ValueAct Capital Slashed Its Stakes in Core Positions Toast, Roblox in Q1

Activist hedge fund ValueAct Capital outlined its core positions in its Q1 letter to investors, but a review of its 13F reveals even more information about what, exactly, is in the firm’s portfolio.

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

Core holdings

According to ValueAct’s Q1 letter, its core holdings include Salesforce, Walt Disney, Insight, Recruit, Meta Platforms, Trend Micro, Visa, Roblox, Amazon, Liberty Live/ Live Nation, Olympus, Entegris, Stroer, Sanwa, Applied Materials, Expedia, Toast, and Simpson Manufacturing.

However, ValueAct’s 13F shows sizable moves in a couple of its core holdings and lists its other domestic stocks (foreign stocks are not included on 13Fs).

Of course, ValueAct is a well-known activist investor, often getting involved in the companies it invests in through activities like board and management engagement. While the firm outlined its engagements with its core holdings, we don’t know just how much involvement it has with the other companies on its 13F, but it’s possible that ValueAct is engaging in some way.