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 2017Sep 30, 2017	TRN Trinity Industries, Inc.	Trinity Industries, Inc.	Buy	+1,672,510+10.7%	$550.44K	17,255,115
Q3 2017Sep 30, 2017	AWI Armstrong World Industries Inc	Armstrong World Industries Inc	Buy	+2,612+0.0%	$471.63K	9,202,612
Q3 2017Sep 30, 2017	NTCT NetScout Systems, Inc.	NetScout Systems, Inc.	Sell - Position Exit	-1,750,943-100.0%	$0.00	-
Q3 2017Sep 30, 2017	WTW Willis Towers Watson	Willis Towers Watson	Sell	-3,629,350-54.9%	$459.61K	2,980,008
Q3 2017Sep 30, 2017	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-5,500,000-16.0%	$1.09M	28,878,480
Q3 2017Sep 30, 2017	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-6,999,325-43.7%	$671.41K	9,013,474
Q2 2017Jun 30, 2017	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy - Position Entry	+5,000,000	$93.00K	5,000,000
Q2 2017Jun 30, 2017	NTCT NetScout Systems, Inc.	NetScout Systems, Inc.	Sell	-549,057-23.9%	$60.23K	1,750,943
Q2 2017Jun 30, 2017	WTW Willis Towers Watson	Willis Towers Watson	Sell	-1,498,657-18.5%	$961.40K	6,609,358
Q2 2017Jun 30, 2017	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-6,999,290-30.4%	$1.10M	16,012,799
Q2 2017Jun 30, 2017	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-7,494,770-17.9%	$1.25M	34,378,480
Q1 2017Mar 31, 2017	NTCT NetScout Systems, Inc.	NetScout Systems, Inc.	Buy	+655,000+39.8%	$87.28K	2,300,000
Q1 2017Mar 31, 2017	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Buy	+630,900+12.0%	$1.46M	5,877,400
Q1 2017Mar 31, 2017	MS Morgan Stanley	Morgan Stanley	Sell	-9,016,380-33.5%	$766.18K	17,884,620
Q1 2017Mar 31, 2017	ALSN Allison Transmission Holdings,	Allison Transmission Holdings,	Sell - Position Exit	-10,525,204-100.0%	$0.00	-
Q1 2017Mar 31, 2017	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-15,614,408-40.4%	$1.52M	23,012,089
Q4 2016Dec 31, 2016	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+7,253,196+21.0%	$1.32M	41,873,250
Q4 2016Dec 31, 2016	TRN Trinity Industries, Inc.	Trinity Industries, Inc.	Buy	+3,161,605+25.5%	$432.57K	15,582,605
Q4 2016Dec 31, 2016	NTCT NetScout Systems, Inc.	NetScout Systems, Inc.	Buy - Position Entry	+1,645,000	$51.82K	1,645,000
Q4 2016Dec 31, 2016	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Buy	+246,500+4.9%	$1.20M	5,246,500
Q4 2016Dec 31, 2016	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+1,819+0.0%	$2.40M	38,626,497
Q4 2016Dec 31, 2016	ALSN Allison Transmission Holdings,	Allison Transmission Holdings,	Sell	-8,600,000-45.0%	$354.59K	10,525,204
Q4 2016Dec 31, 2016	MS Morgan Stanley	Morgan Stanley	Sell	-14,999,000-35.8%	$1.14M	26,901,000
Q3 2016Sep 30, 2016	TRN Trinity Industries, Inc.	Trinity Industries, Inc.	Buy	+6,421,000+107.0%	$300.34K	12,421,000
Q3 2016Sep 30, 2016	MS Morgan Stanley	Morgan Stanley	Buy	+3,900,000+10.3%	$1.34M	41,900,000
Q3 2016Sep 30, 2016	BFH Bread Financial Holdings, Inc.	Bread Financial Holdings, Inc.	Buy	+1,712,090+52.1%	$1.07M	5,000,000
Q3 2016Sep 30, 2016	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+1,684,260+5.1%	$968.67K	34,620,054
Q3 2016Sep 30, 2016	MSCI MSCI Inc.	MSCI Inc.	Sell - Position Exit	-1,300,900-100.0%	$0.00	-
Q3 2016Sep 30, 2016	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-18,000,000-31.8%	$2.22M	38,624,678
Q2 2016Jun 30, 2016	MS Morgan Stanley	Morgan Stanley	Buy - Position Entry	+38,000,000	$987.24K	38,000,000

Page 12 of 15 • 433 total trades

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