Jeff Ubben's ValueAct Capital is now down for the year, in part, thanks to Valeant Pharma (VRX). Ubben's fund was down 8.3 percent in the third quarter and now off 0.9% through Sept. ValueAct was up 8 percent through the second quarter.
It wasn't just Valeant, however, with all its top holdings taking it on the chin during 3Q. Rolls-Royce has been a dud, as has one of its other recent activist campaign, 21st Century Fox.
Even with the slide in Valeant's stock price, it's still a top 5 holding for ValueAct.