ValueAct Holdings, L.P.

Superinvestor

ValueAct Capital

Q3 2023 vs. Q2 2023

Positions are compared by share count, long positions only.

ValueAct Holdings, L.P.: Q2 2023 compared with Q3 2023
Measure	Q2 2023	Q3 2023	Change
Positions	9	12	+3
Total value	$6.43B	$4.45B	−$1.98B (−30.8%)

Held at the end of Q3 2023 but not at the end of Q2 2023.

ValueAct Holdings, L.P.: new positions in Q3 2023
Security	Class	Shares, Q3 2023	Value, Q3 2023	% of portfolio, Q3 2023
ILMNILLUMINA INC	COM	519,610	$71.33M	1.60%
RBLXROBLOX CORP CL A	Stock	1,800,000	$52.13M	1.17%
ALRMALARM COM HLDGS INC	COM	585,400	$35.79M	0.80%
DHRDANAHER CORP DEL COM	Stock	118,000	$29.28M	0.66%

More shares at the end of Q3 2023 than at the end of Q2 2023.

ValueAct Holdings, L.P.: positions added to in Q3 2023
Security	Class	Shares, Q2 2023	Shares, Q3 2023	Change in shares	Value, Q3 2023	% of portfolio, Q3 2023
None.

Fewer shares at the end of Q3 2023 than at the end of Q2 2023.

ValueAct Holdings, L.P.: positions reduced in Q3 2023
Security	Class	Shares, Q2 2023	Shares, Q3 2023	Change in shares	Value, Q3 2023	% of portfolio, Q3 2023
FISVFISERV INC COM	Stock	11,647,776	7,548,841	−4,098,935−35.2%	$852.72M	19.15%
KKRKKR & CO INC	COM	20,535,233	11,420,908	−9,114,325−44.4%	$703.53M	15.80%
STXSEAGATE TECHNOLOGY HLDNGS PL	ORD SHS	13,437,070	7,687,070	−5,750,000−42.8%	$506.96M	11.39%
CBRECBRE GROUP INC	CL A	9,237,748	4,637,748	−4,600,000−49.8%	$342.54M	7.69%
NYTNEW YORK TIMES CO MTN BE	CL A	13,410,554	7,284,596	−6,125,958−45.7%	$300.13M	6.74%
SPOTSPOTIFY TECHNOLOGY S A SHS	Stock	1,799,141	1,253,853	−545,288−30.3%	$193.9M	4.36%

Held at the end of Q2 2023, gone by the end of Q3 2023.

ValueAct Holdings, L.P.: positions sold out in Q3 2023
Security	Class	Shares, Q2 2023	Value, Q2 2023	% of portfolio, Q2 2023
ALTUS POWER INC02217A102	COM CL A	4,017,628	$21.7M	0.34%