{"slug":"valueact","name":"ValueAct Capital","style":"activist","grade":"C","book":[{"ticker":"V","issuer":"VISA INC","shares":2316250.0,"value_usd":700063400.0,"pct_book":12.26,"position_rank":1,"tilt_pp":6.47,"action":"add","shares_change_pct":34.8,"add_streak_q":1,"persistence":"persisted","sector":"Financial","themes":[{"key":"payments_fintech","name":"Payments & Fintech","name_zh":"\u652f\u4ed8\u4e0e\u91d1\u878d\u79d1\u6280"},{"key":"us_sector_financials","name":"Financials (Equal-Weight)","name_zh":"\u91d1\u878d\uff08\u7b49\u6743\uff09"}],"since_excess":0.1053,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":75.0,"tier":"high","components":{"pct_book":{"value":1.0,"points":35.0},"rank_top10":{"value":1,"points":15.0},"tilt":{"value":6.47,"points":10.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"AMZN","issuer":"AMAZON COM INC","shares":2884600.0,"value_usd":600775642.0,"pct_book":10.52,"position_rank":2,"tilt_pp":4.731,"action":"trim","shares_change_pct":-15.0,"add_streak_q":0,"persistence":"persisted","sector":"Consumer Cyclical","themes":[{"key":"mag7","name":"Magnificent Seven","name_zh":"\u4e03\u5de8\u5934"},{"key":"us_sector_discretionary","name":"Consumer Discretionary (Equal-Weight)","name_zh":"\u975e\u5fc5\u9700\u6d88\u8d39\uff08\u7b49\u6743\uff09"}],"since_excess":-0.0696,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":67.9,"tier":"moderate","components":{"pct_book":{"value":0.941,"points":32.94},"rank_top10":{"value":2,"points":15.0},"tilt":{"value":4.731,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CRM","issuer":"SALESFORCE INC","shares":2994509.0,"value_usd":558984995.0,"pct_book":9.79,"position_rank":3,"tilt_pp":4.0,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Technology","themes":[{"key":"ai_software","name":"AI Software & Platforms","name_zh":"AI \u8f6f\u4ef6\u4e0e\u5e73\u53f0"},{"key":"non_ai_software","name":"Non-AI Software","name_zh":"\u975eAI\u8f6f\u4ef6"},{"key":"ai_agents","name":"AI Agents & Applications","name_zh":"AI \u667a\u80fd\u4f53\u4e0e\u5e94\u7528"}],"since_excess":-0.0178,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":65.9,"tier":"moderate","components":{"pct_book":{"value":0.882,"points":30.88},"rank_top10":{"value":3,"points":15.0},"tilt":{"value":4.0,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"BLK","issuer":"BLACKROCK INC","shares":546100.0,"value_usd":525189831.0,"pct_book":9.19,"position_rank":4,"tilt_pp":3.408,"action":"trim","shares_change_pct":-21.4,"add_streak_q":0,"persistence":"persisted","sector":"Financial","themes":[{"key":"crypto_rails","name":"Crypto & Digital Rails","name_zh":"\u52a0\u5bc6\u4e0e\u6570\u5b57\u8f68\u9053"},{"key":"us_sector_financials","name":"Financials (Equal-Weight)","name_zh":"\u91d1\u878d\uff08\u7b49\u6743\uff09"}],"since_excess":-0.0052,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":63.8,"tier":"moderate","components":{"pct_book":{"value":0.824,"points":28.82},"rank_top10":{"value":4,"points":15.0},"tilt":{"value":3.408,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"META","issuer":"META PLATFORMS INC","shares":915674.0,"value_usd":523884566.0,"pct_book":9.17,"position_rank":5,"tilt_pp":3.385,"action":"trim","shares_change_pct":-12.6,"add_streak_q":0,"persistence":"persisted","sector":"Communication Services","themes":[{"key":"mag7","name":"Magnificent Seven","name_zh":"\u4e03\u5de8\u5934"},{"key":"ai_software","name":"AI Software & Platforms","name_zh":"AI \u8f6f\u4ef6\u4e0e\u5e73\u53f0"},{"key":"us_sector_comm","name":"Communication Services (Equal-Weight)","name_zh":"\u901a\u4fe1\u670d\u52a1\uff08\u7b49\u6743\uff09"}],"since_excess":0.0673,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":61.8,"tier":"moderate","components":{"pct_book":{"value":0.765,"points":26.76},"rank_top10":{"value":5,"points":15.0},"tilt":{"value":3.385,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"RKT","issuer":"ROCKET COS INC","shares":28214724.0,"value_usd":402059817.0,"pct_book":7.04,"position_rank":6,"tilt_pp":1.253,"action":"trim","shares_change_pct":-28.4,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":59.7,"tier":"moderate","components":{"pct_book":{"value":0.706,"points":24.71},"rank_top10":{"value":6,"points":15.0},"tilt":{"value":1.253,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"TOST","issuer":"TOAST INC","shares":12895438.0,"value_usd":341858061.0,"pct_book":5.98,"position_rank":7,"tilt_pp":0.199,"action":"add","shares_change_pct":60.9,"add_streak_q":3,"persistence":"persisted","sector":null,"themes":[{"key":"payments_fintech","name":"Payments & Fintech","name_zh":"\u652f\u4ed8\u4e0e\u91d1\u878d\u79d1\u6280"}],"since_excess":0.3002,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":72.6,"tier":"high","components":{"pct_book":{"value":0.647,"points":22.65},"rank_top10":{"value":7,"points":15.0},"tilt":{"value":0.199,"points":10.0},"add_streak":{"value":3,"points":15.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"LLYVK","issuer":"LIBERTY LIVE HOLDINGS INC","shares":3561208.0,"value_usd":335145285.0,"pct_book":5.87,"position_rank":8,"tilt_pp":0.081,"action":"hold","shares_change_pct":-1.2,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":55.6,"tier":"moderate","components":{"pct_book":{"value":0.588,"points":20.59},"rank_top10":{"value":8,"points":15.0},"tilt":{"value":0.081,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"RBLX","issuer":"ROBLOX CORP","shares":5848621.0,"value_usd":330798004.0,"pct_book":5.79,"position_rank":9,"tilt_pp":0.005,"action":"hold","shares_change_pct":-2.1,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[{"key":"fv:softwaregaming","name":"Gaming","name_zh":"Gaming"},{"key":"fv:varealityapplications","name":"Applications","name_zh":"Applications"},{"key":"fv:socialgaming","name":"Gaming","name_zh":"Gaming"}],"since_excess":0.2448,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":53.5,"tier":"moderate","components":{"pct_book":{"value":0.529,"points":18.53},"rank_top10":{"value":9,"points":15.0},"tilt":{"value":0.005,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"KKR","issuer":"KKR & CO INC","shares":3279700.0,"value_usd":303372250.0,"pct_book":5.31,"position_rank":10,"tilt_pp":-0.475,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":"Financial","themes":[{"key":"us_sector_financials","name":"Financials (Equal-Weight)","name_zh":"\u91d1\u878d\uff08\u7b49\u6743\uff09"}],"since_excess":0.0199,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":56.5,"tier":"moderate","components":{"pct_book":{"value":0.471,"points":16.47},"rank_top10":{"value":10,"points":15.0},"tilt":{"value":-0.475,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":true,"points":10.