ValueAct Capital Reduces Alliance Data Systems Position

Jeff Ubben's activist firm ValueAct Capital has also filed both a Form 4 and a 13D with the SEC regarding its stake in Alliance Data Systems (ADS). 

ValueAct now only owns 2.7% of the company with a little over 1.377 million shares.  This is down from the 3.7 million they reported owning back at the end of Q2.
The Form 4 filing notes that ValueAct converted its previously disclosed 150,000 shares of Series A non-voting convertible preferred stock into 1.5 million shares of common stock.  The 13D also indicates that ValueAct sold 2 million ADS shares at $101.50 on October 28th and sold another 1.83 million shares at $102 the next day.

Per Yahoo Finance, Alliance Data Systems "provides data-driven marketing and loyalty solutions worldwide."

ValueAct Sells Some KKR and CBRE Group

Jeff Ubben's investment firm ValueAct Capital has been active in markets recently.  We just highlighted how they went activist on LKQ and also sold some Arcosa.  Well, they've now also revealed two other portfolio moves.


ValueAct Trims KKR Stake

First, ValueAct has filed an amended 13D with the SEC regarding its stake in KKR (KKR).  It notes they sold shares in late July and also now in early September, with the bulk of their recent sales coming on September 13th at a weighted average price of $28.23. 

Per the filing, ValueAct now owns 8.8% of the company with 48.1 million shares.

Per Yahoo Finance, KKR is "a private equity and real estate investment firm specializing in direct and fund of fund investments. It specializes in acquisitions, leveraged buyouts, management buyouts, credit special situations, growth equity, mature, mezzanine, distressed, turnaround, lower middle market and middle market investments"


ValueAct Sells Some CBRE Group

Second, Ubben's firm has filed a Form 4 with the SEC regarding its position in CBRE Group (CBRE).  They sold 3 million shares on September 12th at $53.86.  After this transaction, they now own 10.22 million shares.

Per Yahoo Finance, CBRE Group is "operates as a commercial real estate services and investment company worldwide. It operates through Americas; Europe, Middle East and Africa; Asia Pacific; Global Investment Management; and Development Services segments. The company offers strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing; integrated property sales, and mortgage and structured financing services under the CBRE Capital Markets brand; and valuation services that include market value appraisals, litigation support, discounted cash flow analyses, and feasibility studies, as well as consulting services, such as property condition reports, hotel advisory, and environmental consulting. It also provides facilities management, project management, transaction management, and strategic consulting services to occupiers of real estate; and property management services comprising construction management, marketing, building engineering, accounting, and financial services for owners of and investors in office, industrial, and retail properties. In addition, the company provides investment management services under the CBRE Global Investors brand to pension funds, insurance companies, sovereign wealth funds, foundations, endowments, and other institutional investors; and development services under the Trammell Crow Company brand name primarily to users of and investors in commercial real estate. CBRE Group, Inc. was founded in 1906 and is headquartered in Los Angeles, California."

ValueAct Reveals Activist LKQ Stake, Sells Some Arcosa

Jeff Ubben's activist investment firm ValueAct Capital has filed a couple of 13D's with the SEC recently.

ValueAct Reveals Activist LKQ Stake

First, per a 13D regarding shares of LKQ Corp (LKQ), ValueAct now owns 5.2% of LKQ with over 16.03 million shares as of September 3rd.  This is a brand new position for the firm.

The filing indicates they were out buying shares throughout August and into early September with weighted average purchase prices coming between $24.91 and $27.49. 

The 13D also includes this note regarding their stake: "The Reporting Persons have had and anticipate having further discussions with officers and directors of the Issuer in connection with the Reporting Persons' investment in the Issuer. The topics of these conversations have covered or will cover a range of issues, including those relating to the business of the Issuer, management, board composition (which include whether it makes sense for a ValueAct Capital employee to be on the Issuer's board of directors), investor communications, operations, capital allocation, dividend policy, financial condition, mergers and acquisitions strategy, overall business strategy, executive compensation, and corporate governance."

