ValueAct Falls 2.2% In 2015; Still Likes Valeant

Jeffrey Ubben’s ValueAct Capital Master Fund, L.P., declined 1.3% in the fourth quarter (on a time-weighted basis) and 2.2% for the year ending December 31, 2015, after all fees and expenses according to the fund’s fourth-quarter letters to investors as reviewed by ValueWalk. In comparison, the S&P 500 increased 7% in the fourth quarter and 1.3% for the year as a whole while the MSCI World Index rose 5.6% in the fourth quarter and declined 0.2% for the year. While the results were disappointing for the fund, many observers expected far worse performance considering how much some of the largest holdings such as Rolls Royce and Valeant fell towards the end of the year.

Including last year’s performance, since inception...