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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
+8.08%
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
$2.55B
AUM Growth
+$723M
Cap. Flow
+$542M
Cap. Flow %
21.25%
Top 10 Hldgs %
79.88%
Holding
31
New
7
Increased
6
Reduced
8
Closed
2

Top Buys

Rank Stock Value
1
MWV
MEADWESTVACO CORP
MWV
+$379M
2
TIBX
TIBCO SOFTWARE INC
TIBX
+$85.8M
3
BWXT icon
BWX Technologies
BWXT
+$55.6M
4
DRI icon
Darden Restaurants
DRI
+$47.8M
5
FDO
FAMILY DOLLAR STORES
FDO
+$42.2M

Top Sells

Rank Stock Value
1
AAN.A
The Aaron's Company Inc Class A
AAN.A
+$69.6M
2
CCC
Calgon Carbon Corp
CCC
+$23.4M
3
PLCM
POLYCOM INC
PLCM
+$22.2M
4
RFMD
RF MICRO DEVICES INC
RFMD
+$22.1M
5
IDTI
Integrated Device Technology I
IDTI
+$14.8M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 25.66%
2 Materials 23.07%
3 Technology 8.83%
4 Industrials 7.11%
5 Consumer Staples 2.16%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RGS icon
26
Regis Corp
RGS
$66.9M
$4.51M 0.18%
16,030
– –
IWM icon
27
iShares Russell 2000 ETF
IWM
$81.9B
$594K 0.02%
5,000
-82,000
-94% -$9.31M
RFMD
28
DELISTED
RF MICRO DEVICES INC
RFMD
– –
-2,803,741
Closed -$22.1M
AAN.A
29
DELISTED
The Aaron's Company Inc Class A
AAN.A
– –
-2,300,000
Closed -$69.6M
1
2

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Jeffrey Smith's Q2 2014 Portfolio in Review

As of Q2 2014, Jeffrey Smith held 31 positions worth $2.55B, up 40% from $1.83B the previous quarter. Its ten largest holdings account for 80% of the portfolio.

Jeffrey Smith deployed $542M of net new capital in Q2 2014, opening 7 new positions and adding to 6 existing holdings. Its largest new stake was MEADWESTVACO CORP: 9,350,000 shares worth $414M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 26% of assets, down from 31% a quarter earlier, followed by Materials and Technology.

On the sell side, the largest reduction was Calgon Carbon Corp, an estimated $23.4M trimmed.

  • Jeffrey Smith's largest Q2 2014 buy was MEADWESTVACO CORP: 9,350,000 shares worth $414M.
  • Jeffrey Smith added most to BWX Technologies in Q2 2014, an estimated $55.6M increase.
  • Jeffrey Smith's biggest Q2 2014 reduction was Calgon Carbon Corp, cutting an estimated $23.4M.
  • Jeffrey Smith fully exited The Aaron's Company Inc Class A in Q2 2014, selling an estimated $69.6M.
  • Jeffrey Smith's ten largest holdings make up 80% of its $2.55B portfolio in Q2 2014.
  • Jeffrey Smith opened 7 new positions and closed 2 in Q2 2014.
  • Jeffrey Smith's portfolio value rose 40% quarter-over-quarter to $2.55B.

Based on Starboard Value's 13F filing for Q2 2014, filed 14 Aug 2014.