Quarter Ending 9/30/2011 Back to the Enlightened American Website
ValueAct Holdings LP
*****  NEW POSITIONS TAKEN
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value Capital Invested
N/A N/A CBRE GROUP INC 7,174,000 $13.46 $96,562,000 ($96,562,000)
N/A N/A WORLD FUEL SERVICES CORP 2,792,430 $32.65 $91,173,000 ($91,173,000)
*****  SOLD OFF
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
N/A N/A ALERE INC 4,260,497 $36.62 $156,019,000 $156,019,000
N/A N/A CEPHALON INC 1,914,816 $79.90 $152,994,000 $152,994,000
N/A N/A FLIR SYSTEMS INC 2,631,205 $33.71 $88,698,000 $88,698,000
N/A N/A IMMUCOR INC 7,540,665 $20.42 $153,980,000 $153,980,000
N/A N/A INTERCONTINENTALEXCHANGE INC 525,000 $124.71 $65,473,000 $65,473,000
N/A N/A SNAP ON INC 1,318,380 $62.48 $82,372,000 $82,372,000
*****  HOLD POSITIONS
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
0.00% -28.54% ENERGY SOLUTIONS INC 2,495,218 2,495,218 $3.53 $4.94 $8,808,000 $12,326,000 $0
0.00% -13.45% GARTNER INC 5,080,013 5,080,013 $34.87 $40.29 $177,140,000 $204,674,000 $0
0.00% -35.96% KAR AUCTION SVCS INC 908,828 908,828 $12.11 $18.91 $11,006,000 $17,186,000 $0
0.00% -33.37% NEW YORK TIMES CO 7,000,000 7,000,000 $5.81 $8.72 $40,670,000 $61,040,000 $0
0.00% -13.90% SARA LEE CORP 20,404,523 20,404,523 $16.35 $18.99 $333,614,000 $387,482,000 $0
0.00% -28.56% VALEANT PHARMACEUTICALS INTL 15,095,302 15,095,302 $37.12 $51.96 $560,338,000 $784,352,000 $0
0.00% -16.39% WILLIS GROUP HOLDINGS PUBLIC 8,578,410 8,578,410 $34.37 $41.11 $294,840,000 $352,658,000 $0
*****  AUGMENTED POSITIONS
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
254.99% -23.15% 12,008,550 ADOBE SYSTEMS INC 16,717,956 4,709,406 $24.17 $31.45 $404,073,000 $148,111,000 ($290,246,656)
27.36% -20.32% 1,261,800 BARD C R INC 5,872,939 4,611,139 $87.54 $109.86 $514,117,000 $506,580,000 ($110,457,955)
132.44% -3.56% 7,169,400 FIDELITY NATIONAL FINANCIAL 12,582,515 5,413,115 $15.18 $15.74 $191,003,000 $85,202,000 ($108,831,733)
49.99% -20.60% 5,525,271 MOODYS CORP 16,577,241 11,051,970 $30.45 $38.35 $504,777,000 $423,843,000 ($168,244,506)
16.86% -8.99% 3,463,100 MOTOROLA CORP 24,001,000 20,537,900 $41.90 $46.04 $1,005,642,000 $945,565,000 ($145,103,904)
349.73% -14.48% 7,264,500 ROCKWELL COLLINS INC 9,341,700 2,077,200 $52.76 $61.69 $492,868,000 $128,142,000 ($383,274,948)
54.79% -14.50% 4,518,514 VERISIGN INC 12,764,883 8,246,369 $28.61 $33.46 $365,203,000 $275,924,000 ($129,274,578)
*****  REDUCED POSITIONS
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
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