NEW YORK Feb 22 Jeffrey Ubben, the chief
executive of ValueAct Capital, told Reuters on Wednesday that
his firm has been disinvesting in the capital markets as
valuations have become overextended, leaving it with $3 billion
"I really feel that the large-cap activist plays are very
treacherous with high PEs (price-to-earnings) and not a lot of
growth," Ubben said, speaking at the Reuters "Future of
Shareholder Activism" event in New York.
ValueAct, based in San Francisco, manages around $16
billion. The fund's largest holding is a $2.4 billion stake in
Microsoft Corp, the software company where ValueAct
partner Mason Morfit is also a board director.
(Reporting By Jennifer Ablan and Lawrence Delevingne; Editing
by Jonathan Oatis)