Valueact Co-invest Master Fund, L.p.

BHC

DIRECTOR · BAUSCH HEALTH COMPANIES INC. · CIK 0001579734

FILING MIX · LIFETIME50%/50%

BUYS

SELLS

TOTAL VALUE

$36.50M

COMPANIES

ACTIVE SINCE

Apr 2020

HOLDINGS NOW

17,931,594

AVG SELL PX

$19.24

Trades · vs SPY

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Performance · forward returns vs SPY

2 backtested trades · 8 horizons

Forward-return performance of every backtestable P/S trade by Valueact Co-invest Master Fund, L.p., measured at 8 horizons from 7 days to 2 years. Deduped per economic event so co-filings count once. Excess return = trade return minus SPY return over the same window.

HORIZON	TRADES	WIN RATE	INSIDER RETURN	SPY RETURN	MEAN EXCESS	MEDIAN EXCESS	T-STAT
7d	2	+50.00%	-11.02%	-4.74%	-6.28%	-6.28%	—
14d	2	+50.00%	+1.77%	-2.92%	+4.69%	+4.69%	—
30d	2	+50.00%	-1.25%	-0.28%	-0.97%	-0.97%	—
60d	2	+50.00%	-1.30%	+3.81%	-5.11%	-5.11%	—
90d	2	+50.00%	-17.00%	+8.63%	-25.63%	-25.63%	—
180d	2	+50.00%	-0.99%	+15.83%	-16.82%	-16.82%	—
1y	2	+50.00%	+62.84%	+34.46%	+28.38%	+28.38%	—
2y	2	+50.00%	-52.18%	+32.75%	-84.93%	-84.93%	—

How to read this: Insider Returnis the average raw return of the filer's trades over the horizon. SPY Return is what SPY did over those same windows — reference only, not a comparison. The headline alpha number is Mean Excess = Insider − SPY; green means the filer beat SPY, red means they trailed it. Win rate is the share of individual trades where the filer beat SPY. T-statvalues above 2 mean the alpha is unlikely to be chance given the sample size. "Pending" counts trades where the horizon hasn't elapsed yet; their stats are not included in the row average.

Holdings over time

BHC · 17,931,594 shares · as of Jun 5, 2020

Trading cadence · quarterly flow

BUY ● SELL ●

2020

FLOW · 2 buys / 2 sellsCOVERAGE · 1 quarters

Form 4 filings · all activity

COMPANY	TYPE	SHARES	PRICE	VALUE	HELD AFTER	TRADE DATE	FILED
BHC BAUSCH HEALTH COMPANIES INC.	SALE	948,353	$19.24	$18.25M	0	Jun 5, 2020	Jun 9, 2020 ↗
BHC BAUSCH HEALTH COMPANIES INC.	PURCHASE	948,353	$19.24	$18.25M	17,931,594	Jun 5, 2020	Jun 9, 2020 ↗
BHC BAUSCH HEALTH COMPANIES INC.	PURCHASEGRANT Stock grant	11,037	—	—	21,046	May 1, 2020	May 1, 2020 ↗
BHC BAUSCH HEALTH COMPANIES INC.	SALE	624	$18.11	$11.3K	10,009	Apr 29, 2020	May 1, 2020 ↗

Other insiders · BHC

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About this filer

CIK 0001579734

ROLE

Director

PRIMARY

BHC

COMPANIES

ACTIVE SINCE

Apr 2020

MARKETPEEL · /INSIDER/0001579734DATA · SEC EDGAR · FORM 4 · CONSOLIDATED TAPE

Valueact Co-invest Master Fund, L.p.

The morning brief, before the bell.