AI Analysis · Q1 2026

ValueAct Holdings' $5.71 billion U.S.-listed 13F for March 2026 reflects the most aggressive portfolio restructuring in this filing cycle — a $1.3 billion drawdown that was partly market-driven and partly the result of deliberate, simultaneous reductions across the portfolio's largest software and fintech positions. The headline event is the magnitude of the cuts: Rocket Companies was reduced by 28.4%, removing $360 million in value from what had been the portfolio's largest single position. MongoDB was cut by 26.2%, removing $336 million in value. Disney was reduced by 87.0% — an eleven-figure cut that went from a $350 million position to $39 million in a single quarter — representing the clearest single-thesis abandonment in the filing. BlackRock, Amazon, and Meta were each reduced between 12% and 21% in share count, with each of those reductions compounding the portfolio's overall dollar loss. The capital freed by these reductions found new homes in three new positions — KKR at $303 million, Spotify at $174 million, and Wix at $94 million — which together represent a $571 million redeployment into a thematic cluster that did not exist in the prior quarter. Visa, which had been present in the portfolio at a smaller size, was increased by 35% with an addition of $97 million, and Toast, the restaurant-software platform, was increased by 61% with an addition of $57 million — two additions that are consistent with the manager's historical preference for investing in companies with durable market positions and a path to margin expansion. The net reconstruction is directional: the portfolio has reduced its exposure to the legacy large-cap software and fintech complex that had dominated the prior quarter's book and replaced it with a tighter cluster of what the manager regards as higher-conviction, activist-compatible names. The biotech and historic fintech names that remain — Toast and Toast, Rocket, Salesforce, MongoDB, and Roblox — have collectively declined in value by more than $1 billion across Q1, and the portfolio's decision to add capital to Toast and KKR while reducing the others is a deliberate within-sector rotation rather than a sector-rotation-out-of-tech. For readers tracking activist positioning, this filing is most notable for the Disney cut — an eight-figure reduction in a company where ValueAct has historically agitated — and for the creation of a new Spotify position, a name with a known activist-compatible capital structure and a management team that has been the target of activist commentary from other managers. The portfolio is more concentrated and more activist-shaped than its predecessor.

Rocket Companies at $402 million, down from $762 million — the position was carried at 39.4 million shares at year-end and was reduced to 28.2 million shares, a 28.4% share-count reduction that cost the portfolio $360 million in value. Rocket is a financial technology company that operates the Quicken Loans mortgage origination platform and the Rocket Mortgage digital mortgage brand. ValueAct has been one of Rocket's largest and most visible shareholders, and the company has been the target of both public ValueAct commentary and ongoing dialogue with management about capital-structure efficiency. The reduction in Q1 is either a partial exit driven by valuation (Rocket's stock had appreciated materially sinceValueAct first built the position in 2022-2023) or a reduction in the face of a deteriorating mortgage-originations environment as interest rates stayed elevated across 2025 and into 2026. Both interpretations are consistent with the filing; both support the same headline — the position was trimmed, and the reduction was meaningful relative to the portfolio's size.

MongoDB at $254 million, down from $590 million — MongoDB was the portfolio's seventh-largest position at year-end and was reduced from 1.41 million to 1.04 million shares, a 26.2% cut that generated a $336 million portfolio loss in current-value terms. MongoDB's stock has been volatile since its 2023-2024 expansion as the market has recalibrated expectations for the company's cloud-database growth rate in a more competitive environment with Snowflake and Amazon Web Services both growing their managed-database services. ValueAct's reduction is consistent with a manager who is willing to trim positions that have moved materially against the investment thesis — MongoDB's valuation at year-end 2025 had reached levels that left less margin for error if growth slowed. The simultaneous presence of MongoDB and Salesforce in the portfolio (Salesforce was held flat at $559 million) is a reminder that ValueAct's software thesis is not monolithic: the two positions may share a cloud-software framing but they occupy very different growth profiles and margin trajectories.