Mason Morfit’s Latest Moves: Is ValueAct Pivoting Away from Big Entertainment?

[BellaJones]

For anyone who tracks the activist scene, ValueAct Capital is always a "must-watch." Mason Morfit doesn’t just passive-buy stocks; he gets in the kitchen and starts changing the menu. The latest ValueAct Capital 13F for Q4 2025 just dropped, and it’s sending some pretty loud signals about where they think the real alpha is hiding for 2026.

If you’ve been holding Disney or wondering why Rocket Companies is suddenly ripping, this filing has the answers.

The Big Shakeup: Tech Conviction vs. Entertainment Fatigue​

The most glaring takeaway from the ValueAct Capital 13F is the aggressive reshuffling of their core convictions. While ValueAct has historically been known for its steady hand, they aren't afraid to cut bait when the thesis shifts.

Ditching Disney, Doubling Down on Meta
The headlines are going to focus on the 29.92% slash to their Disney (DIS) position. After two years of holding, Morfit seems to be losing patience with the Mouse House's turnaround speed.

On the flip side, they are piling into Meta Platforms (META). A 36.34% increase in their Meta stake shows they believe the "Efficiency Year" wasn't just a one-off, but a fundamental shift in how Zuckerberg is running the shop.

The Salesforce Anchor
Despite all the noise in the SaaS space, Salesforce (CRM) remains their top dog. With an 11.29% weighting and a modest 3.31% add this quarter, ValueAct is clearly staying the course on Benioff’s margins.

Diving Into the ValueAct Capital 13F: The New Financial Frontier​

If you want to know where the "smart money" is moving next, look at the bottom half of the top holdings. ValueAct is making a massive pivot into financials and fintech.

BlackRock is the "New Buy" of the Season
The biggest shocker? BlackRock (BLK) is now a massive 10.59% of the portfolio. They didn't just nibble; they backed up the truck, initiating this as a "New Buy" at nearly $750 million. When an activist buys into the world’s largest asset manager, you can bet there are some interesting conversations happening behind closed doors.

The Rocket Companies (RKT) Surge
ValueAct also boosted their stake in Rocket Companies (RKT) by a staggering 55.07%. This is a high-beta play that suggests they are anticipating a major tailwind in the mortgage and lending space as we move deeper into 2026.

The Bottom Line​

This ValueAct Capital 13F tells a story of rotation. Morfit is rotating out of legacy entertainment (Disney) and volatile software (Mongodb—slashed by 33%) and into "toll-bridge" financials like BlackRock and Visa.

It’s a more defensive, margin-focused portfolio than we’ve seen from them in the past. They are betting on companies that control the flow of money and the infrastructure of the internet.

What’s your take? Is dumping Disney the right move here, or is Morfit selling the bottom?

 

[The Duke]

My take is I'm not going to invest in anything that promotes bad things.
Like modern Disney, "Meta", BlackRock, and Roblox.
Disney promotes perverted things, the head programmer of Roblox was just arrested for some kind of pedo stuff, BlackRock prices families out of homes, and Zuckerberg
datamines everyone on his platform and actively helped cheat the 2020 election.
It really doesn't matter what the money making potential is, they will not be using my money to do the bad things that they do, because that, in effect, is supporting them.
Did you hear the Metaverse imploded and was deleted?