Activist Investor ValueAct, Once Linked To Steve Ballmer's Microsoft Exit, Bought Meta, Visa, Sold Spotify In Q3: A Smart Bet?
Activist investor ValueAct Holdings, L.P., known for its role in Microsoft Corp. (NASDAQ:MSFT) leadership changes a decade ago, disclosed significant portfolio adjustments in its third-quarter 13F filing with the Securities and Exchange Commission.
What Happened: The San Francisco-based hedge fund established new positions in Meta Platforms Inc. (NASDAQ:META) and Visa Inc. (NYSE:V) while completely divesting its stake in Spotify Technology (NYSE:SPOT), according to the Nov. 14 filing.
More recently, ValueAct initiated a position in Amazon.com Inc. (NASDAQ:AMZN) in the fourth quarter, purchasing 536,900 shares worth approximately $119 million.
ValueAct’s third-quarter moves have produced mixed results. Meta shares have risen 14.04% since the filing date, while Visa stock has increased 15.14%.
However, Spotify recorded the strongest performance among the three, surging 23.71% despite ValueAct’s exit. This represents a potential missed opportunity worth about $76.63 million on the position ValueAct exited.
A ValueAct spokesperson confirmed to Benzinga that the firm has built a $1 billion stake in Meta.
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Why It Matters: ValueAct’s investment approach merits particular attention given its history of influential corporate activism. The firm, led by CEO Mason Morfit, employs event-driven strategies to influence corporate policy and enhance company value, typically taking a collaborative approach compared to more confrontational activist funds.
The investment firm made headlines in 2013 when it gained a board seat at Microsoft despite owning less than 1% of the company. This unprecedented move came just one week after then-CEO Steve Ballmer announced his retirement plan. Though both parties publicly denied ValueAct’s influence on Ballmer’s departure, analysts noted the timing raised questions.
“ValueAct I think played an indirect role in Steve’s retirement,” Rick Sherlund, an analyst with Nomura Securities, told The Wall Street Journal at the time. “ValueAct very much surfaced the interests of shareholders, and one of those interests is management succession.”
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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