ValueAct Holdings 13F: Q2 2026 Portfolio — $5.63B Across 18 Positions

ValueAct Holdings · Mason Morfit · Q2 2026

ValueAct deepens a high-conviction mega-cap and adds selective upside bets while trimming riskier exposures

Reported value

$5.63B

Filed 2026-08-14

Positions

Quarter ended 2026-06-30

Top 10 weight

86.7%

New1Added7Trimmed6Exited1View the SEC filing

Form 13F reports long US-listed positions only, up to 45 days after quarter end. It excludes shorts, cash, and non-US holdings, so the live book can differ.

ValueAct Holdings reported a $5.63B US-listed portfolio in its Q2 2026 Form 13F, filed with the SEC on 2026-08-14 for the quarter ended 2026-06-30. The book holds 18 positions, led by Visa at 14.1% of reported value; the top three together account for 38%. Against the Q1 2026 filing, the manager opened 1 new positions, added to 7, trimmed 6, and exited 1.

Top 12 holdings

Portfolio allocation

VisaV14.1%
AmazonAMZN12.4%
Rocket CosRKT11.7%
BlackrockBLK9.9%
Meta PlatformsMETA9.2%
SalesforceCRM8.3%
ToastTOST7.0%
Kkr &KKR5.8%
Spotify Technology S ASPOT4.3%
Liberty Live HoldingsLLYVK4.1%
Other holdings13.3%

Share of reported 13F value

#	Holding	Action	Weight	Value	Shares vs prior quarter
1	VisaV	Unchanged	14.1%	$795M	0.0%
2	AmazonAMZN	Added	12.4%	$701M	+2.0%
3	Rocket CosRKT	Added	11.7%	$656M	+47.7%
4	BlackrockBLK	Added	9.9%	$559M	+6.5%
5	Meta PlatformsMETA	Unchanged	9.2%	$516M	0.0%
6	SalesforceCRM	Unchanged	8.3%	$469M	0.0%
7	ToastTOST	Added	7.0%	$393M	+9.6%
8	Kkr &KKR	Added	5.8%	$327M	+8.5%
9	Spotify Technology S ASPOT	Added	4.3%	$242M	+46.9%
10	Liberty Live HoldingsLLYVK	Trimmed	4.1%	$229M	-39.0%
11	Simpson MfgSSD	Trimmed	3.1%	$174M	-40.6%
12	RobloxRBLX	Trimmed	3.0%	$171M	-46.2%
	Other holdings		7.1%	$402M

Values and share counts as reported for 2026-06-30; weights are share of reported 13F value.

Actions compare share counts against the prior quarter's filing, so they do not move with price.

New positions and exits

New positions

Paypay$30.9M

Closed out

Disney Walt$38.6M

Read on the quarter

What the moves add up to

Q2 2026 activity reinforces a concentrated portfolio, with the top 10 holdings accounting for 86.7% of the total value. The structure is anchored by steady, large weights in Visa at 14.1% and Amazon at 12.44% (up via an add). Core tech/platform exposure also remained intact, with Meta Platforms at 9.15% and Salesforce at 8.33% both marked as holds.

The quarter also leaned into targeted adds rather than broad dilution. Weight gains were driven by Rocket Cos (11.65%, add), Blackrock (9.93%, add), and Toast (6.98%, add), alongside incremental exposure in Kkr & (5.8%, add). Smaller positions saw the sharpest share-count increases, including Spotify Technology S A at 4.29% with an add and a 46.9% change, while a new entry in Paypay (PAYP) at $30,878,284 introduced another position into the mix.

At the same time, the fund trimmed several mid-sized positions, reducing exposure to Liberty Live Holdings (trim), Simpson Mfg (trim), and Roblox (trim), and exited Disney Walt entirely. Overall, the actions add up to a balance of reinforcing conviction at the top of the book while cutting back from specific names.

Context

How to read this filing

A Form 13F is a quarterly snapshot institutional managers with over $100M in US-listed assets must file within 45 days of quarter end. It shows long equity positions only: no short book, no cash, no non-US listings, no timing inside the quarter. Treat it as a delayed map of where the manager's conviction sat on the reporting date — not a live portfolio, and not a buy list.

Positions may have changed since the reporting date. Weight changes also reflect price moves, not only buying or selling — the action tags on this page are derived from share counts, which do not move with price.