Great investors · Mason Morfit · Q1 2025
What Mason Morfit bought and sold in Q1 2025
ValueAct 13F portfolio as of Mar 31, 2025: 14 positions worth $4.6 bn. Largest: CRM, DIS, NSIT, META. Filed with the SEC on May 15, 2025.
The 13F is filed by ValueAct, not by Mason Morfit personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2025
- IncreasedMeta PlatformsMETA+10.1 pp
- IncreasedVisaV+7.2 pp
- NewRocket CompaniesRKT+1.8 pp
- IncreasedLiberty MediaLLYVK*+1.7 pp
- NewNu HoldingsNU+0.8 pp
Sells in Q1 2025
- ReducedToastTOST−4.3 pp
- ReducedExpedia GroupEXPE−3.3 pp
- ReducedRobloxRBLX−1.7 pp
- ReducedLive Nation EntertainmentLYV−0.5 pp
10 companies with material moves, out of 11 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
ValueAct's Q1 2025 13F lists 14 lines of US-listed securities worth $4.6 bn; the largest is CRM at 17.0% of the portfolio. It was accepted by the SEC on May 15, 2025 at 4:05 PM ET.
Against the previous quarter, it opened 2 positions (RKT and NU), closed none, added to 5 (META, V, Liberty Media and Liberty Media and 1 more) and trimmed 4 (EXPE, RBLX, TOST and LYV). 3 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Salesforce CRM | 2.9 M | $778M | 17.0% | no change |
| 2 | Walt Disney DIS | 6.6 M | $648M | 14.1% | no change |
| 3 | Insight Enterprises NSIT | 4.1 M | $609M | 13.3% | no change |
| 4 | Meta Platforms META | 1.0 M | $585M | 12.8% | +380% |
| 5 | Roblox RBLX | 8.8 M | $511M | 11.2% | −14% |
| 6 | Visa V | 1.3 M | $460M | 10.0% | +251% |
| 7 | Liberty Media | 3.9 M | $266M | 5.81% | +23% |
| 8 | Expedia Group EXPE | 1.1 M | $188M | 4.10% | −45% |
| 9 | Live Nation Entertainment LYV | 885,266 | $116M | 2.52% | −17% |
| 10 | Liberty Media | 1.7 M | $112M | 2.43% | +31% |
| 11 | Amazon.com AMZN | 563,100 | $107M | 2.34% | +4.9% |
| 12 | Toast TOST | 2.6 M | $86.1M | 1.88% | −70% |
| 13 | Rocket Companies RKT | 6.7 M | $81.2M | 1.77% | new |
| 14 | Nu Holdings NU | 3.4 M | $35.0M | 0.76% | new |
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.