What if you had copied ValueAct Capital?
Mason Morfit
The verdict
Copying ValueAct Capital's 13F filings from Feb 2020 would have turned $10,000 into $23,138, less than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,639 over the same days. The copy returned +13.3% a year against +14.4% for the S&P 500, 1.1 points a year behind. Its worst fall was 49.6%, from Feb 20, 2020 to Mar 23, 2020. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 18, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying ValueAct Capital$23,138
- S&P 500$24,639
- Bought their first portfolio and never traded$20,897
If you had bought their first portfolio and never traded, you would have ended at $20,897, so following every move earned $2,242 more.
- $10,000 copied
- $23,138
- +131.4%, +13.3% a year
- In the S&P 500
- $24,639
- +146.4%, +14.4% a year
- No trading
- $20,897
- Bought their first portfolio and never traded
- Worst fall
- −49.6%
- Feb 20, 2020 to Mar 23, 2020
- Trades
- 100
- 59 buys, 41 sales over 29 filings; about 57% of the copy traded a year
The moves that made the most
- KKR+$3,562
Held since Feb 2020, the stock up 382%
- FISVFiserv+$1,492
Held from Feb 2021 to Nov 2024, the stock up 85%
- SPOTSpotify Technology SA+$1,318
Held since May 2023, the stock up 325%
- RBLXRoblox+$1,185
Held since Nov 2023, the stock up 30%
- EXPEExpedia+$868
Held from Feb 2024 to Nov 2025, the stock up 77%
- LKQ+$786
Held from Feb 2020 to May 2023, the stock up 73%
The moves that cost the most
Held from May 2021 to May 2026, the stock down 9%
- BHCBausch Health Cos−$721
Held from Feb 2020 to Nov 2022, the stock down 74%
- CCitigroup−$395
Held from Feb 2020 to Feb 2023, the stock down 25%
- RKTRocket Cos−$79
Held since Aug 2022, the stock down 6%
Held from Feb 2020 to Nov 2020, the stock down 46%
Held from Aug 2025 to Nov 2025, the stock down 28%
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +0.9% | +13.1% | −12.2 |
| 2021 | +50.8% | +28.7% | +22.1 |
| 2022 | −28.1% | −18.2% | −10.0 |
| 2023 | +51.6% | +26.2% | +25.5 |
| 2024 | +30.4% | +24.9% | +5.5 |
| 2025 | +6.3% | +17.7% | −11.4 |
| 2026to Nov 2026 | +0.7% | +11.5% | −10.8 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.