Jeff Ubben Focuses on Entertainment Stock in Third Quarter

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Nov 18, 2014
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Jeff Ubben (Trades, Portfolio) is the founder, chief executive officer and the chief investment officer of ValueAct Holding LP. ValueAct’s investing philosophy is to acquire significant ownership stakes in a limited number of companies it believes are undervalued.

Ubben tends to favor technology and healthcare stocks in his portfolio, but most of his activity in the third quarter focused on entertainment holdings.

Ubben added holdings in two companies to his portfolio in the third quarter – Agrium Inc (AGU, Financial) and Twenty-First Century Fox Inc (FOXA, Financial).

Ubben bought 5,216,753 shares of Agrium, a Calgary, Alberta supplier of agricultural products and services, for an average price of $91.96. The purchase had a 3.1% impact on his portfolio.

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His purchase of 4,600,000 shares of Twenty-First Century Fox, a New York-based mass media corporation, at an average price of $34.58 had a 1.1% impact on his portfolio.

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He added to his stakes in Twenty-First Century Fox and Armstrong World Industries Inc (AWI, Financial).

Ubben increased his stake in Twenty-First Century Fox with the purchase of an additional 22,536,917 shares at an average price per share of $33.74. The transaction had a 5.01% impact on his portfolio.

Ubben bought 6,500,000 shares of Armstrong World Industries, a designer and manufacturer of floors and ceilings based in Pennsylvania, more than tripling his stake in the company. He paid an average price of $55.75 per share. The purchase had a 2.47% impact on his portfolio.

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Ubben sold all of his holdings in three companies in the third quarter – Dresser-Rand Group Inc (DRC, Financial), Expediters International of Washington Inc (EXPD, Financial) and KAR Auction Services Inc (KAR, Financial).

He sold 4,358,408 shares in Dresser-Rand, a Houston-based supplier of custom-engineered rotating equipment for the oil, gas, process, power and other industries, for an average price of $67.19. The transaction had an impact of -2.1% on his portfolio.

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Ubben sold 905,364 shares in Expediters International, a Seattle-based logistics company, for an average price of $42.61. The sale had an impact of -0.3% on his portfolio.

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He sold 803,628 shares in KAR Auction Services, an Indiana-based provider of vehicle auction services, for an average price of $30.23. The deal had a -0.19% impact on his portfolio.

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He reduced his stakes in two companies – Rockwell Collins Inc (COL, Financial) and Adobe Systems Inc (ADBE, Financial).

Ubben sold 960,272 shares in Rockwell Collins, an Iowa-based provider of avionics and information technology systems and services to governmental agencies and aircraft manufacturers, for an average price of $76.88. The transaction had a -0.55% impact on his portfolio.

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He also sold 700,000 shares of Adobe Systems, a California-based computer software company, for an average price of $70.92. The sale of his Adobe stock had a -0.37% impact on his portfolio.

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