Per Google Finance, LKQ "distributes replacement parts, components, and systems used in the repair and maintenance of vehicles. It operates in three segments: North America, Europe, and Specialty. The company distributes bumper covers, automotive body panels, and lights, as well as automotive glass products, such as windshields; salvage products, including mechanical and collision parts comprising engines; transmissions; door assemblies; sheet metal products, such as trunk lids, fenders, and hoods; lights and bumper assemblies; scrap metal and other materials to metals recyclers; and brake pads, discs and sensors, clutches, steering and suspension products, filters, and oil and automotive fluids, as well as electrical products, including spark plugs and batteries."


ValueAct Sells Some Arcosa Shares

Second, in a separately amended 13D, ValueAct has disclosed it has sold some Arcosa (ACA).  Per the 13D, the fund sold shares on September 9th through 13th at weighted average prices of around $34.50.

After the sales, ValueAct still owns 5% of the company with over 2.41 million shares.

Per Yahoo Finance, Arcosa "manufactures and sells infrastructure-related products and services for the construction, energy, and transportation markets. It operates through three segments: Construction Products Group, Energy Equipment Group, and Transportation Products Group. The Construction Products Group segment offers lightweight and natural construction aggregates, and trench shields and shoring products that are used in construction landscape, including commercial, industrial, road and bridge, and underground construction. It serves concrete producers; commercial, residential, industrial, and highway contractors; manufacturers of masonry products; state and local governments; and equipment rental dealers. The Energy Equipment Group segment provides structural wind towers for wind turbine producers; steel utility structures for electricity transmission and distribution; and pressurized and non-pressurized storage and distribution containers that store and transport various products, such as propane, anhydrous ammonia, and natural gas liquids. The Transportation Products Group segment offers hopper barges, tank barges, fiberglass covers, hatches, castings, and winches for commercial marine transportation companies and industrial shippers; axles, circular forgings, and coupling devices for freight, tank, locomotive, and passenger rail transportation equipment, as well as for other industrial uses; and cast components for use in the industrial and mining sectors. The company is headquartered in Dallas, Texas."

Jeff Ubben Long Hawaiian Electric: Capitalize For Kids Conference 2018

We're posting up notes from the Capitalize For Kids 2018 investment conference.  Next up is Jeff Ubben of ValueAct Capital who pitched a long of Hawaiian Electric (HE).


Jeff Ubben's Capitalize For Kids Presentation: Long Hawaiian Electric

•    “The Utility of the Future”
•    Talking about the ValueAct Spring Fund
•    Stakeholder capitalism will be the de jeur over the next 20 years
•    Thus the spring fund, making companies more sustainable - invest more, go faster, be a leader, solve the problem (climate change, education, etc.)


•    Hawaiian Electric - Biggest and newest investment in the spring fund
•    “The resilient and growing platform that enables clean energy production and electrification of transportation to decarbonize Hawaii faster”
•    Hawaii is largely an oil burner for electricity generation. 50% of US’s oil burned for power in HE. Particularly since they have tons of renewable areas
•    Renewables are much more expensive since their diesel is particularly expensive
•    Intermittency is the issue
•    Batteries are so good that you will never need a gas peaking plant again
•    Can generate 6.5bn in savings throughout the whole state which can be passed to ratepayers, state and shareholders
o    Study has aggressive assumptions w.r.t rooftop solar
o    Also requires a smart grid.
o    Legislature and governor are buying and they are  pushing them
o    PUC is decoupling earnings from electron generation
•    Kauai buying renewable, 70% renewables by 2019
•    Off fossil fuel
•    Better and less volatile rates
•    Public health benefits
•    Climate change mitigation
•    Lower Cost of ownership for EVs
•    Grid resilience
•    Reduced habitat conflict and land required
•    You can give lifetime free day transportation to prevent grid overloading
•    7% -> 9-10%, bank will fund rooftop solar and charging stations in MFH housing
•    Terrible efficiency ratio
•    This creates value for all players
•    Multi-constituent environment
•    Moving Hawaii into leader status
•    Financial status - levers for traditional return
•    Can become a growth vehicle vs dividend clipper as it has more avenues for growth


Be sure to check out the rest of the presentations from Capitalize For Kids 2018. 

