ValueAct Holdings, L.P.

Superinvestor

ValueAct Capital

Q2 2022 vs. Q1 2022

Positions are compared by share count, long positions only.

ValueAct Holdings, L.P.: Q1 2022 compared with Q2 2022
Measure	Q1 2022	Q2 2022	Change
Positions	13	16	+3
Total value	$7.27B	$6.27B	−$994.9M (−13.7%)

Held at the end of Q2 2022 but not at the end of Q1 2022.

ValueAct Holdings, L.P.: new positions in Q2 2022
Security	Class	Shares, Q2 2022	Value, Q2 2022	% of portfolio, Q2 2022
NYTNEW YORK TIMES CO MTN BE	CL A	3,095,000	$86.35M	1.38%
RKTROCKET COS INC COM CL A	Stock	2,000,000	$14.72M	0.23%
UNIVAR SOLUTIONS USA INC91336L107	COM	340,000	$8.46M	0.13%

More shares at the end of Q2 2022 than at the end of Q1 2022.

ValueAct Holdings, L.P.: positions added to in Q2 2022
Security	Class	Shares, Q1 2022	Shares, Q2 2022	Change in shares	Value, Q2 2022	% of portfolio, Q2 2022
FISVFISERV INC COM	Stock	13,035,201	14,647,776	+1,612,575+12.4%	$1.3B	20.77%
KKRKKR & CO INC	COM	22,605,349	26,456,563	+3,851,214+17.0%	$1.22B	19.52%
CBRECBRE GROUP INC	CL A	9,232,609	9,234,964	+2,3550.0%	$679.79M	10.83%
NSITINSIGHT ENTERPRISES INC	COM	3,543,143	4,099,226	+556,083+15.7%	$353.68M	5.64%
TOPBUILD COR COM89055F103	Stock	214,371	1,204,908	+990,537+462.1%	$201.41M	3.21%
ALTUS POWER INC02217A102	COM CL A	4,000,000	4,000,020	+200.0%	$25.24M	0.40%

Fewer shares at the end of Q2 2022 than at the end of Q1 2022.

ValueAct Holdings, L.P.: positions reduced in Q2 2022
Security	Class	Shares, Q1 2022	Shares, Q2 2022	Change in shares	Value, Q2 2022	% of portfolio, Q2 2022
LKQLKQ CORP	COM	17,550,411	12,552,751	−4,997,660−28.5%	$616.22M	9.82%
CCITIGROUP INC COM NEW	Stock	13,846,107	10,992,637	−2,853,470−20.6%	$505.55M	8.06%
SLMSLM CORP	COM	13,901,031	10,886,031	−3,015,000−21.7%	$173.52M	2.77%
BHCBAUSCH HEALTH COS INC COM	Stock	14,430,901	14,341,265	−89,636−0.6%	$119.89M	1.91%

Held at the end of Q1 2022, gone by the end of Q2 2022.

ValueAct Holdings, L.P.: positions sold out in Q2 2022
Security	Class	Shares, Q1 2022	Value, Q1 2022	% of portfolio, Q1 2022
None.