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Date approximated to 2012-10-01 (VIC 2012 was held in early October).", "kpisCited": [ { "detail": "55% of revenue is monitoring/subscription, supporting recurring cash flow", "metric": "Moody's monitoring/subscription revenue share" }, { "detail": "Low double-digit (3-4% GDP + 2% disintermediation + 2-3% MA + 4% pricing)", "metric": "Moody's revenue growth opportunity" }, { "detail": "49% of LTM 6/30/12 revenue contractual, up from 29% in 2006", "metric": "CBRE contractual revenue" }, { "detail": "50% contractual and 31% leasing", "metric": "CBRE revenue mix" }, { "detail": "$1.4 trillion of commercial real estate debt maturing 2012-2015", "metric": "U.S. CRE loan maturities" }, { "detail": "Only ~2 alternative slates per year for companies with market cap > $200mm", "metric": "Slate proposals (1996-2002)" }, { "detail": "Only 1% of public-company CEOs fired per year", "metric": "CEO turnover (1993-1999)" }, { "detail": "Less than 1% of option plans rejected", "metric": "Shareholder rejection of option plans (2000)" }, { "detail": "$386bn maturing 2014 (2011 study); $376bn in 2016 (2012 study)", "metric": "Moody's-rated U.S. corporate debt maturities" }, { "detail": "Motorola Solutions 65% revenue / 61% EBIT from gov't radio (75% market share); Adobe 73%/78% from Digital Media (80%+ share); Moody's 69%/86% from ratings (80%+ share)", "metric": "Portfolio concentration" }, { "detail": "Halliburton 0.4x, Autodesk -2.8x, Gardner Denver 0.6x", "metric": "Net financial leverage of cyclical holdings" } ], "closingAsk": null, "extraction": { "at": "2026-04-22 17:18:17+00", "model": "unknown-legacy", "runId": null, "seconds": 151.52664, "promptVersion": null }, "scqaReward": "Concentrated quality compounds: Moody's, CBRE, Motorola Solutions and Adobe deliver double-digit organic growth runway with low cyclicality, justifying the ValueAct premium over traditional value managers.", "thesisTypes": [ "governance_board", "operational_turnaround", "undervaluation" ], "top3Reasons": [ "Activism alpha exists only where governance is good and blockholders are present", "Quality businesses with pricing power and recurring revenue beat traditional financials", "Board-level access through trusted directors compounds returns over time" ], "scqaSituation": "ValueAct manages concentrated, long-term equity positions and uses board-level engagement to drive change at quality businesses with pricing power and recurring revenue.", "thesisSummary": "Jeff Ubben frames ValueAct's playbook as constructive activism applied to high-quality businesses rather than turnaround projects. 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