ValueAct Capital Files Form 4 on Seagate Technology (STX)

Jeff Ubben's activist investment firm ValueAct Capital has filed a Form 4 with the SEC regarding its stake in Seagate Technology (STX).  Per the filing, ValueAct now owns over 22.4 million shares.

The filing notes they entered into forward purchase contracts with an exercise date of June 2nd, 2018 and expiration date of December 3rd, 2018.  In total, these contracts represented 946,100 shares and obligated ValueAct to purchase shares at varying prices with the bulk coming at $54.72.

This means ValueAct's total STX stake is up from the 21.45 million shares they owned at the end of the first quarter.

For more on this fund, we've also highlighted another stock they've been buying recently.

Per Yahoo Finance, Seagate Technology "provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company manufactures and distributes hard disk drives, solid state drives and their related controllers, solid state hybrid drives, and storage subsystems. Its products are used in enterprise servers and storage systems applications; client compute applications, primarily for desktop and mobile computing; and client non-compute applications, including various end user devices, such as portable external storage systems, surveillance systems, network-attached storage, digital video recorders, and gaming consoles. The company offers external backup storage solutions under the Backup Plus and Expansion product lines, as well as under the Maxtor and LaCie brand names available in capacities up to 120 terabytes. It sells its products primarily to original equipment manufacturers, distributors, and retailers. Seagate Technology plc was founded in 1979 and is headquartered in Dublin, Ireland."

ValueAct Capital Takes Olympus Stake

Jeff Ubben's activist investment firm ValueAct Capital has disclosed a 5% ownership stake in Japanese camera and medical device company Olympus (TYO:7733).  Their stake is valued at around $600 million and is a brand new position.  Their core position size seems to be around $1 billion these days, so this is a bit below that.

As far as we're aware, this is firm's first activist bet in Asia.  ValueAct issued a statement, saying, "Olympus has an exceptional business model, market share, technology leadership and emerging markets presence in the global medical device industry.  We think it's an ideal company for our first investment in Japan."

Activism in Japan seems to slowly becoming more acceptable.  Changes in corporate governance in the country have helped that progress.  A few years ago we highlighted Third Point's activist position in Sony and they had also previously invested in Seven & i.

You can view more ValueAct portfolio activity here.

ValueAct Capital Increases Trinity Industries Exposure

Jeff Ubben's activist investment firm ValueAct Capital has filed an amended 13D and Form 4 with the SEC regarding its stake in Trinity Industries (TRN).  Per the filing, ValueAct now owns 13.8% of the company with over 20.76 million shares.

The filings indicate ValueAct purchased Form 4 indicates ValueAct purchased over 1.5 million shares across March 2nd, 6th, 7th, 8th, 15th, 16th, and 19th.  These purchases came at prices between $31.10 and $33.

For more on this firm, we recently highlighted another stock ValueAct was reducing its position in.

Per Google Finance, Trinity Industries is "a diversified industrial company that owns businesses providing products and services to the energy, chemical, agriculture, transportation and construction sectors. The Company's products and services include railcars and railcar parts; parts and steel components; the leasing, management and maintenance of railcars; highway products; construction aggregates; inland barges; structural wind towers; steel utility structures; storage and distribution containers, and trench shields and shoring products. The Company's segments include the Rail Group, Construction Products Group, Inland Barge Group, Energy Equipment Group, Railcar Leasing and Management Services Group, and All Other. Its All Other segment includes its captive insurance and transportation companies, and other peripheral businesses. It manufactures a line of railcars, including autorack cars, box cars, covered hopper cars, gondola cars, intermodal cars, open hopper cars and tank cars."

ValueAct Capital Reduces Armstrong World Industries Exposure

Jeff Ubben's activist investment firm ValueAct Capital has filed a 13D and a Form 4 with the SEC regarding its stake in Armstrong World Industries (AWI).  Per the filing, ValueAct now owns 12.9% of the company with 6.85 million shares. 

