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 |
SPLS
Staples Inc
SPLS
|
+$221M |
| 2 |
Clean Harbors
CLH
|
+$65.8M |
| 3 |
Alibaba
BABA
|
+$41.1M |
| 4 |
Insperity
NSP
|
+$35.8M |
| 5 |
LSB Industries
LXU
|
+$32.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AOL
AOL INC COMMON STOCK
AOL
|
+$74.5M |
| 2 |
IDTI
Integrated Device Technology I
IDTI
|
+$50.8M |
| 3 |
Adeia
ADEA
|
+$31.2M |
| 4 |
Edgewell Personal Care
EPC
|
+$23M |
| 5 |
KRA
Kraton Corporation
KRA
|
+$22.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 31.51% |
| 2 | Materials | 14.23% |
| 3 | Energy | 8.84% |
| 4 | Industrials | 6.12% |
| 5 | Technology | 5.35% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
AOL
26
DELISTED
AOL INC COMMON STOCK
AOL
| $10.4M | 0.24% |
225,000
-1,693,000
| -88% | -$74.5M |
|
|
DSPG
27
DELISTED
DSP Group Inc
DSPG
| $8.86M | 0.2% |
815,000
-531,500
| -39% | -$5.47M |
|
28
Titan International
TWI
$461M
| $5.85M | 0.13% |
550,000
+50,000
| +10% | +$515K |
|
29
Dollar General
DG
$27.2B
| $1.77M | 0.04% |
25,000
-125,000
| -83% | -$8.13M |
|
30
iShares Russell 2000 ETF
IWM
$81.9B
| – | – |
-52,000
| Closed | -$5.95M |
|
|
KRA
31
DELISTED
Kraton Corporation
KRA
| – | – |
-1,270,000
| Closed | -$22.6M |
|
|
XOXO
32
DELISTED
Xo Group Inc
XOXO
| – | – |
-530,000
| Closed | -$5.94M |
|
|
ENTR
33
DELISTED
ENTROPIC COMMUNICATIONS INC COM STK (DE)
ENTR
| – | – |
-800,000
| Closed | -$2.13M |
|
|
AAN.A
34
DELISTED
The Aaron's Company Inc Class A
AAN.A
| – | – |
-800,000
| Closed | -$19.5M |
|
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Jeffrey Smith's Q4 2014 Portfolio in Review
As of Q4 2014, Jeffrey Smith held 35 positions worth $4.41B, up 53% from $2.88B the previous quarter. Its ten largest holdings account for 83% of the portfolio.
Jeffrey Smith deployed $807M of net new capital in Q4 2014, opening 6 new positions and adding to 7 existing holdings. Its largest new stake was Staples Inc: 15,836,574 shares worth $287M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 32% of assets, up from 29% a quarter earlier, followed by Materials and Energy.
On the sell side, the largest reduction was AOL INC COMMON STOCK, an estimated $74.5M trimmed.
- Jeffrey Smith's largest Q4 2014 buy was Staples Inc: 15,836,574 shares worth $287M.
- Jeffrey Smith added most to LSB Industries in Q4 2014, an estimated $32.4M increase.
- Jeffrey Smith's biggest Q4 2014 reduction was AOL INC COMMON STOCK, cutting an estimated $74.5M.
- Jeffrey Smith fully exited Kraton Corporation in Q4 2014, selling an estimated $22.6M.
- Jeffrey Smith's ten largest holdings make up 83% of its $4.41B portfolio in Q4 2014.
- Jeffrey Smith opened 6 new positions and closed 5 in Q4 2014.
- Jeffrey Smith's portfolio value rose 53% quarter-over-quarter to $4.41B.
Based on Starboard Value's 13F filing for Q4 2014, filed 17 Feb 2015.