ValueAct got his "win" at Willis Group this week, with the merger with Towers Watson. It was a relatively untold story of Willis Group, but maybe for good reason. Since Jeff Ubben profiled Willis Group at the 2013 VIC conference, shares are up just 9%.
Here was Ubben's key thesis from VIC:
h/t Ben Levisohn
Even though it wasn't the home run since 2013, ValueAct made out fairly well. Since it went active in 2010, the stock is up 54%.
And yet, a 9.3% annualized return might not be all that great - compared to the S&P 500 annualized 14.8% over that same period.