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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
+9.3%
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
$5.22B
AUM Growth
+$671M
Cap. Flow
+$477M
Cap. Flow %
9.13%
Top 10 Hldgs %
73.53%
Holding
183
New
6
Increased
4
Reduced
8
Closed
35

Top Buys

Rank Stock Value
1
CRM icon
Salesforce
CRM
+$442M
2
VRT icon
Vertiv
VRT
+$225M
3
SPLK
Splunk Inc
SPLK
+$151M
4
GDDY icon
GoDaddy
GDDY
+$148M
5
IWN icon
iShares Russell 2000 Value ETF
IWN
+$42.4M

Top Sells

Rank Stock Value
1
CVLT icon
Commault Systems
CVLT
+$131M
2
HUN icon
Huntsman Corp
HUN
+$126M
3
ON icon
ON Semiconductor
ON
+$99.8M
4
HUM icon
Humana
HUM
+$93.6M
5
WTW icon
Willis Towers Watson
WTW
+$70.1M

Sector Composition

Rank Sector Weight
1 Technology 41.73%
2 Industrials 19.95%
3 Financials 18.07%
4 Healthcare 10%
5 Consumer Discretionary 4.58%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TGR
26
DELISTED
Kimbell Tiger Acquisition Corporation
TGR
$7.72M 0.15%
750,000
– –
HCMA
27
DELISTED
HCM Acquisition Corp Class A Ordinary Shares
HCMA
$7.7M 0.15%
750,000
– –
ASCB
28
DELISTED
A SPAC II Acquisition Corp. Ordinary Shares
ASCB
$7.67M 0.15%
750,000
– –
PPYA
29
DELISTED
Papaya Growth Opportunity Corp. I Class A Common Stock
PPYA
$7.66M 0.15%
750,000
– –
PNST
30
DELISTED
Pinstripes Holdings, Inc.
PNST
$7.66M 0.15%
750,000
– –
ABP
31
DELISTED
Abpro Holdings
ABP
$7.64M 0.15%
25,000
– –
KNSW
32
DELISTED
KnightSwan Acquisition Corporation
KNSW
$7.63M 0.15%
750,000
– –
ALCE
33
DELISTED
Alternus Clean Energy Inc
ALCE
$7.58M 0.15%
30,000
– –
FZT
34
DELISTED
FAST Acquisition Corp. II
FZT
$7.51M 0.14%
750,000
– –
ONYX
35
DELISTED
Onyx Acquisition Co. I Class A Ordinary Shares
ONYX
$6.94M 0.13%
672,800
– –
WPCB
36
DELISTED
Warburg Pincus Capital Corporation I-B
WPCB
$6.83M 0.13%
676,820
– –
BZAI
37
Blaize Holdings
BZAI
$69.3M
$6.72M 0.13%
661,307
– –
AVAC
38
DELISTED
Avalon Acquisition Inc. Class A Common Stock
AVAC
$6.57M 0.13%
640,549
– –
MLAI
39
DELISTED
McLaren Technology Acquisition Corp. Class A Common Stock
MLAI
$6.54M 0.13%
640,936
– –
CSLM
40
DELISTED
CSLM Acquisition Corp. Class A Ordinary Share
CSLM
$6.47M 0.12%
639,252
– –
BPAC
41
DELISTED
Bullpen Parlay Acquisition Company Class A Ordinary Share
BPAC
$6.32M 0.12%
617,219
– –
BIOS
42
DELISTED
BioPlus Acquisition Corp. Class A Ordinary Shares
BIOS
$6.31M 0.12%
617,220
– –
ACAH
43
DELISTED
Atlantic Coastal Acquisition Corp. Class A Common Stock
ACAH
$6.23M 0.12%
622,243
– –
FLD
44
Fold Holdings
FLD
$27.3M
$6.21M 0.12%
620,000
– –
MSSA
45
DELISTED
Metal Sky Star Acquisition Corporation Ordinary shares
MSSA
$6.11M 0.12%
600,000
– –
SZZL
46
DELISTED
Sizzle Acquisition Corp. Common stock
SZZL
$6.1M 0.12%
596,848
– –
GBBK
47
DELISTED
Global Blockchain Acquisition Corp. Common Stock
GBBK
$6.05M 0.12%
600,000
– –
LATG
48
DELISTED
Chenghe Acquisition I Co. Class A Ordinary Shares
LATG
$5.65M 0.11%
550,000
– –
CITE
49
DELISTED
Cartica Acquisition Corp Class A Ordinary Shares
CITE
$5.59M 0.11%
539,252
– –
SLND icon
50
Southland Holdings
SLND
$37M
$5.37M 0.1%
525,057
– –
1
2
3 4 5

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Jeffrey Smith's Q4 2022 Portfolio in Review

As of Q4 2022, Jeffrey Smith held 183 positions worth $5.22B, up 15% from $4.55B the previous quarter. Its ten largest holdings account for 74% of the portfolio.

Jeffrey Smith deployed $477M of net new capital in Q4 2022, opening 6 new positions and adding to 4 existing holdings. Its largest new stake was Salesforce: 3,025,982 shares worth $401M.

By sector, the portfolio is most concentrated in Technology at 42% of assets, up from 36% a quarter earlier, followed by Industrials and Financials.

On the sell side, the largest reduction was Commault Systems, an estimated $131M trimmed.

  • Jeffrey Smith's largest Q4 2022 buy was Salesforce: 3,025,982 shares worth $401M.
  • Jeffrey Smith added most to GoDaddy in Q4 2022, an estimated $148M increase.
  • Jeffrey Smith's biggest Q4 2022 reduction was Commault Systems, cutting an estimated $131M.
  • Jeffrey Smith fully exited Huntsman Corp in Q4 2022, selling an estimated $126M.
  • Jeffrey Smith's ten largest holdings make up 74% of its $5.22B portfolio in Q4 2022.
  • Jeffrey Smith opened 6 new positions and closed 35 in Q4 2022.
  • Jeffrey Smith's portfolio value rose 15% quarter-over-quarter to $5.22B.

Based on Starboard Value's 13F filing for Q4 2022, filed 14 Feb 2023.