ValueAct Q1 2026: A Constructivist Activist's 18 Stocks

ValueAct Holdings, the constructivist activist firm led by Mason Morfit, disclosed a $5.71B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0001418814-26-000002, filed 2026-05-15). What distinguishes ValueAct from both index funds and aggressive activists is its style — and its filing reflects it: a small, concentrated set of quality businesses where the firm typically engages collaboratively with management, often from a board seat, rather than waging public proxy battles.

The book holds just 18 positions, led by Visa (V) at 12.26%, Amazon (AMZN) at 10.52%, Salesforce (CRM) at 9.79%, BlackRock (BLK) at 9.19%, and Meta (META) at 9.17%. The top five alone are roughly 51% of the portfolio — the concentration you would expect from a firm that takes large, considered stakes in a handful of companies it intends to influence over years.

A constructivist-activist book

Beyond the megacap-quality core, ValueAct's holdings show its willingness to engage across situations: mortgage lender Rocket Companies (RKT) at 7.04%, restaurant-software platform Toast (TOST) at 5.98%, Liberty Live (LLYVK) at 5.87%, gaming platform Roblox (RBLX) at 5.79%, and alternative-asset manager KKR at 5.31%.

This is a deliberately small, high-conviction list. ValueAct's model is to build a meaningful stake, work constructively with a company's board and management on strategy, capital allocation, or operations, and hold for the multi-year period it takes for changes to bear fruit. With 18 names and the top five over half the book, every position is a considered engagement rather than a diversified bet.

Concentration is the strategy

The portfolio's weights make the approach clear: a quality core (Visa, Amazon, Salesforce, BlackRock, Meta) paired with situation-specific names where ValueAct sees a path to value through engagement.

Constructivist activism differs from the confrontational style of some activists — ValueAct generally prefers a seat at the table to a public fight. That collaborative approach is why its positions tend to be large, long-held, and concentrated in companies where it believes management is receptive to working together.

What it means for 13F readers

ValueAct is a clear example of constructivist activism expressed through extreme concentration. Because it holds so few names and engages over years, its filing is best read as a map of where the firm has chosen to commit capital and influence — the quality core plus the engagement situations. Track the firm's quarter-over-quarter holdings on the ValueAct Holdings filer page.

FAQ

What is ValueAct Holdings?

ValueAct is a constructivist activist investment firm led by Mason Morfit. It disclosed a $5.71B U.S. equity 13F book for the quarter ended March 31, 2026, across just 18 concentrated positions.

What is constructivist activism?

It is an activist style that engages collaboratively with a company's management and board — often from a board seat — to influence strategy and capital allocation, rather than waging public proxy battles. ValueAct is a leading practitioner.

What are ValueAct's largest holdings?

Its five largest positions are Visa (12.26%), Amazon (10.52%), Salesforce (9.79%), BlackRock (9.19%), and Meta (9.17%) — together roughly 51% of the book.

How concentrated is ValueAct's portfolio?

Very. It holds only 18 positions, with the top five making up over half the book — the high concentration expected of a firm that takes large stakes in companies it intends to influence over years.