ValueAct Capital Master Fund posted a 26 percent gain in 2021, according to the firm’s fourth-quarter letter obtained by Institutional Investor.
The fund has also compounded at nearly 23 percent per year over the past three years, according to the letter. This is especially impressive for an essentially long-only, value-driven fund in a period when investors were aggressively bidding up the prices of tech and internet companies and other risky investments.
“We
