# Jeffrey Ubben — ValueAct Capital

Portfolio USD 5,634,931,000 · 18 positions · 2026 Q2 · history from 2011 Q4.
Source: quarterly 13F filings via dataroma.com. Page: https://gigainvestors.com/VA

## Positions (2026 Q2)

| Ticker | Company | % of portfolio | Value | This quarter | Holders |
|---|---|---:|---:|---|---:|
| V | Visa Inc. | 14% | USD 794,682,000 | hold |  |
| AMZN | Amazon.com Inc. | 12% | USD 701,125,000 | +1.98% |  |
| RKT | Rocket Companies Inc. | 12% | USD 656,283,000 | +47.68% |  |
| BLK | BlackRock Inc. | 9.9% | USD 559,339,000 | +6.52% |  |
| META | Meta Platforms Inc. | 9.2% | USD 515,790,000 | hold |  |
| CRM | Salesforce.com | 8.3% | USD 469,120,000 | hold |  |
| TOST | Toast Inc. | 7.0% | USD 393,209,000 | +9.6% |  |
| KKR | KKR & Co. L.P. | 5.8% | USD 326,572,000 | +8.49% |  |
| SPOT | Spotify Technology S.A. | 4.3% | USD 241,870,000 | +46.95% |  |
| LLYVK | Liberty Media Corp. Series C Live | 4.1% | USD 229,491,000 | -39% |  |
| SSD | Simpson Manufacturing | 3.1% | USD 173,895,000 | -40.59% |  |
| RBLX | Roblox Corp. | 3.0% | USD 171,157,000 | -46.19% |  |
| CBRE | CBRE Group | 2.4% | USD 133,665,000 | +323.03% |  |
| LLYVA | Liberty Media Corp. Series A Live | 1.4% | USD 79,501,000 | -55.82% |  |
| MDB | MongoDB Inc. | 1.0% | USD 55,659,000 | -84.03% |  |
| LYV | Live Nation Inc. | 1.0% | USD 55,311,000 | -51.64% |  |
| WIX | Wix.com Ltd. | 0.8% | USD 47,384,000 | hold |  |
| PAYP | Paypay Corp | 0.6% | USD 30,878,000 | new |  |

## Moves this quarter (15)

- AMZN Amazon.com Inc.: +1.98% (USD 701,125,000)
- RKT Rocket Companies Inc.: +47.68% (USD 656,283,000)
- BLK BlackRock Inc.: +6.52% (USD 559,339,000)
- TOST Toast Inc.: +9.6% (USD 393,209,000)
- KKR KKR & Co. L.P.: +8.49% (USD 326,572,000)
- SPOT Spotify Technology S.A.: +46.95% (USD 241,870,000)
- LLYVK Liberty Media Corp. Series C Live: -39% (USD 229,491,000)
- SSD Simpson Manufacturing: -40.59% (USD 173,895,000)
- RBLX Roblox Corp.: -46.19% (USD 171,157,000)
- CBRE CBRE Group: +323.03% (USD 133,665,000)
- LLYVA Liberty Media Corp. Series A Live: -55.82% (USD 79,501,000)
- MDB MongoDB Inc.: -84.03% (USD 55,659,000)
- LYV Live Nation Inc.: -51.64% (USD 55,311,000)
- DIS Walt Disney Co.: sold (USD 38,574,264)
- PAYP Paypay Corp: new (USD 30,878,000)

## Portfolio value by quarter

- 2011 Q4: USD 5,805,506,746 (14 positions)
- 2012 Q1: USD 6,455,348,801 (15 positions)
- 2012 Q2: USD 6,796,404,865 (16 positions)
- 2012 Q3: USD 7,067,364,507 (13 positions)
- 2012 Q4: USD 7,853,562,512 (14 positions)
- 2013 Q1: USD 8,841,028,254 (15 positions)
- 2013 Q2: USD 9,735,684,449 (14 positions)
- 2013 Q3: USD 11,080,954,867 (14 positions)
- 2013 Q4: USD 12,089,704,777 (12 positions)
- 2014 Q1: USD 13,246,593,365 (14 positions)
- 2014 Q2: USD 13,527,885,696 (14 positions)
- 2014 Q3: USD 14,920,888,217 (13 positions)
- 2014 Q4: USD 15,961,642,990 (14 positions)
- 2015 Q1: USD 18,094,461,193 (15 positions)
- 2015 Q2: USD 18,991,935,575 (14 positions)
- 2015 Q3: USD 17,197,258,220 (15 positions)
- 2015 Q4: USD 14,446,343,339 (14 positions)
- 2016 Q1: USD 10,018,708,689 (13 positions)
- 2016 Q2: USD 11,017,278,684 (14 positions)
- 2016 Q3: USD 11,491,044,812 (13 positions)
- 2016 Q4: USD 12,177,695,919 (14 positions)
- 2017 Q1: USD 11,945,680,467 (14 positions)
- 2017 Q2: USD 11,194,191,906 (15 positions)
- 2017 Q3: USD 9,977,214,120 (14 positions)
- 2017 Q4: USD 9,883,199,242 (13 positions)
- 2018 Q1: USD 9,975,869,491 (12 positions)
- 2018 Q2: USD 11,045,476,152 (17 positions)
- 2018 Q3: USD 10,165,170,154 (19 positions)
- 2018 Q4: USD 8,028,325,271 (21 positions)
- 2019 Q1: USD 9,095,542,170 (20 positions)
- 2019 Q2: USD 9,579,099,082 (23 positions)
- 2019 Q3: USD 9,267,416,572 (22 positions)
- 2019 Q4: USD 9,883,610,742 (22 positions)
- 2020 Q1: USD 6,961,000,762 (24 positions)
- 2020 Q2: USD 8,734,940,913 (21 positions)
- 2020 Q3: USD 7,108,256,075 (12 positions)
- 2020 Q4: USD 8,621,482,117 (11 positions)
- 2021 Q1: USD 8,568,316,054 (13 positions)
- 2021 Q2: USD 9,023,884,165 (13 positions)
- 2021 Q3: USD 8,633,742,875 (13 positions)
- 2021 Q4: USD 8,867,992,364 (12 positions)
- 2022 Q1: USD 7,270,514,746 (13 positions)
- 2022 Q2: USD 6,274,256,041 (16 positions)
- 2022 Q3: USD 5,902,273,113 (12 positions)
- 2022 Q4: USD 5,308,462,123 (9 positions)
- 2023 Q1: USD 6,141,268,362 (9 positions)
- 2023 Q2: USD 6,431,031,518 (9 positions)
- 2023 Q3: USD 4,452,140,864 (12 positions)
- 2023 Q4: USD 4,995,949,330 (14 positions)
- 2024 Q1: USD 4,543,479,647 (12 positions)
- 2024 Q2: USD 3,555,941,076 (10 positions)
- 2024 Q3: USD 4,373,981,460 (11 positions)
- 2024 Q4: USD 4,389,633,507 (12 positions)
- 2025 Q1: USD 4,581,517,749 (14 positions)
- 2025 Q2: USD 5,599,304,497 (18 positions)
- 2025 Q3: USD 5,930,181,363 (16 positions)
- 2025 Q4: USD 7,025,731,433 (16 positions)
- 2026 Q1: USD 5,711,328,111 (18 positions)
- 2026 Q2: USD 5,634,931,000 (18 positions)