ValueAct Capital’s Master Fund fell in the high-single digits during the first quarter, although its returns moved by more than 100 basis points in a single day 19 different times. That amounts to about one-third of the quarter’s total trading days.
Jeffrey Ubben’s fund has since fallen even more during the current quarter, roughly in line with the Japanese and U.S. markets and with high volatility again.
Also see ValueAct Capial Q2 2025 letter here:
- ValueAct Capital Adds to Rocket, Dumps These Stocks
- ValueAct Capital Takes a Deep Dive into Its Theses for Roblox and Rocket
ValueAct Capital uses AI
In ValueAct’s first-quarter letter to investors, which was obtained by Hedge Fund Alpha, the firm said it used artificial intelligence to write the letter. Additionally, it described the letter as the “third heavy rewrite.”
“This says a lot about the times we are living in, both the volatile market conditions and the pace of change in AI productivity tools,” the ValueAct team wrote.
They added that AI co-wrote all three drafts of their letter, helping produce it in around one-tenth of the time it took for them to write their quarterly letters between 2000 and 2024. The ValueAct team said they’re enjoying boosts in productivity across every process, from research and analysis to client service. They’re finding the extra processing power to be very valuable in markets like the current one.
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