ValueAct Holdings, L.P.

Superinvestor

ValueAct Capital

Q4 2022 vs. Q3 2022

Positions are compared by share count, long positions only.

ValueAct Holdings, L.P.: Q3 2022 compared with Q4 2022
Measure	Q3 2022	Q4 2022	Change
Positions	12	9	−3
Total value	$5.9B	$5.31B	−$593.81M (−10.1%)

Held at the end of Q4 2022 but not at the end of Q3 2022.

ValueAct Holdings, L.P.: new positions in Q4 2022
Security	Class	Shares, Q4 2022	Value, Q4 2022	% of portfolio, Q4 2022
CRMSALESFORCE INC COM	Stock	560,221	$74.28M	1.40%

More shares at the end of Q4 2022 than at the end of Q3 2022.

ValueAct Holdings, L.P.: positions added to in Q4 2022
Security	Class	Shares, Q3 2022	Shares, Q4 2022	Change in shares	Value, Q4 2022	% of portfolio, Q4 2022
NYTNEW YORK TIMES CO MTN BE	CL A	11,614,741	13,646,112	+2,031,371+17.5%	$442.95M	8.34%
ALTUS POWER INC02217A102	COM CL A	4,000,020	4,017,608	+17,588+0.4%	$26.19M	0.49%

Fewer shares at the end of Q4 2022 than at the end of Q3 2022.

ValueAct Holdings, L.P.: positions reduced in Q4 2022
Security	Class	Shares, Q3 2022	Shares, Q4 2022	Change in shares	Value, Q4 2022	% of portfolio, Q4 2022
KKRKKR & CO INC	COM	26,456,563	23,702,511	−2,754,052−10.4%	$1.1B	20.73%
LKQLKQ CORP	COM	12,552,751	6,052,751	−6,500,000−51.8%	$323.28M	6.09%

Held at the end of Q3 2022, gone by the end of Q4 2022.

ValueAct Holdings, L.P.: positions sold out in Q4 2022
Security	Class	Shares, Q3 2022	Value, Q3 2022	% of portfolio, Q3 2022
CCITIGROUP INC COM NEW	Stock	10,992,637	$458.06M	7.76%
TOPBUILD COR COM89055F103	Stock	1,546,253	$254.79M	4.32%
RKTROCKET COS INC COM CL A	Stock	1,296,027	$8.19M	0.14%
ALTUS POWER INC02217A110	*W EXP 99/99/999	18,417	$56K	0.00%