ValueAct Holdings LP

ValueAct Capital is a San Francisco investment firm that dates to 2000, with Jeff Ubben as its public face until he retired in 2020. Mason Morfit succeeded Ubben as chief executive and is also chief investment officer. Since 2023 he has shared the top job with co-chief executive Robert Hale, who took charge of a new Japan fund. ValueAct invests for the long term in high-quality companies, treats managers and directors as partners, and often holds positions for several years. Its team has served on many public company boards, and its stated goal is to leave a company better off than when it first invested.

Context In 2016 the US Justice Department sued ValueAct, alleging that it had bought Halliburton and Baker Hughes shares while their proposed merger was under review without filing the required antitrust notice, and had used its access to both companies' executives to discuss the merger and other strategy. ValueAct settled later that year, agreeing to what was then the largest civil penalty for that kind of violation and to limits on relying on the exemption for purchases made only as an investment.