The Form 4 notes they sold 2.35 million shares on March 12th at $59.60 per share.  We've also highlighted other recent portfolio activity from ValueAct here.

Per Google Finance, Armstrong World Industries is "a global producer of ceiling systems. The Company owns and operates the Building Products (Ceilings) segment. The Company designs, manufactures and sells ceiling systems (primarily mineral fiber, fiberglass wool and metal) around the world. Its products are used in commercial and institutional buildings. Its geographical segments include Americas (including Canada); Europe, Middle East and Africa (including Russia) (EMEA), and Pacific Rim. As of December 31, 2016, it had 15 manufacturing plants in eight countries, including six plants located throughout the United States. Its Americas segment sells products for use in single and multi-family housing. It sells commercial products to building materials distributors re-selling its products to contractors, subcontractors' alliances, architect and design firms, and facility owners. Residential ceiling products are sold in the Americas primarily to wholesalers and retailers."

ValueAct Capital Trims CBRE Group Stake, Adds To Trinity Industries

Jeff Ubben's activist firm ValueAct Capital has submitted two SEC filings recently.

ValueAct Trims CBRE Group Stake

First, in an amended 13D with the SEC regarding its stake in CBRE Group (CBG), ValueAct now reports they own 5.9% of the company with 19.91 million shares.

The 13D indicates ValueAct sold 5 million CBG shares on March 1st at a price of $45.78.  This is the third time they've made filings indicating they've reduced their position over the past 6 months.

Per Google Finance, CBRE Group is "a holding company that conducts all of its operations through its subsidiaries. The Company operates as a commercial real estate services and investment company. The Company operates through the segments: The Americas; Europe, Middle East and Africa (EMEA); Asia Pacific; Global Investment Management, and Development Services. The Company provides commercial real estate services under the CBRE brand name, investment management services under the CBRE Global Investors brand name and development services under the Trammell Crow Company brand name. The Company's business is focused on commercial property, corporate facilities, project and transaction management, tenant/occupier and property/agency leasing, capital markets solutions (property sales, commercial mortgage brokerage, loan origination and servicing) real estate investment management, valuation, development services and proprietary research. "


ValueAct Adds To Trinity Industries Position

Second, ValueAct has also filed a Form 4 with the SEC regarding its position in Trinity Industries (TRN).  Per that filing, ValueAct acquired 950,000 TRN shares across February 28th, and March 1st and 2nd. 

They purchased shares around the $32.85 level and after these buys now own over 19.55 million TRN shares.

Per Google Finance, Trinity Industries is "a diversified industrial company that owns businesses providing products and services to the energy, chemical, agriculture, transportation and construction sectors. The Company's products and services include railcars and railcar parts; parts and steel components; the leasing, management and maintenance of railcars; highway products; construction aggregates; inland barges; structural wind towers; steel utility structures; storage and distribution containers, and trench shields and shoring products. The Company's segments include the Rail Group, Construction Products Group, Inland Barge Group, Energy Equipment Group, Railcar Leasing and Management Services Group, and All Other. Its All Other segment includes its captive insurance and transportation companies, and other peripheral businesses. It manufactures a line of railcars, including autorack cars, box cars, covered hopper cars, gondola cars, intermodal cars, open hopper cars and tank cars."

ValueAct Capital Boosts KKR Stake, Trims CBRE Group

Jeff Ubben's activist firm ValueAct Capital has made a few notable transactions recently.


ValueAct Boosts KKR Stake

First, ValueAct has filed a 13D with the SEC regarding its stake in KKR (KKR).  Per the filing, ValueAct now owns 9.99% of the private equity firm with 47.75 million shares.

Per the filing, ValueAct was buying KKR shares throughout mid-to-late November.  They bought between $19.19 and $19.50 and in total acquired 2.19 million shares.

You can view the rest of ValueAct's portfolio here.

Per Google Finance, KKR is "a global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit, and, through its strategic partners, hedge funds."


