Jeffrey Smith Starboard Value
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
YHOO
Yahoo Inc
YHOO
|
+$290M |
| 2 |
Darden Restaurants
DRI
|
+$162M |
| 3 |
AOL
AOL INC COMMON STOCK
AOL
|
+$80M |
| 4 |
MCRL
MICREL INC
MCRL
|
+$53M |
| 5 |
Edgewell Personal Care
EPC
|
+$45.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TIBX
TIBCO SOFTWARE INC
TIBX
|
+$86.7M |
| 2 |
TQNT
TRIQUINT SEMICONDUCTOR INC
TQNT
|
+$61.8M |
| 3 |
CPWR
COMPUWARE CORP
CPWR
|
+$45.2M |
| 4 |
FDO
FAMILY DOLLAR STORES
FDO
|
+$29.5M |
| 5 |
Curtiss-Wright
CW
|
+$19.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 29.26% |
| 2 | Materials | 18.77% |
| 3 | Technology | 11.51% |
| 4 | Energy | 10.93% |
| 5 | Industrials | 5.52% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Titan International
TWI
$461M
| $5.91M | 0.21% |
+500,000
| New | +$7.33M |
|
27
iShares Russell 2000 ETF
IWM
$81.9B
| $5.69M | 0.2% |
52,000
+47,000
| +940% | +$5.38M |
|
|
ENTR
28
DELISTED
ENTROPIC COMMUNICATIONS INC COM STK (DE)
ENTR
| $2.13M | 0.07% |
800,000
-1,950,000
| -71% | -$5.58M |
|
29
Regis Corp
RGS
$66.9M
| – | – |
-16,030
| Closed | -$4.51M |
|
|
AVP
30
DELISTED
Avon Products, Inc.
AVP
| – | – |
-600,000
| Closed | -$8.77M |
|
|
NFX
31
DELISTED
Newfield Exploration
NFX
| – | – |
-225,000
| Closed | -$9.95M |
|
|
TQNT
32
DELISTED
TRIQUINT SEMICONDUCTOR INC
TQNT
| – | – |
-3,911,478
| Closed | -$61.8M |
|
|
CPWR
33
DELISTED
COMPUWARE CORP
CPWR
| – | – |
-4,710,525
| Closed | -$45.2M |
|
|
TIBX
34
DELISTED
TIBCO SOFTWARE INC
TIBX
| – | – |
-4,300,000
| Closed | -$86.7M |
|
|
PLCM
35
DELISTED
POLYCOM INC
PLCM
| – | – |
-500,000
| Closed | -$6.26M |
|
Similar funds
Jeffrey Smith's Q3 2014 Portfolio in Review
As of Q3 2014, Jeffrey Smith held 36 positions worth $2.88B, up 13% from $2.55B the previous quarter. Its ten largest holdings account for 84% of the portfolio.
Jeffrey Smith deployed $394M of net new capital in Q3 2014, opening 8 new positions and adding to 5 existing holdings. Its largest new stake was Yahoo Inc: 7,724,420 shares worth $315M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 29% of assets, up from 26% a quarter earlier, followed by Materials and Technology.
On the sell side, the largest reduction was FAMILY DOLLAR STORES, an estimated $29.5M trimmed.
- Jeffrey Smith's largest Q3 2014 buy was Yahoo Inc: 7,724,420 shares worth $315M.
- Jeffrey Smith added most to Darden Restaurants in Q3 2014, an estimated $162M increase.
- Jeffrey Smith's biggest Q3 2014 reduction was FAMILY DOLLAR STORES, cutting an estimated $29.5M.
- Jeffrey Smith fully exited TIBCO SOFTWARE INC in Q3 2014, selling an estimated $86.7M.
- Jeffrey Smith's ten largest holdings make up 84% of its $2.88B portfolio in Q3 2014.
- Jeffrey Smith opened 8 new positions and closed 7 in Q3 2014.
- Jeffrey Smith's portfolio value rose 13% quarter-over-quarter to $2.88B.
Based on Starboard Value's 13F filing for Q3 2014, filed 14 Nov 2014.