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Jeffrey Smith Starboard Value

AUM $4.52B
1-Year Est. Return 19.34%
 

Jeffrey Smith is the CEO of Starboard Value, one of the most active and successful activist investment firms of the past decade. Starboard is known for detailed operational white papers, board campaigns, and efforts to improve margins and capital allocation at portfolio companies. Smith’s firm is a regular presence in corporate governance and activist-investing news.

This Fund
S&P 500
This Quarter Est. Return
+8.68%
1 Year Est. Return
+19.34%
3 Year Est. Return
+55.97%
5 Year Est. Return
+85.4%
10 Year Est. Return
+430.11%
AUM
$2.02B
AUM Growth
+$773M
Cap. Flow
+$594M
Cap. Flow %
29.45%
Top 10 Hldgs %
79.77%
Holding
29
New
3
Increased
5
Reduced
8
Closed
5

Top Buys

Rank Stock Value
1
DRI icon
Darden Restaurants
DRI
+$375M
2
BWXT icon
BWX Technologies
BWXT
+$51.6M
3
PLCM
POLYCOM INC
PLCM
+$41M
4
CW icon
Curtiss-Wright
CW
+$39.4M
5
TQNT
TRIQUINT SEMICONDUCTOR INC
TQNT
+$35.4M

Top Sells

Rank Stock Value
1
ELX
EMULEX CORP
ELX
+$44.7M
2
NVDA icon
NVIDIA
NVDA
+$42.6M
3
IWM icon
iShares Russell 2000 ETF
IWM
+$28.2M
4
SEAC
Seachange International Inc
SEAC
+$25.3M
5
IWN icon
iShares Russell 2000 Value ETF
IWN
+$22.4M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 31.62%
2 Technology 14.21%
3 Materials 11.31%
4 Industrials 7.64%
5 Financials 0.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SEAC
26
DELISTED
Seachange International Inc
SEAC
– –
-110,250
Closed -$25.3M
QLGC
27
DELISTED
QLOGIC CORP
QLGC
– –
-1,300,000
Closed -$14.2M
1
2

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Jeffrey Smith's Q4 2013 Portfolio in Review

As of Q4 2013, Jeffrey Smith held 29 positions worth $2.02B, up 62% from $1.24B the previous quarter. Its ten largest holdings account for 80% of the portfolio.

Jeffrey Smith deployed $594M of net new capital in Q4 2013, opening 3 new positions and adding to 5 existing holdings. Its largest new stake was Darden Restaurants: 8,110,527 shares worth $394M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 32% of assets, up from 17% a quarter earlier, followed by Technology and Materials.

On the sell side, the largest reduction was EMULEX CORP, an estimated $44.7M trimmed.

  • Jeffrey Smith's largest Q4 2013 buy was Darden Restaurants: 8,110,527 shares worth $394M.
  • Jeffrey Smith added most to BWX Technologies in Q4 2013, an estimated $51.6M increase.
  • Jeffrey Smith's biggest Q4 2013 reduction was EMULEX CORP, cutting an estimated $44.7M.
  • Jeffrey Smith fully exited Seachange International Inc in Q4 2013, selling an estimated $25.3M.
  • Jeffrey Smith's ten largest holdings make up 80% of its $2.02B portfolio in Q4 2013.
  • Jeffrey Smith opened 3 new positions and closed 5 in Q4 2013.
  • Jeffrey Smith's portfolio value rose 62% quarter-over-quarter to $2.02B.

Based on Starboard Value's 13F filing for Q4 2013, filed 12 Feb 2014.