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


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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.

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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.

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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.