ValueAct Falls 2.2% In 2015; Still Likes Valeant

Jeffrey Ubben’s ValueAct Capital Master Fund, L.P., declined 1.3% in the fourth quarter (on a time-weighted basis) and 2.2% for the year ending December 31, 2015, after all fees and expenses according to the fund’s fourth-quarter letters to investors as reviewed by ValueWalk. In comparison, the S&P 500 increased 7% in the fourth quarter and 1.3% for the year as a whole while the MSCI World Index rose 5.6% in the fourth quarter and declined 0.2% for the year. While the results were disappointing for the fund, many observers expected far worse performance considering how much some of the largest…