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"MDB","issuer":"MONGODB INC","shares":1037800.0,"value_usd":254022306.0,"pct_book":4.45,"position_rank":11,"tilt_pp":-1.339,"action":"trim","shares_change_pct":-26.2,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[{"key":"non_ai_software","name":"Non-AI Software","name_zh":"\u975eAI\u8f6f\u4ef6"}],"since_excess":0.037,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":24.4,"tier":"low","components":{"pct_book":{"value":0.412,"points":14.41},"rank_top10":{"value":11,"points":0.0},"tilt":{"value":-1.339,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"SSD","issuer":"SIMPSON MFG INC","shares":1398042.0,"value_usd":239931968.0,"pct_book":4.2,"position_rank":12,"tilt_pp":-1.585,"action":"hold","shares_change_pct":-5.0,"add_streak_q":0,"persistence":"persisted","sector":"Industrials","themes":[],"since_excess":0.0404,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":22.4,"tier":"low","components":{"pct_book":{"value":0.353,"points":12.35},"rank_top10":{"value":12,"points":0.0},"tilt":{"value":-1.585,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"SPOT","issuer":"SPOTIFY TECHNOLOGY S A","shares":358500.0,"value_usd":173840235.0,"pct_book":3.04,"position_rank":13,"tilt_pp":-2.742,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[{"key":"fv:entertainmentmusic","name":"Music","name_zh":"Music"}],"since_excess":0.074,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":35.3,"tier":"low","components":{"pct_book":{"value":0.294,"points":10.29},"rank_top10":{"value":13,"points":0.0},"tilt":{"value":-2.742,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":true,"points":10.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"LLYVA","issuer":"LIBERTY LIVE HOLDINGS INC","shares":1777075.0,"value_usd":162851153.0,"pct_book":2.85,"position_rank":14,"tilt_pp":-2.935,"action":"hold","shares_change_pct":-1.2,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":18.2,"tier":"low","components":{"pct_book":{"value":0.235,"points":8.24},"rank_top10":{"value":14,"points":0.0},"tilt":{"value":-2.935,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"LYV","issuer":"LIVE NATION ENTERTAINMENT IN","shares":624666.0,"value_usd":95267812.0,"pct_book":1.67,"position_rank":15,"tilt_pp":-4.118,"action":"trim","shares_change_pct":-24.1,"add_streak_q":0,"persistence":"persisted","sector":"Communication Services","themes":[{"key":"travel","name":"Travel & Experiences","name_zh":"\u65c5\u884c\u4e0e\u4f53\u9a8c"},{"key":"us_sector_comm","name":"Communication Services (Equal-Weight)","name_zh":"\u901a\u4fe1\u670d\u52a1\uff08\u7b49\u6743\uff09"}],"since_excess":0.0355,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":16.2,"tier":"low","components":{"pct_book":{"value":0.176,"points":6.18},"rank_top10":{"value":15,"points":0.0},"tilt":{"value":-4.118,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"DIS","issuer":"DISNEY WALT CO","shares":400231.0,"value_usd":38574264.0,"pct_book":0.68,"position_rank":16,"tilt_pp":-5.11,"action":"trim","shares_change_pct":-87.0,"add_streak_q":0,"persistence":"persisted","sector":"Communication Services","themes":[{"key":"us_sector_comm","name":"Communication Services (Equal-Weight)","name_zh":"\u901a\u4fe1\u670d\u52a1\uff08\u7b49\u6743\uff09"}],"since_excess":-0.0375,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":14.1,"tier":"low","components":{"pct_book":{"value":0.118,"points":4.12},"rank_top10":{"value":16,"points":0.0},"tilt":{"value":-5.11,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CBRE","issuer":"CBRE GROUP INC","shares":234591.0,"value_usd":31777697.0,"pct_book":0.56,"position_rank":17,"tilt_pp":-5.229,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Real