Ubben's Firm Sells More CBRE Group

Second, in a series of Form 4's filed with the SEC, ValueAct has disclosed a sale of over 3 million shares of CBRE Group (CBG).  They sold 2.3 million shares at $42.25 on November 28th, sold another 600,000 at $42.57 on November 27th, and sold 246,000 on November 22nd.  After all these sales they still own over 24.91 million shares.

Per Google Finance, CBRE Group is "CBRE Group, Inc. is the largest commercial real estate services and investment firm in the world. It is based in Los Angeles, California and operates more than 450 offices worldwide and has clients in more than 100 countries."

You can view the rest of ValueAct's portfolio here.

ValueAct Sells More Willis Towers Watson

In what has become somewhat of a regular occurrence as of late, Jeff Ubben's activist investment firm ValueAct Capital has again sold shares of its stake in Willis Towers Watson (WLTW).

Their latest Form 4 filed with the SEC shows they sold over 287,000 shares across October 11th through 13th at weighted average prices of between $156.04 and $157.34.

After these sales, their position size is now around 2.68 million WLTW shares remaining.

Per Google Finance, Willis Towers Watson "operates as a global advisory, broking and solutions company. It is engaged in offering risk management, insurance broking, consulting, technology and solutions, and private exchanges. The Company operates through eight segments: Willis International; Willis North America; Willis Capital, Wholesale & Reinsurance (CWR); Willis GB; Towers Watson Benefits; Towers Watson Exchange Solutions; Towers Watson Risk and Financial Services; and Towers Watson Talent and Rewards. The Willis GB segment comprises four business units: Property and Casualty, Transport, Financial Lines and Retail Networks. The Willis Capital Wholesale and Reinsurance segment includes Willis Re; Willis Capital Markets & Advisory; Willis' wholesale business, and Willis Portfolio Underwriting Services. The Willis North America segment provides risk management, insurance brokerage and related risk services.

ValueAct Capital Pares Down Willis Towers Watson Stake Again

Jeff Ubben's activist investment firm ValueAct Capital has filed a Form 4 with the SEC regarding its position in Willis Towers Watson (WLTW). We've highlighted previously how ValueAct has been trimming its WLTW stake and that trend continues.

This time around, the hedge fund sold 8,118 WLTW shares on October 6th at a price of $156.06.  After this sale, they're left owning 2.97 million shares.

This firm has been quite busy as of late and we also posted about another stock ValueAct has been trimming.

Per Google Finance, Willis Towers Watson "operates as a global advisory, broking and solutions company. It is engaged in offering risk management, insurance broking, consulting, technology and solutions, and private exchanges. The Company operates through eight segments: Willis International; Willis North America; Willis Capital, Wholesale & Reinsurance (CWR); Willis GB; Towers Watson Benefits; Towers Watson Exchange Solutions; Towers Watson Risk and Financial Services; and Towers Watson Talent and Rewards. The Willis GB segment comprises four business units: Property and Casualty, Transport, Financial Lines and Retail Networks. The Willis Capital Wholesale and Reinsurance segment includes Willis Re; Willis Capital Markets & Advisory; Willis' wholesale business, and Willis Portfolio Underwriting Services. The Willis North America segment provides risk management, insurance brokerage and related risk services."

ValueAct Capital Trims Willis Towers Watson Stake Again

Jeff Ubben's activist investment firm ValueAct Capital has filed yet another Form 4 with the SEC regarding its stake in Willis Towers Watson (WLTW).

Per the filing, ValueAct now owns 3.28 million shares. They sold 41,348 shares on September 18th at $152.38 per share. As we've highlighted previously, they've been reducing their WLTW position size.

For more on this fund, we've also posted about another stock ValueAct has been selling as well as one stock ValueAct has been buying.

