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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
+11.14%
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
$4.69B
AUM Growth
+$754M
Cap. Flow
+$453M
Cap. Flow %
9.67%
Top 10 Hldgs %
74.64%
Holding
39
New
21
Increased
6
Reduced
7
Closed
1

Top Buys

Rank Stock Value
1
ELAN icon
Elanco Animal Health
ELAN
+$241M
2
EHTH icon
eHealth
EHTH
+$121M
3
GDOT icon
Green Dot
GDOT
+$46.2M
4
BOX icon
Box
BOX
+$34.5M
5
WPCB.U
Warburg Pincus Capital Corporation I-B Units, each consisting of one Class A ordinary share, and one-fifth of one redeemable warrant
WPCB.U
+$8.56M

Top Sells

Rank Stock Value
1
CTVA icon
Corteva
CTVA
+$88.5M
2
AAP icon
Advance Auto Parts
AAP
+$45.8M
3
ACIW icon
ACI Worldwide
ACIW
+$26.7M
4
ON icon
ON Semiconductor
ON
+$17.9M
5
MMSI icon
Merit Medical Systems
MMSI
+$14.1M

Sector Composition

Rank Sector Weight
1 Technology 36.94%
2 Healthcare 22.47%
3 Materials 15.8%
4 Industrials 10.75%
5 Financials 8.53%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FRXB.U
26
DELISTED
Forest Road Acquisition Corp. II Units, each consisting of one share of Class A common stock, and one-fifth of one redeemable warrant
FRXB.U
$4.98M 0.11%
+500,000
New +$5.02M
KVSC
27
DELISTED
Khosla Ventures Acquisition Co. III Class A Common Stock
KVSC
$3.5M 0.07%
+350,000
New +$3.47M
LEGAU
28
DELISTED
Lead Edge Growth Opportunities, Ltd Units
LEGAU
$3.49M 0.07%
+350,000
New +$3.48M
MACC.U
29
DELISTED
Mission Advancement Corp. Units, each consisting of one share of Class A Common Stock and one-third of one Redeemable Warrant
MACC.U
$3.48M 0.07%
+350,000
New +$3.49M
PRPB
30
DELISTED
CC Neuberger Principal Holdings II Class A Ordinary Shares
PRPB
$3.18M 0.07%
+322,700
New +$3.38M
NXDR
31
Nextdoor Holdings
NXDR
$925M
$3.03M 0.06%
+300,000
New +$3M
TWCT
32
DELISTED
TWC Tech Holdings II Corp. Class A Common Stock
TWCT
$3M 0.06%
+305,049
New +$3.2M
ROSS.U
33
DELISTED
Ross Acquisition Corp II Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant
ROSS.U
$2.99M 0.06%
+300,000
New +$2.99M
PLMIU
34
DELISTED
Plum Acquisition Corp. I Units
PLMIU
$2.98M 0.06%
+300,000
New +$2.97M
ZFOX
35
DELISTED
ZeroFox Holdings, Inc. Common Stock
ZFOX
$2.79M 0.06%
+283,315
New +$2.87M
DGNU
36
DELISTED
Dragoneer Growth Opportunities Corp. III Class A Ordinary Shares
DGNU
$2.38M 0.05%
+235,558
New +$2.38M
FVT
37
DELISTED
Fortress Value Acquisition Corp. III
FVT
$1.86M 0.04%
+188,705
New +$1.88M
IWM icon
38
PUT
iShares Russell 2000 ETF
IWM
$81.9B
$654K 0.01%
+600,000
New +$131M
AAP icon
39
Advance Auto Parts
AAP
$2.57B
– –
-290,542
Closed -$45.8M
1
2

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Jeffrey Smith's Q1 2021 Portfolio in Review

As of Q1 2021, Jeffrey Smith held 39 positions worth $4.69B, up 19% from $3.93B the previous quarter. Its ten largest holdings account for 75% of the portfolio.

Jeffrey Smith deployed $453M of net new capital in Q1 2021, opening 21 new positions and adding to 6 existing holdings. Its largest new stake was Elanco Animal Health: 7,830,677 shares worth $231M.

By sector, the portfolio is most concentrated in Technology at 37% of assets, down from 39% a quarter earlier, followed by Healthcare and Materials.

On the sell side, the largest reduction was Corteva, an estimated $88.5M trimmed.

  • Jeffrey Smith's largest Q1 2021 buy was Elanco Animal Health: 7,830,677 shares worth $231M.
  • Jeffrey Smith added most to Green Dot in Q1 2021, an estimated $46.2M increase.
  • Jeffrey Smith's biggest Q1 2021 reduction was Corteva, cutting an estimated $88.5M.
  • Jeffrey Smith fully exited Advance Auto Parts in Q1 2021, selling an estimated $45.8M.
  • Jeffrey Smith's ten largest holdings make up 75% of its $4.69B portfolio in Q1 2021.
  • Jeffrey Smith opened 21 new positions and closed 1 in Q1 2021.
  • Jeffrey Smith's portfolio value rose 19% quarter-over-quarter to $4.69B.

Based on Starboard Value's 13F filing for Q1 2021, filed 14 May 2021.