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 |
Four Corners Property Trust
FCPT
|
+$83M |
| 2 |
Baxter International
BAX
|
+$42M |
| 3 |
NYRT
New York REIT, Inc.
NYRT
|
+$16M |
| 4 |
Cigna
CI
|
+$8.85M |
| 5 |
LNCE
Snyders-Lance, Inc.
LNCE
|
+$7.59M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ODP
ODP
ODP
|
+$268M |
| 2 |
WRK
WestRock Company
WRK
|
+$82.5M |
| 3 |
Darden Restaurants
DRI
|
+$80.2M |
| 4 |
General Mills
GIS
|
+$43.5M |
| 5 |
Curtiss-Wright
CW
|
+$29.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 36.62% |
| 2 | Industrials | 9.62% |
| 3 | Energy | 6.37% |
| 4 | Real Estate | 4.29% |
| 5 | Healthcare | 2.72% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
General Mills
GIS
$21.4B
| – | – |
-774,500
| Closed | -$43.5M |
|
27
LSB Industries
LXU
$801M
| – | – |
-2,093,000
| Closed | -$24.7M |
|
28
CALL
Nexstar Media Group
NXST
$5.73B
| – | – |
-100,000
| Closed | -$4.74M |
|
|
ODP
29
CALL
DELISTED
ODP
ODP
| – | – |
-405,000
| Closed | -$26M |
|
30
Qualcomm
QCOM
$169B
| – | – |
-10,000
| Closed | -$537K |
|
|
THS
31
CALL
DELISTED
Treehouse Foods
THS
| – | – |
-250,000
| Closed | -$19.4M |
|
|
AGN
32
DELISTED
Allergan plc
AGN
| – | – |
-11,700
| Closed | -$3.18M |
|
|
ISSI
33
DELISTED
INTEGRATED SILICON SOLUTN INC
ISSI
| – | – |
-1,000
| Closed | -$21K |
|
|
SPLS
34
CALL
DELISTED
Staples Inc
SPLS
| – | – |
-8,000,000
| Closed | -$93.8M |
|
Similar funds
Jeffrey Smith's Q4 2015 Portfolio in Review
As of Q4 2015, Jeffrey Smith held 36 positions worth $3.71B, down 17% from $4.48B the previous quarter. Its ten largest holdings account for 86% of the portfolio.
Jeffrey Smith withdrew a net $942M in Q4 2015, closing 13 positions and reducing 7 holdings. Its most notable exit was General Mills, an estimated $43.5M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 37% of assets, down from 42% a quarter earlier, followed by Industrials and Energy.
Against the trend, Jeffrey Smith opened a new position in Four Corners Property Trust worth $93.7M.
- Jeffrey Smith's largest Q4 2015 buy was Four Corners Property Trust: 5,313,311 shares worth $93.7M.
- Jeffrey Smith added most to Baxter International in Q4 2015, an estimated $42M increase.
- Jeffrey Smith's biggest Q4 2015 reduction was ODP, cutting an estimated $268M.
- Jeffrey Smith fully exited General Mills in Q4 2015, selling an estimated $43.5M.
- Jeffrey Smith's ten largest holdings make up 86% of its $3.71B portfolio in Q4 2015.
- Jeffrey Smith opened 4 new positions and closed 13 in Q4 2015.
- Jeffrey Smith's portfolio value fell 17% quarter-over-quarter to $3.71B.
Based on Starboard Value's 13F filing for Q4 2015, filed 12 Feb 2016.