta Platforms, Inc. (META), Expedia Group, Inc. (EXPE), Insight Enterprises, Inc. (NSIT), Walt Disney Company (The) (DIS), and 1 more

Complete Exits – Toast, Inc. (TOST), Nu Holdings (G6683N103)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

ValueAct Holdings Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q3 2013Sep 30, 2013	ALSN Allison Transmission Holdings,	Allison Transmission Holdings,	Buy - Position Entry	+4,625,204	$115.86K	4,625,204
Q3 2013Sep 30, 2013	MSCI MSCI Inc.	MSCI Inc.	Buy	+1,193,395+19.2%	$297.68K	7,394,017
Q3 2013Sep 30, 2013	VLO Valero Energy Corporation	Valero Energy Corporation	Buy - Position Entry	+637,747	$21.78K	637,747
Q3 2013Sep 30, 2013	MOS Mosaic Company (The)	Mosaic Company (The)	Buy - Position Entry	+575,944	$24.78K	575,944
Q3 2013Sep 30, 2013	CF CF Industries Holdings, Inc.	CF Industries Holdings, Inc.	Buy	+412,200+41.2%	$297.73K	1,412,200
Q3 2013Sep 30, 2013	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+161,300+0.5%	$743.92K	32,162,764
Q2 2013Jun 30, 2013	MSFT Microsoft Corporation	Microsoft Corporation	Buy - Position Entry	+57,750,000	$1.99M	57,750,000
Q2 2013Jun 30, 2013	CBRE CBRE Group Inc	CBRE Group Inc	Buy - Position Entry	+32,001,464	$747.55K	32,001,464
Q2 2013Jun 30, 2013	ADBE Adobe Inc.	Adobe Inc.	Buy - Position Entry	+31,303,362	$1.43M	31,303,362
Q2 2013Jun 30, 2013	MSI Motorola Solutions, Inc.	Motorola Solutions, Inc.	Buy - Position Entry	+28,907,623	$1.67M	28,907,623
Q2 2013Jun 30, 2013	MSCI MSCI Inc.	MSCI Inc.	Buy - Position Entry	+6,200,622	$206.29K	6,200,622
Q2 2013Jun 30, 2013	CF CF Industries Holdings, Inc.	CF Industries Holdings, Inc.	Buy - Position Entry	+1,000,000	$171.50K	1,000,000
Q2 2013Jun 30, 2013	KAR OPENLANE, Inc.	OPENLANE, Inc.	Buy - Position Entry	+803,628	$18.37K	803,628

Page 15 of 15 • 433 total trades

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