Quarter Ending 12/31/2011 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
*****  SOLD OFF
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
N/A N/A GARTNER INC 5,080,013 $34.87 $177,140,000 $177,140,000
N/A N/A WORLD FUEL SERVICES CORP 2,792,430 $32.65 $91,173,000 $91,173,000
*****  HOLD POSITIONS
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
0.00% -2.33% BARD C R INC 5,872,939 5,872,939 $85.50 $87.54 $502,136,000 $514,117,000 $0
0.00% -12.47% ENERGY SOLUTIONS INC 2,495,218 2,495,218 $3.09 $3.53 $7,710,000 $8,808,000 $0
0.00% 4.94% FIDELITY NATIONAL FINANCIA CL A 12,582,515 12,582,515 $15.93 $15.18 $200,439,000 $191,003,000 $0
0.00% 11.48% KAR AUCTION SVCS INC 908,828 908,828 $13.50 $12.11 $12,269,000 $11,006,000 $0
0.00% 10.61% MOODYS CORP 16,577,241 16,577,241 $33.68 $30.45 $558,321,000 $504,777,000 $0
0.00% 10.48% MOTOROLA CORP 24,001,000 24,001,000 $46.29 $41.90 $1,111,006,000 $1,005,642,000 $0
0.00% 4.95% ROCKWELL COLLINS INC 9,341,700 9,341,700 $55.37 $52.76 $517,250,000 $492,868,000 $0
0.00% 15.72% SARA LEE CORP 20,404,523 20,404,523 $18.92 $16.35 $386,054,000 $333,614,000 $0
0.00% 25.78% VALEANT PHARMACEUTICALS INTL 15,095,302 15,095,302 $46.69 $37.12 $704,800,000 $560,338,000 $0
0.00% 12.89% WILLIS GROUP HOLDINGS PUBLIC 8,578,410 8,578,410 $38.80 $34.37 $332,842,000 $294,840,000 $0
*****  AUGMENTED POSITIONS
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
47.27% 16.96% 7,902,600 ADOBE SYSTEMS INC 24,620,556 16,717,956 $28.27 $24.17 $696,023,000 $404,073,000 ($223,406,464)
196.26% 13.08% 14,080,007 CBRE GROUP INC 21,254,007 7,174,000 $15.22 $13.46 $323,486,000 $96,562,000 ($214,297,715)
*****  REDUCED POSITIONS
% pos ch % val ch Change COMPANY Cur. Pos. Prev. Pos. Approx PPS Prev PPS Value Prev Value
-40.35% 33.05% -2,824,625 NEW YORK TIMES CO CL A 4,175,375 7,000,000 $7.73 $5.81 $32,276,000 $40,670,000 $21,834,589
-7.82% 24.85% -998,000 VERISIGN INC 11,766,883 12,764,883 $35.72 $28.61 $420,313,000 $365,203,000 $35,648,555
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