Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供背景参考 · 非买入清单
ValueAct Capital
activist
C
Reliability improving可靠性走强
leaderboard rank榜单排名 #33
Book持仓规模
$5.7B
long US listed only仅美股多头
Positions持仓数
18
94% resolved已解析
Top-10 concentration前十集中度
84%
% of book占组合%
Turnover换手
LOW
18.9% per quarter每季
Median excess中位超额
-17%
buys vs SPY, since filing买入相对SPY，自申报起 · n 38
Hit rate胜率
26%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: Payments & Fintech — added V, TOST (+18.2pp of book this quarter)核心倾向：支付与金融科技 — 本季度加仓 V、TOST（占组合 +18.2pp）
Payments & Fintech支付与金融科技
+18.2pp
18.2% of book held占组合持有
· 2 names标的
· Financials
V
TOST
Financials (Equal-Weight)金融（等权）
+17.6pp
26.8% of book held占组合持有
· 3 names标的
· US Sectors (EW)
V
KKR
MusicMusic
+3.0pp
3.0% of book held占组合持有
· 1 names标的
· Digital Entertainment
SPOT
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新申报的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开申报日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 10 scored quarters已评分季度 · 10% positive为正 · recent-4 median近4季中位 -9% vs all-time对全期 -20%
Median excess by quarter各季度中位超额: ▂▁▂▅▄▄▅▆▆█ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-09-30 | 4 | -53% | 25% | +10% |
| 2023-12-31 | 4 | -67% | 25% | -13% |
| 2024-06-30 | 2 | -48% | 0% | +15% |
| 2024-09-30 | 5 | -13% | 20% | +14% |
| 2024-12-31 | 2 | -33% | 0% | +2% |
| 2025-03-31 | 2 | -26% | 0% | -1% |
| 2025-06-30 | 4 | -14% | 25% | -4% |
| 2025-09-30 | 4 | -11% | 0% | -2% |
| 2025-12-31 | 6 | -7% | 17% | -16% |
| 2026-03-31 | 4 | +9% | 100% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新申报；季度环比变化对上季Current weights当前权重 · 2026-03-31
Unclassified
36.7%
▲ +0.1pp
Financial
26.8%
▲ +7.6pp
Communication Services
11.5%
▼ -5.0pp
Consumer Cyclical
10.5%
▼ -0.6pp
Technology
9.8%
▼ -1.5pp
Industrials
4.2%
▼ -0.6pp
Real Estate
0.6%
▲ +0.0pp
Theme categories主题类别
AI & Technology 29.5%
Financials 18.2%
Crypto & Digital Assets 9.2%
US Sectors (EW) 6.5%
Software 4.5%
Consumer Cyclical 1.7%
Rotating into (QoQ)轮入（环比）
Financial +7.6pp
Real Estate +0.0pp
Rotating out of (QoQ)轮出（环比）
Communication Services -5.0pp
Technology -1.5pp
Consumer Cyclical -0.6pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-03-31 | Unclassified 37% · Financial 27% · Communication Services 12% |
| 2025-12-31 | Unclassified 37% · Financial 19% · Communication Services 16% |
| 2025-09-30 | Unclassified 38% · Communication Services 20% · Consumer Cyclical 13% |
| 2025-06-30 | Unclassified 28% · Communication Services 22% · Consumer Cyclical 16% |
| 2025-03-31 | Communication Services 29% · Unclassified 24% · Technology 17% |
| 2024-12-31 | Unclassified 27% · Communication Services 23% · Technology 22% |
| 2024-09-30 | Technology 27% · Communication Services 24% · Industrials 22% |
| 2024-06-30 | Technology 28% · Industrials 23% · Communication Services 19% |
| 2024-03-31 | Technology 23% · Unclassified 21% · Industrials 18% |
| 2023-12-31 | Industrials 19% · Technology 18% · Unclassified 17% |
| 2023-09-30 | Unclassified 36% · Technology 16% · Financial 16% |
