Activist fundSan Francisco13F filer since 2008

ValueAct Capital

Managed by Mason Morfit, CEO and CIO

13F portfolio value$5.6BQ2 2026 · down 1% vs Q1

Positions181 new · 1 sold out

Top 10 weight87%of portfolio value

Turnover13%vs Q1

Largest holdingV14.1% of portfolio

Last filingAug 14for Q2 2026

What changed in Q2 2026

Automated summary of the 13F · filed Aug 14, 2026

Added to AMZN (+2% shares) and RKT (+48% shares); new positions in PAYP.

Biggest cut: MDB (−84% of shares). Sold out of DIS.

Since the quarter ended, the top 10 holdings on Markets are up about 21.7% on average, led by CRM and V.

Holdings · Q2 2026

1VVisa Inc.14.1%$795M2.3MNo change+24.2%—

2AMZNAmazon.com, Inc.12.4%$701M2.9MAdded +2%+11.8%1.0%

3RKTRocket COS11.6%$656M41.7MAdded +48%——

4BLKBlackrock9.9%$559M582KAdded +7%——

5METAMeta Platforms9.2%$516M916KNo change+11.7%1.2%

6CRMSalesforce, Inc.8.3%$469M3.0MNo change+39.0%—

7TOSTToast7.0%$393M14.1MAdded +10%——

8KKRKKR5.8%$327M3.6MAdded +8%——

9Spotify Technology S ASpotify Technology S A4.3%$242M527KAdded +47%——

10LLYVKLiberty Live4.1%$229M2.2MTrimmed −39%——

Sector allocation

Financials14%+1.8 ptConsumer discretionary12%+1.9 ptCommunication9%−0.7 ptTechnology8%−1.5 ptOther56%−1.6 pt

Change shown in percentage points vs Q1. Holdings outside Markets’ coverage count as Other.

Reported portfolio value

$3.9B

$4.4B

$4.6B

$5.6B

$5.9B

$7.0B

$5.7B

$5.6B

Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26

13F market value at each quarter end, US long positions only.

Not investment advice. From SEC Form 13F filings (SEC EDGAR 13F). Following an investor alerts you when their next filing lands; it does not copy trades.