Estate","themes":[{"key":"us_sector_realestate","name":"Real Estate (Equal-Weight)","name_zh":"\u623f\u5730\u4ea7\uff08\u7b49\u6743\uff09"}],"since_excess":0.067,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":12.1,"tier":"low","components":{"pct_book":{"value":0.059,"points":2.06},"rank_top10":{"value":17,"points":0.0},"tilt":{"value":-5.229,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}}],"book_meta":{"n_positions":18,"n_resolved":17,"resolution_pct":94.4,"book_value_usd":5712466529.0,"filing_date":"2026-05-15","period_end":"2026-03-31"},"sector_series":[{"period_end":"2023-03-31","filing_date":"2023-05-15","weights":{"Unclassified":41.16,"Financial":17.56,"Technology":11.34,"Real Estate":10.95,"Industrials":10.5,"Communication Services":8.49},"top_theme_weights":{"US Sectors (EW)":28.51,"AI & Technology":11.34}},{"period_end":"2023-06-30","filing_date":"2023-08-14","weights":{"Unclassified":40.6,"Financial":17.88,"Real Estate":11.59,"Technology":11.45,"Industrials":10.27,"Communication Services":8.21},"top_theme_weights":{"US Sectors (EW)":29.47,"AI & Technology":11.45}},{"period_end":"2023-09-30","filing_date":"2023-11-14","weights":{"Unclassified":36.07,"Technology":15.88,"Financial":15.8,"Industrials":14.75,"Real Estate":7.69,"Communication Services":6.74,"Health Care":1.6,"Financials":0.8,"Healthcare":0.66},"top_theme_weights":{"US Sectors (EW)":24.16,"AI & Technology":15.88}},{"period_end":"2023-12-31","filing_date":"2024-02-14","weights":{"Industrials":18.52,"Technology":18.36,"Unclassified":17.1,"Consumer Cyclical":12.92,"Communication Services":12.75,"Financial":9.87,"Real Estate":8.64,"Healthcare":0.93,"Health Care":0.91},"top_theme_weights":{"US Sectors (EW)":28.63,"AI & Technology":18.36,"Consumer Cyclical":12.92}},{"period_end":"2024-03-31","filing_date":"2024-05-15","weights":{"Technology":23.11,"Unclassified":21.28,"Industrials":18.42,"Communication Services":16.59,"Consumer Cyclical":10.35,"Real Estate":5.29,"Financial":4.22,"Health Care":0.74},"top_theme_weights":{"US Sectors (EW)":24.1,"AI & Technology":23.11,"Consumer Cyclical":10.35}},{"period_end":"2024-06-30","filing_date":"2024-08-14","weights":{"Technology":28.3,"Industrials":22.66,"Communication Services":19.06,"Unclassified":14.32,"Consumer Cyclical":12.1,"Financial":3.57},"top_theme_weights":{"AI & Technology":28.3,"US Sectors (EW)":20.7,"Consumer Cyclical":12.1}},{"period_end":"2024-09-30","filing_date":"2024-11-14","weights":{"Technology":27.22,"Communication Services":24.14,"Industrials":22.23,"Unclassified":13.99,"Consumer Cyclical":9.81,"Financial":2.61},"top_theme_weights":{"AI & Technology":30.3,"US Sectors (EW)":18.24,"Consumer Cyclical":12.63,"Financials":2.61}},{"period_end":"2024-12-31","filing_date":"2025-02-14","weights":{"Unclassified":27.3,"Communication Services":22.61,"Technology":22.08,"Industrials":14.08,"Consumer Cyclical":11.25,"Financial":2.69},"top_theme_weights":{"AI & Technology":27.58,"US Sectors (EW)":16.66,"Consumer Cyclical":11.7,"Financials":9.79}},{"period_end":"2025-03-31","filing_date":"2025-05-15","weights":{"Communication Services":29.44,"Unclassified":23.81,"Technology":16.98,"Industrials":13.3,"Financial":10.04,"Consumer Cyclical":6.44},"top_theme_weights":{"AI & Technology":32.08,"US Sectors (EW)":14.15,"Financials":11.92,"Consumer Cyclical":6.62}},{"period_end":"2025-06-30","filing_date":"2025-08-14","weights":{"Unclassified":27.67,"Communication Services":21.88,"Consumer Cyclical":16.01,"Technology":14.12,"Industrials":10.96,"Financial":7.89,"Real