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ValueAct Capital ups AES Corp. stake in Q2'19, sells out of PG&E

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ValueAct Capital ups AES Corp. stake in Q2'19, sells out of PG&E

San Francisco-based hedge fund manager ValueAct Capital Management LP added five new investments in the second quarter, based on the firm's most recent Form 13F filing.

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ValueAct's largest initiation, a $232.9 million stake in casino and gaming company The Stars Group Inc. became its 10th-largest position overall at the end of June. The next largest entry was a $66.5 million stake in newly public aerospace and defense company Parsons Corp., which began trading on May 8.

The hedge fund manager also bulked up its stake in independent power producer and energy trader AES Corp. by 165% to $69.5 million as of June 30.

Citigroup Inc. remained ValueAct's top holding at $2.21 billion as of June 30.

Overall, the fund manager's portfolio value increased to $9.58 billion as of June 30, up 5.3% since the end of March.

Jeffrey Ubben is the founder and CEO of ValueAct.

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ValueAct fully exited a $17.8 million stake in PG&E Corp. and a $5.1 million stake in Armstrong World Industries Inc., during the second quarter.

PG&E Corp. and its utility subsidiary Pacific Gas and Electric Co. filed for bankruptcy protection on Jan. 29, due to potential liabilities from wildfires. The company was then recently granted the sole right to submit a reorganization plan that could lead to faster resolution for California wildfire victims.

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Click here for a template containing ValueAct Capital Management's common stock holdings as of June 30, 2019.