Per Google Finance, Willis Towers Watson "operates as a global advisory, broking and solutions company. It is engaged in offering risk management, insurance broking, consulting, technology and solutions, and private exchanges. The Company operates through eight segments: Willis International; Willis North America; Willis Capital, Wholesale & Reinsurance (CWR); Willis GB; Towers Watson Benefits; Towers Watson Exchange Solutions; Towers Watson Risk and Financial Services; and Towers Watson Talent and Rewards. The Willis GB segment comprises four business units: Property and Casualty, Transport, Financial Lines and Retail Networks. The Willis Capital Wholesale and Reinsurance segment includes Willis Re; Willis Capital Markets & Advisory; Willis' wholesale business, and Willis Portfolio Underwriting Services. The Willis North America segment provides risk management, insurance brokerage and related risk services."

ValueAct Trims CBRE Group Position

Jeff Ubben's activist firm ValueAct Capital has been busy lately.  In an amended 13D filed with the SEC, ValueAct has disclosed that they now own 8.5% of CBRE Group (CBG) with 28.87 million shares.

This is down from the 34.37 million shares they owned at the end of the second quarter.  In their most recent activity, the filing notes they sold 5.5 million shares at $35.90 in a block trade on September 15th.

For more on this firm, yesterday we highlighted how ValueAct added to its KKR stake again.

Per Google Finance, CBRE Group "operates as a commercial real estate services and investment company. The Company operates through the segments: The Americas; Europe, Middle East and Africa (EMEA); Asia Pacific; Global Investment Management, and Development Services. The Company provides commercial real estate services under the CBRE brand name, investment management services under the CBRE Global Investors brand name and development services under the Trammell Crow Company brand name. The Company's business is focused on commercial property, corporate facilities, project and transaction management, tenant/occupier and property/agency leasing, capital markets solutions (property sales, commercial mortgage brokerage, loan origination and servicing) real estate investment management, valuation, development services and proprietary research."

ValueAct Capital Adds To KKR Position Again

Jeff Ubben's activist firm ValueAct Capital has filed an amended 13D with the SEC regarding its stake in KKR (KKR).  Per the filing, ValueAct now owns 8.9% of the company with over 41.9 million shares.

This is the second time this month they've disclosed purchases in KKR.  Their latest round of buying came on September 6th through 8th, as well as September 11th through 15th, and on September 18th too.

In total, they acquired 6.75 million shares at prices ranging from $18.19 to $19.02. 

The filing also notes they also have exposure via cash-settled swaps with respect to 3.65 million shares.

Per Google Finance, KKR is "a global investment firm that manages investments across multiple asset classes, including private equity, energy, infrastructure, real estate, credit and hedge funds. The Company's business offers a range of investment management services to its fund investors, and provides capital markets services to its firm, its portfolio companies and third parties. The Company conducts its business with offices across the world, providing it with a global platform for sourcing transactions, raising capital and carrying out capital markets activities. The Company operates through four segments: Private Markets, Public Markets, Capital Markets and Principal Activities. It operates and reports its combined credit and hedge funds businesses through the Public Markets segment. The Capital Markets segment consists primarily of its global capital markets business. Through its Principal Activities segment, the Company manages the firm's assets and deploys capital."

ValueAct Capital Increases KKR Stake

Jeff Ubben's firm ValueAct Capital has increased its stake in KKR (KKR) per an amended 13D just filed with the SEC.  ValueAct now owns 7.5% of the company with over 35.15 million shares.

The filing notes they were out buying on August 22nd through 25th, as well as the 28th through September 1st, and on September 5th as well.  In total, they acquired 6.6 million shares.  They were buying between $18.42 and $18.98.

Ubben's firm also holds cash settled swaps with respect to 10.4 million common shares that aren't included in 35 million shares they own.

ValueAct has made quite a few portfolio adjustments recently and we've highlighted more of them here.

Per Google Finance, KKR is "a global investment firm that manages investments across multiple asset classes, including private equity, energy, infrastructure, real estate, credit and hedge funds. The Company's business offers a range of investment management services to its fund investors, and provides capital markets services to its firm, its portfolio companies and third parties. The Company conducts its business with offices across the world, providing it with a global platform for sourcing transactions, raising capital and carrying out capital markets activities. The Company operates through four segments: Private Markets, Public Markets, Capital Markets and Principal Activities. It operates and reports its combined credit and hedge funds businesses through the Public Markets segment. The Capital Markets segment consists primarily of its global capital markets business. Through its Principal Activities segment, the Company manages the firm's assets and deploys capital."

