Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供参考 · 非买入清单
ValueAct Capital
activist
C
Reliability improving可靠性走强
leaderboard rank榜单排名 #32WATCH观察
Book持仓规模
$5.6B
long US listed only仅美股多头
Positions持仓数
18
94% resolved已解析
Top-10 concentration前十集中度
88%
% of book占组合%
Turnover换手
LOW
18.5% per quarter每季
Median excess中位超额
-18%
buys vs SPY, since filing买入相对SPY，自披露起 · n 47
Hit rate胜率
26%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: Music — added SPOT (+4.3pp of book this quarter)核心倾向：Music — 本季度加仓 SPOT（占组合 +4.3pp）
MusicMusic
+4.3pp
4.3% of book held占组合持有
· 1 names标的
· Digital Entertainment
SPOT
Real Estate (Equal-Weight)房地产（等权）
+2.4pp
2.4% of book held占组合持有
· 1 names标的
· US Sectors (EW)
CBRE
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新披露的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开披露日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 11 scored quarters已评分季度 · 9% positive为正 · recent-4 median近4季中位 -10% vs all-time对全期 -31%
Median excess by quarter各季度中位超额: ▁▂▂▄▂▂▃▄▄█▅ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-09-30 | 4 | -54% | 25% | +8% |
| 2023-12-31 | 4 | -39% | 25% | -13% |
| 2024-06-30 | 2 | -34% | 0% | +15% |
| 2024-09-30 | 5 | -21% | 20% | +14% |
| 2024-12-31 | 2 | -37% | 0% | +1% |
| 2025-03-31 | 3 | -34% | 0% | +11% |
| 2025-06-30 | 6 | -31% | 17% | -10% |
| 2025-09-30 | 5 | -13% | 20% | +2% |
| 2025-12-31 | 7 | -16% | 14% | -20% |
| 2026-03-31 | 4 | +20% | 75% | +10% |
| 2026-06-30 | 4 | -7% | 50% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新披露；季度环比变化对上季Current weights当前权重 · 2026-06-30
Financial
48.5%
▲ +8.7pp
Communication Services
19.9%
▼ -3.4pp
Consumer Cyclical
12.4%
▲ +1.9pp
Technology
12.3%
▼ -7.7pp
Industrials
3.1%
▼ -1.1pp
Real Estate
2.4%
▲ +1.8pp
Unclassified
1.4%
▼ -0.3pp
Theme categories主题类别
AI & Technology 29.9%
Financials 21.1%
Crypto & Digital Assets 9.9%
US Sectors (EW) 8.2%
Software 1.0%
Consumer Cyclical 1.0%
Rotating into (QoQ)轮入（环比）
Financial +8.7pp
Consumer Cyclical +1.9pp
Real Estate +1.8pp
Rotating out of (QoQ)轮出（环比）
Technology -7.7pp
Communication Services -3.4pp
Industrials -1.1pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-06-30 | Financial 48% · Communication Services 20% · Consumer Cyclical 12% |
| 2026-03-31 | Financial 40% · Communication Services 23% · Technology 20% |
| 2025-12-31 | Financial 34% · Technology 27% · Communication Services 23% |
| 2025-09-30 | Technology 28% · Communication Services 20% · Financial 19% |
| 2025-06-30 | Technology 26% · Communication Services 22% · Consumer Cyclical 16% |
| 2025-03-31 | Communication Services 29% · Technology 28% · Financial 14% |
| 2024-12-31 | Technology 35% · Communication Services 23% · Industrials 14% |
| 2024-09-30 | Technology 39% · Communication Services 24% · Industrials 22% |
| 2024-06-30 | Technology 31% · Communication Services 25% · Industrials 23% |
| 2024-03-31 | Technology 25% · Communication Services 21% · Industrials 18% |
| 2023-12-31 | Financial 21% · Technology 20% · Industrials 19% |
