A San Francisco activist investor founded by Jeff Ubben that prefers to work behind the scenes from inside company boardrooms.
Life story
Jeffrey Williams Ubben was born on July 19, 1961, in Illinois. He graduated from Duke University and earned an MBA from Northwestern University's Kellogg School of Management in 1987. Little is publicly known about his family or childhood.
How they got started
Ubben managed the Fidelity Value Fund at Fidelity Investments for eight years, then served as managing partner of Blum Capital from 1995 to 2000. In June 2000 he founded ValueAct Capital in San Francisco.
Unlike many activists, ValueAct prefers private, collaborative engagement with management over public fights. By its own count, over more than 24 years it has made over 120 core investments and served on more than 45 public company boards.
In 2020 Ubben left to focus on social investing, and his longtime partner Mason Morfit became CEO. In 2024 Rob Hale was elevated to co-CEO.
Investment style
ValueAct takes large, long-term stakes in high-quality companies and offers data-driven insights to management. The firm says it typically holds positions for 3–5 years and occasionally for 10 years or more, aiming to leave each company better off than when it invested.
A ValueAct partner frequently joins the company's board. It is "constructive activism" — influence from the inside rather than public confrontation.
Best decisions
Microsoft (2013)
In 2013 ValueAct built a roughly $2 billion stake in Microsoft, and Mason Morfit sat on its board from 2014 to 2017. The investment coincided with Microsoft's pivot to cloud computing and is regarded as one of ValueAct's best-known successes.
Board influence at large companies
Morfit was appointed to Salesforce's board in 2023, and in 2022 the firm took a ~7% stake in The New York Times to push for bundled subscriptions — showing ValueAct can exert influence even at very large companies.
Biggest mistakes
Valeant Pharmaceuticals (2015–2016)
ValueAct helped recruit Michael Pearson as Valeant's CEO, and Morfit sat on the board from 2007 and helped shape its strategy. When the Philidor controversy broke in late 2015, Valeant's shares collapsed — while Ubben had publicly defended Pearson until shortly before. It became the firm's most painful and reputation-damaging setback.
Today
In 2024–2025 ValueAct is led by Mason Morfit and Rob Hale. The firm built a roughly $1 billion position in Meta in 2024 and disclosed a 9.9% stake in Rocket Companies in 2025. Since leaving in 2020, Ubben has focused on social and environmental investing.
What to learn from following the portfolio
- ValueAct takes few but large positions — a new major stake often signals a board seat and a multi-year engagement.
- An activist's arrival signals that change is expected, but as Valeant showed, it is no guarantee of success.
- The firm invests in technology, media and financial services; financials (mortgage lenders, banks) are usually not halal, and in tech one should check debt and revenue composition. Check each position's halal status in the Portfolio tab.
- 13F data lags by 45 days; 13D/13G filings give faster news on activists' large stakes.
An introduction based on public sources — not investment advice. Spotted an error? Let us know.