Mason Morfit’s ValueAct Capital Management picked up Spotify last quarter as the music streaming giant rebounded off its 2022 selloff. The ValueAct CEO added about 2.25 million shares to the portfolio. Spotify has surged nearly 70% in the first quarter, regaining ground after dropping 66.3% in 2022. Still, the stock is more than 35% off where it ended 2021 as of Tuesday. SPOT YTD mountain Spotify YTD It was Morfit’s only new position in the quarter, but he grew Salesforce by a whopping 500%, while Insight Enterprises got a relatively modest 2% boost. Similar to Spotify, both stocks have jumped this year after ending last year down. On the other hand, he pulled back his exposure to financial services stocks Fiserv and KKR , as well as to the New York Times . And Morfit zeroed out his stake in auto parts stock LKQ . Despite an approximately 20% cutback, Fiserv was still his biggest holding. The stock has rallied more than 17% this year, more than erasing 2022’s loss of 2.6%. Similarly, KKR came in at the second biggest holding in the portfolio despite the more than 13% trim. The stock has added just 3.6% this year after dropping almost 38% last year. ValueAct manages $13 billion, according to FactSet. Money managers with more than $100 million in assets under management must disclose long positions to the Securities and Exchange Commission 45 days after the end of a quarter. It’s possible that these holdings have already been changed in the current quarter.
