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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
+7.54%
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
$4.63B
AUM Growth
-$360M
Cap. Flow
-$555M
Cap. Flow %
-11.98%
Top 10 Hldgs %
81.59%
Holding
110
New
3
Increased
2
Reduced
10
Closed
62

Top Buys

Rank Stock Value
1
AQN icon
Algonquin Power & Utilities
AQN
+$290M
2
WIX icon
WIX.com
WIX
+$149M
3
ABCM
Abcam PLC
ABCM
+$79.3M
4
HUM icon
Humana
HUM
+$42.8M
5
ALCY
Alchemy Investments Acquisition Corp 1
ALCY
+$3.59M

Top Sells

Rank Stock Value
1
WTW icon
Willis Towers Watson
WTW
+$302M
2
ACM icon
Aecom
ACM
+$132M
3
CRM icon
Salesforce
CRM
+$107M
4
CVLT icon
Commault Systems
CVLT
+$95.3M
5
SPLK
Splunk Inc
SPLK
+$48.9M

Sector Composition

Rank Sector Weight
1 Technology 52.19%
2 Industrials 19.69%
3 Healthcare 11.05%
4 Financials 6.57%
5 Utilities 6.11%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CSLM
26
DELISTED
CSLM Acquisition Corp. Class A Ordinary Share
CSLM
$6.71M 0.14%
639,252
– –
FLD
27
Fold Holdings
FLD
$27.3M
$6.42M 0.14%
620,000
– –
GBBK
28
DELISTED
Global Blockchain Acquisition Corp. Common Stock
GBBK
$6.26M 0.14%
600,000
– –
RDZN icon
29
Roadzen
RDZN
$132M
$5.41M 0.12%
509,330
– –
JGGC
30
DELISTED
Jaguar Global Growth Corporation I Class A Ordinary Shares
JGGC
$5.29M 0.11%
500,000
– –
HMA
31
DELISTED
Heartland Media Acquisition Corp.
HMA
$5.27M 0.11%
500,000
– –
ISRL
32
DELISTED
Israel Acquisitions Corp
ISRL
$5.21M 0.11%
500,000
– –
FTII
33
DELISTED
FutureTech II Acquisition Corp. Class A Common Stock
FTII
$4.81M 0.1%
450,000
– –
ZPTA
34
DELISTED
Zapata Computing Holdings Inc. Common Stock
ZPTA
$4.67M 0.1%
439,252
– –
CNTM
35
DELISTED
ConnectM Technology Solutions, Inc. Common Stock
CNTM
$3.92M 0.08%
375,000
– –
AFAR
36
DELISTED
Aura FAT Projects Acquisition Corp Class A Ordinary Shares
AFAR
$3.7M 0.08%
350,000
– –
ALCY
37
DELISTED
Alchemy Investments Acquisition Corp 1
ALCY
$3.59M 0.08%
+350,000
New +$3.59M
DECA
38
DELISTED
Denali Capital Acquisition Corp. Class A Ordinary Shares
DECA
$3.21M 0.07%
300,000
– –
AIMBU
39
DELISTED
Aimfinity Investment Corp I Subunit
AIMBU
$3.14M 0.07%
300,000
– –
MBSC
40
DELISTED
M3-Brigade Acquisition III Corp.
MBSC
$2.19M 0.05%
209,750
– –
ZING
41
DELISTED
FTAC Zeus Acquisition Corp. Class A Common Stock
ZING
$2.19M 0.05%
210,250
– –
APCA
42
DELISTED
AP Acquisition Corp
APCA
$1.9M 0.04%
176,348
– –
NFNT
43
DELISTED
Infinite Acquisition Corp.
NFNT
$1.78M 0.04%
168,200
– –
OKLO
44
Oklo
OKLO
$7.83B
$858K 0.02%
82,300
– –
CHEA
45
DELISTED
Chenghe Acquisition Co. Class A Ordinary Share
CHEA
$535K 0.01%
50,000
– –
ENOV icon
46
Enovis
ENOV
$1.5B
– –
-353,165
Closed -$18.9M
FLYX icon
47
flyExclusive
FLYX
$134M
– –
-203,250
Closed -$2.07M
IWM icon
48
PUT
iShares Russell 2000 ETF
IWM
$81.9B
– –
-650,000
Closed -$413K
ON icon
49
ON Semiconductor
ON
$28.9B
– –
-200,000
Closed -$16.5M
STI icon
50
Solidion Technology
STI
$65M
– –
-10,000
Closed -$5.28M
1
2
3 4 5

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MP
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CGI
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DACG
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5NCM
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WA
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Jeffrey Smith's Q2 2023 Portfolio in Review

As of Q2 2023, Jeffrey Smith held 110 positions worth $4.63B, down 7.2% from $4.99B the previous quarter. Its ten largest holdings account for 82% of the portfolio.

Jeffrey Smith withdrew a net $555M in Q2 2023, closing 62 positions and reducing 10 holdings. Its most notable exit was Enovis, an estimated $18.9M position sold in full.

By sector, the portfolio is most concentrated in Technology at 52% of assets, up from 51% a quarter earlier, followed by Industrials and Healthcare.

Against the trend, Jeffrey Smith opened a new position in Algonquin Power & Utilities worth $282M.

  • Jeffrey Smith's largest Q2 2023 buy was Algonquin Power & Utilities: 34,138,650 shares worth $282M.
  • Jeffrey Smith added most to WIX.com in Q2 2023, an estimated $149M increase.
  • Jeffrey Smith's biggest Q2 2023 reduction was Willis Towers Watson, cutting an estimated $302M.
  • Jeffrey Smith fully exited Enovis in Q2 2023, selling an estimated $18.9M.
  • Jeffrey Smith's ten largest holdings make up 82% of its $4.63B portfolio in Q2 2023.
  • Jeffrey Smith opened 3 new positions and closed 62 in Q2 2023.
  • Jeffrey Smith's portfolio value fell 7.2% quarter-over-quarter to $4.63B.

Based on Starboard Value's 13F filing for Q2 2023, filed 11 Aug 2023.