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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
+7.27%
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
$3.7B
AUM Growth
+$274M
Cap. Flow
-$135M
Cap. Flow %
-3.65%
Top 10 Hldgs %
85.71%
Holding
29
New
7
Increased
1
Reduced
7
Closed
5

Top Buys

Rank Stock Value
1
EVHC
Envision Healthcare Holdings Inc
EVHC
+$141M
2
BMS
Bemis
BMS
+$66.9M
3
ETSY icon
Etsy
ETSY
+$66.9M
4
TYPE
Monotype Imaging Holdings Inc.
TYPE
+$37.5M
5
MAC icon
Macerich
MAC
+$28M

Top Sells

Rank Stock Value
1
HPE icon
Hewlett Packard
HPE
+$148M
2
BCO icon
Brink's
BCO
+$32.6M
3
FCE.A
Forest City Realty Trust, Inc.
FCE.A
+$26.5M
4
WBMD
WebMD Health Corp.
WBMD
+$24.9M
5
FTNT icon
Fortinet
FTNT
+$20.9M

Sector Composition

Rank Sector Weight
1 Technology 46.6%
2 Healthcare 28.35%
3 Consumer Discretionary 13.21%
4 Real Estate 3.06%
5 Industrials 2.93%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SRC
26
DELISTED
SPIRIT REALTY CAPITAL, INC.
SRC
– –
-446,000
Closed -$14.8M
ABCO
27
DELISTED
Advisory Board Co
ABCO
– –
-350,000
Closed -$18M
WBMD
28
DELISTED
WebMD Health Corp.
WBMD
– –
-425,000
Closed -$24.9M
1
2

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Jeffrey Smith's Q3 2017 Portfolio in Review

As of Q3 2017, Jeffrey Smith held 29 positions worth $3.7B, up 8% from $3.43B the previous quarter. Its ten largest holdings account for 86% of the portfolio.

Jeffrey Smith withdrew a net $135M in Q3 2017, closing 5 positions and reducing 7 holdings. Its most notable exit was WebMD Health Corp., an estimated $24.9M position sold in full.

By sector, the portfolio is most concentrated in Technology at 47% of assets, down from 49% a quarter earlier, followed by Healthcare and Consumer Discretionary.

Against the trend, Jeffrey Smith opened a new position in Envision Healthcare Holdings Inc worth $119M.

  • Jeffrey Smith's largest Q3 2017 buy was Envision Healthcare Holdings Inc: 2,636,493 shares worth $119M.
  • Jeffrey Smith added most to iShares Russell 2000 Value ETF in Q3 2017, an estimated $20M increase.
  • Jeffrey Smith's biggest Q3 2017 reduction was Hewlett Packard, cutting an estimated $148M.
  • Jeffrey Smith fully exited WebMD Health Corp. in Q3 2017, selling an estimated $24.9M.
  • Jeffrey Smith's ten largest holdings make up 86% of its $3.7B portfolio in Q3 2017.
  • Jeffrey Smith opened 7 new positions and closed 5 in Q3 2017.
  • Jeffrey Smith's portfolio value rose 8% quarter-over-quarter to $3.7B.

Based on Starboard Value's 13F filing for Q3 2017, filed 13 Nov 2017.