trending Market Intelligence /marketintelligence/en/news-insights/trending/db4xubhs19a-koire9n_dw2 content esgSubNav
In This List

ValueAct Capital boosts Citi stake, invests in Sallie Mae in Q1

Blog

Municipal CUSIP Request Volumes Climbs for Fourth Straight Month

Blog

European Energy Insights - May 2021

Blog

Metals & Mining Insights May 2021

Blog

Corporate Credit Risk Trends in Developing Markets An Expected Credit Loss ECL Perspective


ValueAct Capital boosts Citi stake, invests in Sallie Mae in Q1

ValueAct Capital Management LP, a San Francisco-based hedge fund manager, took a huge position in Citigroup Inc. during the first quarter.

The investment firm owned 16.2 million shares of the bank as of March 31, up from a negligible stake as of Dec. 31, 2017. The position was worth $1.09 billion as of March 31, compared with $81.9 million at the end of 2017, according to the firm's most recent Form 13-F filing.

The activist investor has suggested that Citi could return $50 billion to shareholders via dividends and buybacks.

ValueAct also initiated a new $83.0 million stake in student loan company SLM Corp. during the first quarter. Since then, the hedge fund and its affiliates have filed a Form 13D stating that the firm entered into a forward agreement to acquire another 20 million Sallie Mae shares, giving ValueAct a 6.4% stake in the company.

SNL Image

Media company 21st Century Fox Inc. remained ValueAct's single-largest investment at $1.94 billion as of March 31, while a 39.9% price gain in Seagate Technology PLC boosted the hard drive maker into ValueAct's No. 2 spot, up from No. 6 at the end of 2017.

The hedge fund manager completely sold out of a $771.1 million position in Microsoft Corp. and an $89.6 million position in Express Scripts Holding Co. during the quarter and lowered its investment in CBRE Group Inc. and Armstrong World Industries Inc. by 20% and 26%, respectively.

SNL Image

Did you enjoy this analysis? Click here to set-up real-time alerts for data-driven articles on the U.S. financial sector.

Click here to view ValueAct Capital's current common stock holdings.

Company filings including the 13F can be found through the filings archive tab on a company's briefing book page.