| 2023-06-30 | Unclassified 41% · Financial 18% · Real Estate 12% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至申报日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。17 positions shown项持仓 · resolved已解析 17/18 (94%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自申报 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | V |
Visa Inc | 12.3% | $700M | add | +35% | 1q | 75 · HIGH | Financial | Payments & Fintech, Financials (Equal-Weight) | +11% |
| 2 |  AMZN |
Amazon Com Inc | 10.5% | $601M | trim | -15% | — | 68 · MODERATE | Consumer Cyclical | Magnificent Seven, Consumer Discretionary (Equal-Weight) | -7% |
| 3 |  CRM |
Salesforce Inc | 9.8% | $559M | hold | +0% | — | 66 · MODERATE | Technology | AI Software & Platforms, Non-AI Software, AI Agents & Applications | -2% |
| 4 |  BLK |
Blackrock Inc | 9.2% | $525M | trim | -21% | — | 64 · MODERATE | Financial | Crypto & Digital Rails, Financials (Equal-Weight) | -1% |
| 5 |  META |
Meta Platforms Inc | 9.2% | $524M | trim | -13% | — | 62 · MODERATE | Communication Services | Magnificent Seven, AI Software & Platforms, Communication Services (Equal-Weight) | +7% |
| 6 |  RKT |
Rocket Cos Inc | 7.0% | $402M | trim | -28% | — | 60 · MODERATE | — | — | — |
| 7 | TOST |
Toast Inc | 6.0% | $342M | add | +61% | 3q | 73 · HIGH | — | Payments & Fintech | +30% |
| 8 |  LLYVK |
Liberty Live Holdings Inc | 5.9% | $335M | hold | -1% | — | 56 · MODERATE | — | — | — |
| 9 |  RBLX |
Roblox Corp | 5.8% | $331M | hold | -2% | — | 54 · MODERATE | — | Gaming, Applications, Gaming | +24% |
| 10 | KKR |
Kkr & Co Inc | 5.3% | $303M | new | — | 1q | 56 · MODERATE | Financial | Financials (Equal-Weight) | +2% |
| 11 |  MDB |
Mongodb Inc | 4.5% | $254M | trim | -26% | — | 24 · LOW | — | Non-AI Software | +4% |
| 12 |  SSD |
Simpson Mfg Inc | 4.2% | $240M | hold | -5% | — | 22 · LOW | Industrials | — | +4% |
| 13 | SPOT |
Spotify Technology S A | 3.0% | $174M | new | — | 1q | 35 · LOW | — | Music | +7% |
| 14 |  LLYVA |
Liberty Live Holdings Inc | 2.9% | $163M | hold | -1% | — | 18 · LOW | — | — | — |
| 15 |  LYV |
Live Nation Entertainment In | 1.7% | $95M | trim | -24% | — | 16 · LOW | Communication Services | Travel & Experiences, Communication Services (Equal-Weight) | +4% |
| 16 |  DIS |
Disney Walt Co | 0.7% | $39M | trim | -87% | — | 14 · LOW | Communication Services | Communication Services (Equal-Weight) | -4% |
| 17 |  CBRE |
Cbre Group Inc | 0.6% | $32M | hold | +0% | — | 12 · LOW | Real Estate | Real Estate (Equal-Weight) | +7% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本申报周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (4)
| V add |
12.3% | +11% |
| TOST add |
6.0% | +30% |
| KKR new |
5.3% | +2% |
| SPOT new |
3.0% | +7% |
Rotated out of轮出 (8)
| AMZN trim |
-15% | -7% |
| BLK trim |
-21% | -1% |
| META trim |
-13% | +7% |
| RKT trim |
-28% | — |
| MDB trim |
-26% | +4% |
| LYV trim |
-24% | +4% |
| DIS trim |
-87% | -4% |
 NSIT exit |
-100% | +27% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以申报日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, long-only US listed ≥$100M. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量申报日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。