ValueAct Capital Increases Seagate Stake Again

Jeff Ubben's activist firm ValueAct Capital has filed an amended 13D with the SEC regarding its stake in Seagate Technology (STX).  Per the filing, ValueAct now owns 7.4% of the company with over 21.45 million shares.

Per the filing, ValueAct was buying STX shares on August 23rd through 25th, as well as the 29th and 30th.  In total, they bought 458,600 shares and paid around $31 for the bulk of the buys.

Also, the 13D notes that ValueAct and Morgan Stanley entered into a stock purchase agreement (10b5-1 plan) where MS will buy for the account of VA up to 6 million shares of STX stock.  Purchases can begin as soon as September 1st and will terminate no later than October 31st.

We've also highlighted other recent portfolio activity from ValueAct here.

Per Google Finance, Seagate Technology is "a provider of electronic data storage technology and solutions. The Company's principal products are hard disk drives (HDDs). In addition to HDDs, it produces a range of electronic data storage products, including solid state hybrid drives, solid state drives, peripheral component interconnect express (PCIe) cards and serial advanced technology architecture (SATA) controllers. Its storage technology portfolio also includes storage subsystems and high performance computing solutions. Its products are designed for applications in enterprise servers and storage systems, client compute applications and client non-compute applications. It designs, fabricates and assembles various components found in its disk drives, including read/write heads and recording media. Its design and manufacturing operations are based on technology platforms that are used to produce various disk drive products that serve multiple data storage applications and markets."

ValueAct Capital Sells More Willis Towers Watson

We previously highlighted how ValueAct Capital recently sold WLTW shares.  Jeff Ubben's activist firm has continued selling, per a recent Form 4 filed with the SEC.

Per the filing, ValueAct sold 311,000 shares at $149 across August 25th and 28th.  After the sale, they still own 4.22 million WLTW shares.

Per Google Finance, Willis Towers Watson "operates as a global advisory, broking and solutions company. It is engaged in offering risk management, insurance broking, consulting, technology and solutions, and private exchanges. The Company operates through eight segments: Willis International; Willis North America; Willis Capital, Wholesale & Reinsurance (CWR); Willis GB; Towers Watson Benefits; Towers Watson Exchange Solutions; Towers Watson Risk and Financial Services; and Towers Watson Talent and Rewards. The Willis GB segment comprises four business units: Property and Casualty, Transport, Financial Lines and Retail Networks. The Willis Capital Wholesale and Reinsurance segment includes Willis Re; Willis Capital Markets & Advisory; Willis' wholesale business, and Willis Portfolio Underwriting Services. The Willis North America segment provides risk management, insurance brokerage and related risk services."

ValueAct Shows KKR Stake, Adds to Trinity Industries, Trims Willis Towers Watson

Jeff Ubben's activist investment firm ValueAct Capital has been quite busy with SEC filings recently.  Here's a summary of all the activity:

ValueAct Shows KKR Stake

Back in April, we highlighted how ValueAct reportedly took a KKR stake.  Well now we get further confirmation of the exact size of that investment via a recently filed 13D with the SEC.

Per the filing, ValueAct now owns 6.1% of KKR (KKR) with over 28.55 million shares and the purchase was comprised of common stock and cash-settled swaps.

The filing also notes they've had discussions with management and will continue to do so.  They were buying in late June at $18.62 and throughout July around $19.50 and into August in the $18's.

Per Google Finance, KKR is "a global investment firm that manages investments across multiple asset classes, including private equity, energy, infrastructure, real estate, credit and hedge funds. The Company's business offers a range of investment management services to its fund investors, and provides capital markets services to its firm, its portfolio companies and third parties. The Company conducts its business with offices across the world, providing it with a global platform for sourcing transactions, raising capital and carrying out capital markets activities. The Company operates through four segments: Private Markets, Public Markets, Capital Markets and Principal Activities. It operates and reports its combined credit and hedge funds businesses through the Public Markets segment. The Capital Markets segment consists primarily of its global capital markets business. Through its Principal Activities segment, the Company manages the firm's assets and deploys capital."


