(Bloomberg) The activist fund ValueAct Capital Management has amassed a $1.2 billion stake in Citigroup Inc., arguing that the bank long seen as trailing its sector is positioned for success by providing the “plumbing” multinational corporations need to operate. The San Francisco-based hedge fund run by Jeff Ubben, which disclosed a $75 million stake in the bank in February, has been building those holdings over the past four or five months, according to a quarterly investor letter obtained by Bloomberg. ValueAct said it’s continuing to add to its position.

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