Mason Morfit’s ValueAct Capital Management increased its holdings in Salesforce and Disney in the second quarter, a regulatory filling show. Morfit, who sits on Salesforce’s board of directors , hiked ValueAct’s stake in the maker of customer relationship management software by more than 12% in the second quarter, pushing the total value above $1 billion, according to InsiderScore. It was ValueAct’s largest single position at the end of June. He also added more than 13% to the fund’s Disney position, making it the third biggest holding worth more than $600 million. Both stocks, members of the Dow Jones Industrial Average , suffered in the second quarter, with Salesforce dropping nearly 15%, and Disney slumping almost 19%. ValueAct, which runs a concentrated portfolio, is still waiting for a payoff. Salesforce is only up 1.5% so far in the third quarter while Disnely has gone on to lose another 11%. CRM DIS YTD mountain Salesforce and Disney, year to date Those were the activist hedge fund’s only increased positions, according to ValueAct’s 13F filling. Morfit didn’t open any new positions in the latest three-month period, either. But the Princeton alum, who sat on the Microsoft board for almost 4 years between 2014 and 2017, zeroed out stakes in CBRE Group and Illumina during the second quarter, missing out on bounces. Both stocks slipped in the second quarter, but are tracking for gains in the third. With those moves, the portfolio now sits at just 10 stocks. Morfit also made sizable cuts to other names, including slashing ValueAct’s holding in Fiserv by nearly 70%. Morfit has led ValueAct since 2020 when founder Jeff Ubben stepped back from the firm.