Ubben's Firm Boosts Trinity Industries Exposure

Second, ValueAct has filed a 13D and a couple of Form 4's with the SEC regarding its position in Trinity Industries (TRN).

Per the 13D, Jeff Ubben's firm now owns 11% of Trinity Industries with over 16.72 million shares.  But a more recent Form 4 indicates their stake is now 16.94 million shares.

The Form 4 indicates ValueAct was buying TRN shares in mid-august between $28.11 and $28.57.

Per Google Finance, Trinity Industries is "a diversified industrial company that owns businesses providing products and services to the energy, chemical, agriculture, transportation and construction sectors. The Company's products and services include railcars and railcar parts; parts and steel components; the leasing, management and maintenance of railcars; highway products; construction aggregates; inland barges; structural wind towers; steel utility structures; storage and distribution containers, and trench shields and shoring products. The Company's segments include the Rail Group, Construction Products Group, Inland Barge Group, Energy Equipment Group, Railcar Leasing and Management Services Group, and All Other. Its All Other segment includes its captive insurance and transportation companies, and other peripheral businesses. It manufactures a line of railcars, including autorack cars, box cars, covered hopper cars, gondola cars, intermodal cars, open hopper cars and tank cars."


ValueAct Trims Willis Towers Watson Stake

Third, in a Form 4 with the SEC, Ubben's firm has disclosed activity in their Willis Towers Watson (WLTW) stake. They were selling some shares on August 17th, 18th, and 21st at $150.04, $148.76, and $149.14.  In total, they sold 106,000 shares and they're left owning 5.18 million shares.

Per Google Finance, Willis Towers Watson "operates as a global advisory, broking and solutions company. It is engaged in offering risk management, insurance broking, consulting, technology and solutions, and private exchanges. The Company operates through eight segments: Willis International; Willis North America; Willis Capital, Wholesale & Reinsurance (CWR); Willis GB; Towers Watson Benefits; Towers Watson Exchange Solutions; Towers Watson Risk and Financial Services; and Towers Watson Talent and Rewards. The Willis GB segment comprises four business units: Property and Casualty, Transport, Financial Lines and Retail Networks. The Willis Capital Wholesale and Reinsurance segment includes Willis Re; Willis Capital Markets & Advisory; Willis' wholesale business, and Willis Portfolio Underwriting Services. The Willis North America segment provides risk management, insurance brokerage and related risk services."

For more from this investment firm, we highlighted how ValueAct recently boosted its position in another stock as well.

ValueAct Capital Boosts Seagate Position

Jeff Ubben's activist investment firm ValueAct Capital has filed a 13D with the SEC regarding its stake in Seagate Technology (STX).  Per the filing, ValueAct now owns 7.2% of the company with 21 million shares.

The filing notes they've had talks with officers and directors of the company and will continue to do so.  ValueAct was buying on July 29th, 31st as well as August 1st, 2nd, 3rd, 4th, 7th, 8th, and 9th.  In total, they purchased 7,184,235 shares in a range between $32.19 and $33.50. 

We've highlighted how recently ValueAct has been trimming numerous positions, and it looks like this is where some of the proceeds ended up.

Per Google Finance, Seagate is "a provider of electronic data storage technology and solutions. The Company's principal products are hard disk drives (HDDs). In addition to HDDs, it produces a range of electronic data storage products, including solid state hybrid drives, solid state drives, peripheral component interconnect express (PCIe) cards and serial advanced technology architecture (SATA) controllers. Its storage technology portfolio also includes storage subsystems and high performance computing solutions. Its products are designed for applications in enterprise servers and storage systems, client compute applications and client non-compute applications. It designs, fabricates and assembles various components found in its disk drives, including read/write heads and recording media. Its design and manufacturing operations are based on technology platforms that are used to produce various disk drive products that serve multiple data storage applications and markets."