The document reports on the investment activities of ValueAct Capital Master Fund for the first quarter of 2013. It summarizes that the fund appreciated 9.7% for the quarter, outperforming the S&P 500 and Russell 2000 indexes. Since inception in 2000, the fund has appreciated 16.6% annually, compared to 2.6% for the S&P 500 and 6.3% for the Russell 2000. The document discusses several positions including realizing investments in Moody's and Halliburton, selling part of the position in C.R. Bard, and the acquisition of Gardner Denver. It also introduces new positions initiated in the quarter in MICROS Systems, Invensys, and Microsoft.
Original Description:
ValueAct's Q1 Letter plus their presentation on MSFT
The document reports on the investment activities of ValueAct Capital Master Fund for the first quarter of 2013. It summarizes that the fund appreciated 9.7% for the quarter, outperforming t…