Mason Morfit Q1 2026 Portfolio — KKR & SPOT Initiated, V & TOST Significantly Expanded

Mason Morfit's ValueAct Capital Management initiated three new positions — KKR ($303M), SPOT ($174M), and WIX ($94M) — in its Q1 2026 13F filing. Total AUM stands at $5.7B across 18 holdings, with V as the top position at a 12.3% weighting ($700M). During the quarter, Morfit increased TOST by 61% while cutting DIS by 87%, marking a striking contrast in conviction.

Top 5 Holdings — Q1 2026

• V: $700M (12.3%)
• AMZN: $601M (10.5%)
• CRM: $559M (9.8%)
• BLK: $525M (9.2%)
• META: $524M (9.2%)

Q1 2026 Key Portfolio Moves

Morfit's portfolio maintains a concentrated strategy centered on fintech, platform, and large-cap technology names. The top five holdings (V, AMZN, CRM, BLK, META) account for 51% of the total portfolio, reflecting ValueAct's hallmark activist style of concentrating capital in a select group of high-conviction positions. Notably, raising V's weighting by an additional 35% to solidify its status as the top holding reads as a reaffirmation of long-term confidence in payment infrastructure.

• KKR: New position at $303M (5.3% weighting) — a bet on alternative asset market growth, immediately entering the top 10 holdings
• SPOT: New position at $174M — digital diversification targeting the scalability of subscription-based audio platforms
• V: Position increased +35% to $700M (12.3% weighting) — reinforcing top holding status with long-term conviction in payment infrastructure
• TOST: Position increased +61% to $342M (6.0% weighting) — adding further exposure to high-growth restaurant fintech momentum
• DIS: Position reduced -87% to $39M — approaching full exit, signaling withdrawal of confidence in legacy media business models
• NSIT: Full exit, $99M sold to $0 — complete liquidation of IT solutions reseller position

Newly initiated KKR ($303M, 5.3% weighting) immediately entered the top 10 holdings. The move is interpreted as a direct bet on the asset manager itself amid an expanding private equity and alternative investment market. The additions of SPOT ($174M) and WIX ($94M) signal portfolio diversification toward subscription-based digital platforms. Meanwhile, DIS was reduced to approximately $39M — effectively a near-full exit — while NSIT was completely liquidated (from $99M to $0).

Concentrated Activist Strategy Converging on Fintech & Platforms

Within its already-compact 18-stock portfolio, ValueAct simultaneously initiated three new positions and added to existing core holdings this quarter. The entry of KKR and SPOT introduces alternative asset management and subscription platform exposure as new portfolio pillars — a notable shift. The exits of DIS and NSIT, along with reductions in RKT (-28%) and MDB (-26%), reflect a disciplined repositioning away from names where the growth narrative has weakened. Given the continued buildup in core holdings such as V, TOST, and CRM, the key watch item for Morfit's next move will be whether he further concentrates these existing high-conviction positions.