Influential activist investor ValueAct Capital has sold its entire stake in The Walt Disney Company, according to a recent SEC disclosure. The filing, made public on August 14, 2026, reveals that the firm sold its 400.23K shares, valued at approximately $38.57 million, during the second quarter which ended on June 30. This move marks a significant change from the firm's previously supportive stance.
ValueAct had entered into a strategic information-sharing agreement with Disney in early 2024 to consult on strategy and had backed the company's board during a proxy battle. As a reminder, these quarterly 13F filings reflect portfolio changes from the preceding quarter, meaning the decision to sell occurred between April and June 2026. The firm has not publicly commented on its reasons for the exit.