Noble’s performance was strong during the early part of his FOSFX tenure, outperforming his category (Foreign Large-Cap Growth) by an average of 18% per annum for the period 1985-1987 (per Yahoo Finance). His formative years were spent working for the legendary Peter Lynch before becoming the first Portfolio Manager of the Fidelity Overseas Fund ( FOSFX ) in 1984. Noble began his career in 1981 as an analyst at Fidelity Investments. Uses social media as a bully pulpit to disparage others for being wrong despite being wrong many times himself. Laments creations of social media when it appears he used one of them to elevate his own profile Ĭlaims altruistic intentions when his campaign of righteous indignation may have commercial motivations and Pleads for civility in discourse while regularly excoriating those who dare disagree with him īemoans ad hominem attacks yet routinely hurls insults himself What I discovered is a man who is a walking contradiction. What’s his story? What’s he like? And why is he doing this? With all the buzz, I couldn’t help but do some research to better understand our new hero. He’s more active than ever on Twitter, hosts his own Spaces discussions and pinned a recent Forbes piece on his crusade to his Twitter profile. Noble seems to be enjoying his newfound fame. He has promised these individuals that he will become their worst nightmare. Noble’s hit list has grown to include RealVision cofounder Raoul Pal, crypto investor Nic Carter, contrarian macro strategist David Hunter, Tiger Global founder Chase Coleman, and likely a host of others. I should note, however, that these are only estimates.In addition to those named above, Mr. However, based on the information contained in the report, it would appear that ValueAct owned $7.1 billion worth of securities at the end of the period, which compares to overall assets under management of $16 billion as reported at the end of 2019. Based on the positions detailed in the firm's most recent 13F, it would appear that ValueAct is currently holding a lot of cash.Īs a reminder, these SEC filings do not detail cash holdings, international investments or credit investments. It already reduced its holding in Morgan Stanley (MS). Overall, the fund sold ten positions and only bought one. ValueAct made some significant changes to its portfolio in the quarter. The second-largest holding, with a similar weighting, was KKR & Co. At the end of the third quarter of 2020, ValueAct owned 31.5 million Seagate shares, giving the $1.5 billion position a 22% portfolio weight. This position has been taken by Seagate Technology (NASDAQ:STX). The firm still owns 27 million shares in the banking giant, but it's no longer the fund's largest position. The hedge fund owned 31.5 million in this global investment bank at the end of the second quarter of 2019. Its latest 13-F filing at the time (for the three months to the end of June 2019) noted that the firm had 23% of assets under management invested in just one position, Citigroup (NYSE:C). The last time I covered the firm, I noted that ValueAct's flagship fund portfolio was highly concentrated. Warning! GuruFocus has detected 3 Warning Signs with C. Unlike other activists, which may have been more aggressive in pushing for change at companies, ValueAct favored working with management behind the scenes to improve operational performance without engaging in explosive confrontations. Managed by founder Jeff Ubben until the beginning of this year, ValueAct followed a strategy that has been labeled a "Mr. The firm, which managed around $16 billion at the end of 2019, has returned 14.1% per annum for investors since its inception in 2000. One of the world's most successful hedge funds is ValueAct Capital.
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