Estate":1.47},"top_theme_weights":{"AI & Technology":37.51,"US Sectors (EW)":12.74,"Financials":7.89,"Consumer Cyclical":3.23,"Software":2.59}},{"period_end":"2025-09-30","filing_date":"2025-11-14","weights":{"Unclassified":38.29,"Communication Services":19.77,"Consumer Cyclical":12.96,"Technology":11.59,"Financial":9.01,"Industrials":7.76,"Real Estate":0.62},"top_theme_weights":{"AI & Technology":34.07,"Financials":11.11,"US Sectors (EW)":9.1,"Software":6.19,"Consumer Cyclical":1.77}},{"period_end":"2025-12-31","filing_date":"2026-02-17","weights":{"Unclassified":36.56,"Financial":19.17,"Communication Services":16.5,"Technology":11.29,"Consumer Cyclical":11.15,"Industrials":4.79,"Real Estate":0.54},"top_theme_weights":{"AI & Technology":32.29,"Financials":12.63,"Crypto & Digital Assets":10.59,"Software":8.4,"US Sectors (EW)":5.52,"Consumer Cyclical":1.67}},{"period_end":"2026-03-31","filing_date":"2026-05-15","weights":{"Unclassified":36.67,"Financial":26.76,"Communication Services":11.51,"Consumer Cyclical":10.52,"Technology":9.79,"Industrials":4.2,"Real Estate":0.56},"top_theme_weights":{"AI & Technology":29.47,"Financials":18.24,"Crypto & Digital Assets":9.19,"US Sectors (EW)":6.54,"Software":4.45,"Consumer Cyclical":1.67}}],"sector_rotation":{"into":[{"sector":"Financial","delta_pp":7.59},{"sector":"Real Estate","delta_pp":0.02}],"out_of":[{"sector":"Communication Services","delta_pp":-4.99},{"sector":"Technology","delta_pp":-1.5},{"sector":"Consumer Cyclical","delta_pp":-0.63}],"deltas":{"Financial":7.59,"Unclassified":0.11,"Real Estate":0.02,"Industrials":-0.59,"Consumer Cyclical":-0.63,"Technology":-1.5,"Communication Services":-4.99},"period_end":"2026-03-31","prev_period_end":"2025-12-31","method_note":{"en":"Current sector/theme map applied to history \u2014 historical quarters are classified with today's sector and theme membership (survivorship-lite; past classification changes are not reconstructed).","zh":"\u4ee5\u5f53\u524d\u884c\u4e1a/\u4e3b\u9898\u6620\u5c04\u56de\u6eaf\u5386\u53f2\u2014\u2014\u5386\u53f2\u5b63\u5ea6\u6309\u4eca\u65e5\u7684\u884c\u4e1a\u4e0e\u4e3b\u9898\u6210\u5458\u5206\u7c7b\uff08\u8f7b\u5ea6\u5e78\u5b58\u8005\u53e3\u5f84\uff1b\u4e0d\u91cd\u5efa\u8fc7\u53bb\u7684\u5206\u7c7b\u53d8\u66f4\uff09\u3002"}},"theme_read":{"leans":[{"theme_key":"payments_fintech","label":"Payments & Fintech","label_zh":"\u652f\u4ed8\u4e0e\u91d1\u878d\u79d1\u6280","category":"Financials","source":"basket","tickers":["V","TOST"],"added_pp":18.24,"held_pp":18.24,"n_names":2},{"theme_key":"us_sector_financials","label":"Financials (Equal-Weight)","label_zh":"\u91d1\u878d\uff08\u7b49\u6743\uff09","category":"US Sectors (EW)","source":"basket","tickers":["V","KKR"],"added_pp":17.57,"held_pp":26.76,"n_names":3},{"theme_key":"fv:entertainmentmusic","label":"Music","label_zh":"Music","category":"Digital Entertainment","source":"finviz","tickers":["SPOT"],"added_pp":3.04,"held_pp":3.04,"n_names":1}],"core":{"theme_key":"payments_fintech","label":"Payments & Fintech","label_zh":"\u652f\u4ed8\u4e0e\u91d1\u878d\u79d1\u6280","category":"Financials","source":"basket","tickers":["V","TOST"],"added_pp":18.24,"held_pp":18.24,"n_names":2},"narrative_en":"Core lean: Payments & Fintech \u2014 added V, TOST (+18.2pp of book this quarter)","narrative_zh":"\u6838\u5fc3\u503e\u5411\uff1a\u652f\u4ed8\u4e0e\u91d1\u878d\u79d1\u6280 \u2014 \u672c\u5b63\u5ea6\u52a0\u4ed3 V\u3001TOST\uff08\u5360\u7ec4\u5408 +18.2pp\uff09"}}