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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
+20.47%
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
$4.81B
AUM Growth
+$905M
Cap. Flow
+$1.07B
Cap. Flow %
22.17%
Top 10 Hldgs %
81.26%
Holding
31
New
5
Increased
5
Reduced
7
Closed
3

Top Buys

Rank Stock Value
1
FTRE icon
Fortrea Holdings
FTRE
+$232M
2
NWS icon
News Corp Class B
NWS
+$198M
3
HUM icon
Humana
HUM
+$75.5M
4
NWSA icon
News Corp Class A
NWSA
+$36.9M
5
IWN icon
iShares Russell 2000 Value ETF
IWN
+$35.3M

Top Sells

Rank Stock Value
1
GDDY icon
GoDaddy
GDDY
+$219M
2
ACM icon
Aecom
ACM
+$91.7M
3
VRT icon
Vertiv
VRT
+$64.3M
4
CRM icon
Salesforce
CRM
+$43.9M
5
WIX icon
WIX.com
WIX
+$36M

Sector Composition

Rank Sector Weight
1 Technology 43.63%
2 Healthcare 14.98%
3 Industrials 13.05%
4 Utilities 8.15%
5 Communication Services 5.54%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CNTM
26
DELISTED
ConnectM Technology Solutions, Inc. Common Stock
CNTM
– –
-375,000
Closed -$3.99M
DECA
27
DELISTED
Denali Capital Acquisition Corp. Class A Ordinary Shares
DECA
– –
-300,000
Closed -$3.29M
1
2

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Jeffrey Smith's Q4 2023 Portfolio in Review

As of Q4 2023, Jeffrey Smith held 31 positions worth $4.81B, up 23% from $3.9B the previous quarter. Its ten largest holdings account for 81% of the portfolio.

Jeffrey Smith deployed $1.07B of net new capital in Q4 2023, opening 5 new positions and adding to 5 existing holdings. Its largest new stake was Fortrea Holdings: 7,595,000 shares worth $265M.

By sector, the portfolio is most concentrated in Technology at 44% of assets, down from 47% a quarter earlier, followed by Healthcare and Industrials.

On the sell side, the largest reduction was GoDaddy, an estimated $219M trimmed.

  • Jeffrey Smith's largest Q4 2023 buy was Fortrea Holdings: 7,595,000 shares worth $265M.
  • Jeffrey Smith added most to Humana in Q4 2023, an estimated $75.5M increase.
  • Jeffrey Smith's biggest Q4 2023 reduction was GoDaddy, cutting an estimated $219M.
  • Jeffrey Smith fully exited Israel Acquisitions Corp in Q4 2023, selling an estimated $5.28M.
  • Jeffrey Smith's ten largest holdings make up 81% of its $4.81B portfolio in Q4 2023.
  • Jeffrey Smith opened 5 new positions and closed 3 in Q4 2023.
  • Jeffrey Smith's portfolio value rose 23% quarter-over-quarter to $4.81B.

Based on Starboard Value's 13F filing for Q4 2023, filed 14 Feb 2024.