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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
+14.44%
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
$3.68B
AUM Growth
+$852M
Cap. Flow
+$483M
Cap. Flow %
13.13%
Top 10 Hldgs %
83.77%
Holding
31
New
8
Increased
3
Reduced
7
Closed
7

Top Buys

Rank Stock Value
1
PRGO icon
Perrigo
PRGO
+$543M
2
MRVL icon
Marvell Technology
MRVL
+$156M
3
HPE icon
Hewlett Packard
HPE
+$117M
4
STC icon
Stewart Information Services
STC
+$104M
5
M icon
Macy's
M
+$23.6M

Top Sells

Rank Stock Value
1
DRI icon
Darden Restaurants
DRI
+$246M
2
WRK
WestRock Company
WRK
+$95.6M
3
IWN icon
iShares Russell 2000 Value ETF
IWN
+$27.7M
4
DK icon
Delek US
DK
+$24.4M
5
BLOX
Infoblox Inc
BLOX
+$22.1M

Sector Composition

Rank Sector Weight
1 Healthcare 21.76%
2 Consumer Discretionary 19.33%
3 Technology 18.18%
4 Energy 14.41%
5 Industrials 8%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FCPT icon
26
Four Corners Property Trust
FCPT
$2.77B
– –
-185,814
Closed -$3.83M
NXST icon
27
Nexstar Media Group
NXST
$5.73B
– –
-190,000
Closed -$9.04M
MKTO
28
DELISTED
MARKETO INC COM STK (DE)
MKTO
– –
-125,000
Closed -$4.35M
MDVN
29
CALL
DELISTED
MEDIVATION, INC.
MDVN
– –
-520,000
Closed -$31.4M
MDVN
30
PUT
DELISTED
MEDIVATION, INC.
MDVN
– –
-300,000
Closed -$18.1M
1
2

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Jeffrey Smith's Q3 2016 Portfolio in Review

As of Q3 2016, Jeffrey Smith held 31 positions worth $3.68B, up 30% from $2.83B the previous quarter. Its ten largest holdings account for 84% of the portfolio.

Jeffrey Smith deployed $483M of net new capital in Q3 2016, opening 8 new positions and adding to 3 existing holdings. Its largest new stake was Perrigo: 5,895,093 shares worth $544M.

By sector, the portfolio is most concentrated in Healthcare at 22% of assets, up from 7.5% a quarter earlier, followed by Consumer Discretionary and Technology.

On the sell side, the largest reduction was WestRock Company, an estimated $95.6M trimmed.

  • Jeffrey Smith's largest Q3 2016 buy was Perrigo: 5,895,093 shares worth $544M.
  • Jeffrey Smith added most to Marvell Technology in Q3 2016, an estimated $156M increase.
  • Jeffrey Smith's biggest Q3 2016 reduction was WestRock Company, cutting an estimated $95.6M.
  • Jeffrey Smith fully exited Darden Restaurants in Q3 2016, selling an estimated $246M.
  • Jeffrey Smith's ten largest holdings make up 84% of its $3.68B portfolio in Q3 2016.
  • Jeffrey Smith opened 8 new positions and closed 7 in Q3 2016.
  • Jeffrey Smith's portfolio value rose 30% quarter-over-quarter to $3.68B.

Based on Starboard Value's 13F filing for Q3 2016, filed 14 Nov 2016.