Jeffrey Ubben - ValueAct Holdings Portfolio

Name: Investment Portfolio Data
License: https://creativecommons.org/licenses/by/4.0/

Period Date		Mar 31, 2025
Filing Date		May 15, 2025
Total Stocks		14
Portfolio Value		$4.58B

ValueAct Holdings Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q4 2018Dec 31, 2018	STRA Strategic Education, Inc.	Strategic Education, Inc.	Buy	+162,600+67.2%	$45.91K	404,741
Q4 2018Dec 31, 2018	AES The AES Corporation	The AES Corporation	Buy	+35,000+2.3%	$22.62K	1,564,500
Q4 2018Dec 31, 2018	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+4,453+0.0%	$797.65K	19,921,376
Q4 2018Dec 31, 2018	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Sell	-875,000-14.4%	$781.56K	5,207,646
Q4 2018Dec 31, 2018	XRAY DENTSPLY SIRONA Inc.	DENTSPLY SIRONA Inc.	Sell - Position Exit	-2,200,000-100.0%	$0.00	-
Q4 2018Dec 31, 2018	AWI Armstrong World Industries Inc	Armstrong World Industries Inc	Sell	-2,980,000-57.0%	$130.68K	2,244,910
Q3 2018Sep 30, 2018	BHC Bausch Health Companies Inc.	Bausch Health Companies Inc.	Buy - Position Entry	+18,033,149	$462.91K	18,033,149
Q3 2018Sep 30, 2018	XRAY DENTSPLY SIRONA Inc.	DENTSPLY SIRONA Inc.	Buy - Position Entry	+2,200,000	$83.03K	2,200,000
Q3 2018Sep 30, 2018	MS Morgan Stanley	Morgan Stanley	Buy	+2,100,850+11.2%	$969.14K	20,810,470
Q3 2018Sep 30, 2018	SLM SLM Corporation	SLM Corporation	Buy	+1,578,846+4.2%	$436.90K	39,184,254
Q3 2018Sep 30, 2018	HE Hawaiian Electric Industries, I	Hawaiian Electric Industries, I	Buy - Position Entry	+1,197,261	$42.61K	1,197,261
Q3 2018Sep 30, 2018	C Citigroup, Inc.	Citigroup, Inc.	Buy	+1,050,000+4.2%	$1.88M	26,225,500
Q3 2018Sep 30, 2018	STRA Strategic Education, Inc.	Strategic Education, Inc.	Buy - Position Entry	+242,141	$33.18K	242,141
Q3 2018Sep 30, 2018	AWI Armstrong World Industries Inc	Armstrong World Industries Inc	Sell	-1,627,702-23.8%	$363.65K	5,224,910
Q2 2018Jun 30, 2018	SLM SLM Corporation	SLM Corporation	Buy	+30,205,408+408.2%	$430.58K	37,605,408
Q2 2018Jun 30, 2018	C Citigroup, Inc.	Citigroup, Inc.	Buy	+8,975,500+55.4%	$1.68M	25,175,500
Q2 2018Jun 30, 2018	LIND Lindblad Expeditions Holdings I	Lindblad Expeditions Holdings I	Buy - Position Entry	+1,691,300	$22.41K	1,691,300
Q2 2018Jun 30, 2018	AES The AES Corporation	The AES Corporation	Buy - Position Entry	+1,529,500	$20.51K	1,529,500
Q2 2018Jun 30, 2018	UFI Unifi, Inc. New	Unifi, Inc. New	Buy - Position Entry	+925,000	$29.32K	925,000
Q2 2018Jun 30, 2018	MS Morgan Stanley	Morgan Stanley	Buy	+750,000+4.2%	$886.84K	18,709,620
Q2 2018Jun 30, 2018	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Buy	+205,246+3.5%	$1.42M	6,082,646
Q1 2018Mar 31, 2018	C Citigroup, Inc.	Citigroup, Inc.	Buy	+15,100,000+1372.7%	$1.09M	16,200,000
Q1 2018Mar 31, 2018	SLM SLM Corporation	SLM Corporation	Buy - Position Entry	+7,400,000	$82.95K	7,400,000
Q1 2018Mar 31, 2018	TRN Trinity Industries, Inc.	Trinity Industries, Inc.	Buy	+2,800,539+15.1%	$698.54K	21,407,891
Q1 2018Mar 31, 2018	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+1,950,000+4.1%	$1.01M	49,700,000
Q1 2018Mar 31, 2018	AWI Armstrong World Industries Inc	Armstrong World Industries Inc	Sell	-2,350,000-25.5%	$385.80K	6,852,612
Q1 2018Mar 31, 2018	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-5,000,000-20.1%	$940.48K	19,916,923
Q1 2018Mar 31, 2018	MSFT Microsoft Corporation	Microsoft Corporation	Sell - Position Exit	-9,014,063-100.0%	$0.00	-
Q4 2017Dec 31, 2017	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+2,194,084+4.8%	$1.01M	47,750,000
Q4 2017Dec 31, 2017	TRN Trinity Industries, Inc.	Trinity Industries, Inc.	Buy	+1,352,237+7.8%	$697.03K	18,607,352

Page 10 of 14 • 406 total trades

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