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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
+12.23%
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
$7.22B
AUM Growth
+$1.75B
Cap. Flow
+$972M
Cap. Flow %
13.47%
Top 10 Hldgs %
64.17%
Holding
162
New
96
Increased
6
Reduced
25
Closed
26

Top Buys

Rank Stock Value
1
WTW icon
Willis Towers Watson
WTW
+$497M
2
GDDY icon
GoDaddy
GDDY
+$486M
3
HUN icon
Huntsman Corp
HUN
+$210M
4
ENOV icon
Enovis
ENOV
+$190M
5
CVLT icon
Commault Systems
CVLT
+$14.3M

Top Sells

Rank Stock Value
1
BOX icon
Box
BOX
+$289M
2
MMSI icon
Merit Medical Systems
MMSI
+$150M
3
ON icon
ON Semiconductor
ON
+$43.6M
4
IWM icon
iShares Russell 2000 ETF
IWM
+$25.7M
5
CTVA icon
Corteva
CTVA
+$13.3M

Sector Composition

Rank Sector Weight
1 Technology 29.76%
2 Materials 17.41%
3 Healthcare 16.65%
4 Financials 12.62%
5 Industrials 8.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RNERU
26
DELISTED
Mount Rainier Acquisition Corp. Unit
RNERU
$7.38M 0.1%
+725,421
New +$7.35M
MLAI
27
DELISTED
McLaren Technology Acquisition Corp. Class A Common Stock
MLAI
$7.25M 0.1%
+731,000
New +$7.22M
AVAC
28
DELISTED
Avalon Acquisition Inc. Class A Common Stock
AVAC
$7.22M 0.1%
+731,000
New +$7.21M
DHACU
29
DELISTED
Digital Health Acquisition Corp. Unit
DHACU
$7.17M 0.1%
+700,000
New +$7.13M
BPACU
30
DELISTED
Bullpen Parlay Acquisition Company Unit
BPACU
$7M 0.1%
+700,000
New +$7.03M
BIOSU
31
DELISTED
BioPlus Acquisition Corp. Unit
BIOSU
$7M 0.1%
+700,000
New +$7.01M
SHCA
32
DELISTED
Spindletop Health Acquisition Corp. Class A Common Stock
SHCA
$6.95M 0.1%
+727,200
New +$6.94M
SZZLU
33
DELISTED
Sizzle Acquisition Corp. Unit
SZZLU
$6.92M 0.1%
+681,000
New +$6.88M
SST icon
34
System1
SST
$16.8M
$6.77M 0.09%
68,010
+23,010
+51% +$2.29M
AXH
35
DELISTED
Industrial Human Capital, Inc.
AXH
$6.74M 0.09%
+679,059
New +$6.72M
ROSE
36
DELISTED
Rose Hill Acquisition Corporation Class A Ordinary Shares
ROSE
$6.68M 0.09%
+673,401
New +$6.67M
CRECU
37
DELISTED
Crescera Capital Acquisition Corp Unit
CRECU
$5.87M 0.08%
+584,800
New +$5.86M
VHNAU
38
DELISTED
Vahanna Tech Edge Acquisition I Corp. Units
VHNAU
$5.84M 0.08%
+580,103
New +$5.83M
NCAC
39
DELISTED
Newcourt Acquisition Corp Class A Ordinary Share
NCAC
$5.83M 0.08%
+588,600
New +$5.84M
LIBYU
40
DELISTED
Liberty Resources Acquisition Corp. Unit
LIBYU
$5.81M 0.08%
+565,251
New +$5.75M
ENCPU
41
DELISTED
Energem Corp Unit
ENCPU
$5.79M 0.08%
+570,258
New +$5.79M
DSAQ
42
DELISTED
Direct Selling Acquisition Corp.
DSAQ
$5.72M 0.08%
+576,000
New +$5.73M
LEGA
43
DELISTED
Lead Edge Growth Opportunities, Ltd Class A Ordinary Shares
LEGA
$5.58M 0.08%
571,700
-28,300
-5% -$277K
SLAM
44
DELISTED
Slam Corp. Class A Ordinary Share
SLAM
$5.57M 0.08%
572,753
-28,247
-5% -$275K
KAHC
45
DELISTED
KKR Acquisition Holdings I Corp.
KAHC
$5.52M 0.08%
566,844
-27,956
-5% -$274K
GOGN
46
DELISTED
GoGreen Investments Corporation
GOGN
$5.44M 0.08%
+548,645
New +$5.44M
QTI
47
QT Imaging Holdings
QTI
$42.6M
$5.22M 0.07%
+528,000
New +$5.23M
MCAAU
48
DELISTED
Mountain & Co. I Acquisition Corp. Unit
MCAAU
$5.09M 0.07%
+498,100
New +$5.08M
IVCBU
49
DELISTED
Investcorp Europe Acquisition Corp I Unit
IVCBU
$5.04M 0.07%
+500,000
New +$5.03M
GGAAU
50
DELISTED
Genesis Growth Tech Acquisition Corp. Unit
GGAAU
$5.03M 0.07%
+500,000
New +$5.02M
1
2
3 4 5

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Jeffrey Smith's Q4 2021 Portfolio in Review

As of Q4 2021, Jeffrey Smith held 162 positions worth $7.22B, up 32% from $5.46B the previous quarter. Its ten largest holdings account for 64% of the portfolio.

Jeffrey Smith deployed $972M of net new capital in Q4 2021, opening 96 new positions and adding to 6 existing holdings. Its largest new stake was Willis Towers Watson: 2,100,894 shares worth $499M.

By sector, the portfolio is most concentrated in Technology at 30% of assets, down from 31% a quarter earlier, followed by Materials and Healthcare.

On the sell side, the largest reduction was Merit Medical Systems, an estimated $150M trimmed.

  • Jeffrey Smith's largest Q4 2021 buy was Willis Towers Watson: 2,100,894 shares worth $499M.
  • Jeffrey Smith added most to Huntsman Corp in Q4 2021, an estimated $210M increase.
  • Jeffrey Smith's biggest Q4 2021 reduction was Merit Medical Systems, cutting an estimated $150M.
  • Jeffrey Smith fully exited Box in Q4 2021, selling an estimated $289M.
  • Jeffrey Smith's ten largest holdings make up 64% of its $7.22B portfolio in Q4 2021.
  • Jeffrey Smith opened 96 new positions and closed 26 in Q4 2021.
  • Jeffrey Smith's portfolio value rose 32% quarter-over-quarter to $7.22B.

Based on Starboard Value's 13F filing for Q4 2021, filed 14 Feb 2022.