| 2023-09-30 | Financial 36% · Technology 17% · Industrials 15% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至披露日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。17 positions shown项持仓 · resolved已解析 17/18 (94%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自披露 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  V |
Visa Inc | 14.1% | $795M | hold | +0% | — | 70 · HIGH | Financial | Payments & Fintech, Financials (Equal-Weight) | +15% |
| 2 |  AMZN |
Amazon Com Inc | 12.4% | $701M | hold | +2% | — | 68 · MODERATE | Consumer Cyclical | Magnificent Seven, Consumer Discretionary (Equal-Weight) | -7% |
| 3 |  RKT |
Rocket Cos Inc | 11.7% | $656M | add | +48% | 1q | 71 · HIGH | Financial | — | -18% |
| 4 |  BLK |
Blackrock Inc | 9.9% | $559M | hold | +6% | — | 64 · MODERATE | Financial | Crypto & Digital Rails, Financials (Equal-Weight) | +3% |
| 5 |  META |
Meta Platforms Inc | 9.2% | $516M | hold | +0% | — | 62 · MODERATE | Communication Services | Magnificent Seven, AI Software & Platforms, Communication Services (Equal-Weight) | +10% |
| 6 |  CRM |
Salesforce Inc | 8.3% | $469M | hold | +0% | — | 60 · MODERATE | Technology | AI Software & Platforms, Non-AI Software, AI Agents & Applications | +21% |
| 7 |  TOST |
Toast Inc | 7.0% | $393M | hold | +10% | — | 58 · MODERATE | Financial | Payments & Fintech | -8% |
| 8 |  KKR |
Kkr & Co Inc | 5.8% | $327M | hold | +8% | — | 46 · MODERATE | Financial | Financials (Equal-Weight) | -15% |
| 9 | SPOT |
Spotify Technology S A | 4.3% | $242M | add | +47% | 2q | 54 · MODERATE | Communication Services | Music | +13% |
| 10 |  LLYVK |
Liberty Live Holdings Inc | 4.1% | $229M | trim | -39% | — | 42 · LOW | Communication Services | — | — |
| 11 |  SSD |
Simpson Mfg Inc | 3.1% | $174M | trim | -41% | — | 24 · LOW | Industrials | — | -4% |
| 12 |  RBLX |
Roblox Corp | 3.0% | $171M | trim | -46% | — | 22 · LOW | Technology | Gaming, Applications, Gaming | +38% |
| 13 | CBRE |
Cbre Group Inc | 2.4% | $134M | add | +323% | 1q | 25 · LOW | Real Estate | Real Estate (Equal-Weight) | -15% |
| 14 |  LLYVA |
Liberty Live Holdings Inc | 1.4% | $80M | trim | -56% | — | 18 · LOW | Communication Services | — | — |
| 15 |  MDB |
Mongodb Inc | 1.0% | $56M | trim | -84% | — | 16 · LOW | Technology | Non-AI Software | -12% |
| 16 |  LYV |
Live Nation Entertainment In | 1.0% | $55M | trim | -52% | — | 14 · LOW | Communication Services | Travel & Experiences, Communication Services (Equal-Weight) | -5% |
| 17 |  PAYP |
Paypay Corp | 0.6% | $31M | new | — | 1q | 7 · LOW | — | — | +2% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本披露周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (4)
| RKT add |
11.7% | -18% |
| SPOT add |
4.3% | +13% |
| CBRE add |
2.4% | -15% |
| PAYP new |
0.6% | +2% |
Rotated out of轮出 (7)
| LLYVK trim |
-39% | — |
| SSD trim |
-41% | -4% |
| RBLX trim |
-46% | +38% |
| LLYVA trim |
-56% | — |
| MDB trim |
-84% | -12% |
| LYV trim |
-52% | -5% |
 DIS exit |
-100% | +7% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以披露日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, reported long positions from managers with at least $100M in Section 13(f) securities. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量披露日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。