ValueAct Capital on Wednesday unveiled a stake in Flutter Entertainment , the Dublin-based parent company of sports betting firm Fanduel. The hedge fund, led by Mason Morfit, reported a position of roughly 495,000 shares of Flutter, with a market value of about $78.1 million, according to a securities filing. ValueAct has a history as an activist fund, including recently getting involved in the proxy fight at Walt Disney , but there has been no public indication that the fund is pushing for specific changes at Flutter. ValueAct’s position equates to less than 1% of Flutter’s shares outstanding, according to VerityData. Quarterly hedge fund filings to the Securities and Exchange Commission, known as 13-Fs, typically only show positions in U.S.-traded stocks and certain options positions. It is possible that ValueAct previously had some other exposure to Flutter. The hedge fund previously had a position in The Stars Group, which was acquired by Flutter in 2020. While the ValueAct stake in Flutter is small, Gordon Haskett analyst Don Bilson pointed out in a note to clients that UBS also reported a stake in the gaming company. UBS has previously worked with ValueAct to build stakes in individual stocks for the hedge fund, Bilson said. “If that is so, it reduces the chances this it’s just flirting with Flutter and won’t be here for long,” the note said. The disclosure comes shortly after Flutter listed its shares on the New York Stock Exchange on Jan. 29. The stock previously had been listed only in European markets. Flutter is on track to make the NYSE its primary listing on May 31, a change that’s likely to boost liquidity in the stock. Outside of Flutter, ValueAct’s other major first-quarter moves included closing out positions in Seagate Technology Holdings and Paycom Software . Here are the top holdings of ValueAct as of March 31, according to the filing and VerityData.