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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
GCTS
51
GCT Semiconductor Holding
GCTS
$188M
– –
-210,250
Closed -$2.18M
EONR
52
EON Resources
EONR
$24M
– –
-400,000
Closed -$4.18M
DEVS
53
DELISTED
DevvStream Corp
DEVS
– –
-12,585
Closed -$1.31M
ABP
54
DELISTED
Abpro Holdings
ABP
– –
-25,000
Closed -$7.79M
AIEV
55
DELISTED
Thunder Power Holdings, Inc. Common Stock
AIEV
– –
-300,000
Closed -$3.13M
VMCA
56
DELISTED
Valuence Merger Corp. I Class A Ordinary Shares
VMCA
– –
-500,000
Closed -$5.26M
PNST
57
DELISTED
Pinstripes Holdings, Inc.
PNST
– –
-750,000
Closed -$7.8M
EVGR
58
DELISTED
Evergreen Corporation Class A Ordinary Share
EVGR
– –
-475,000
Closed -$4.97M
ALCE
59
DELISTED
Alternus Clean Energy Inc
ALCE
– –
-30,000
Closed -$7.7M
PPYA
60
DELISTED
Papaya Growth Opportunity Corp. I Class A Common Stock
PPYA
– –
-750,000
Closed -$7.8M
CITE
61
DELISTED
Cartica Acquisition Corp Class A Ordinary Shares
CITE
– –
-539,252
Closed -$5.67M
LATG
62
DELISTED
Chenghe Acquisition I Co. Class A Ordinary Shares
LATG
– –
-550,000
Closed -$5.76M
CFFS
63
DELISTED
CF Acquisition Corp. VII Class A Common Stock
CFFS
– –
-220,436
Closed -$2.28M
PRLH
64
DELISTED
Pearl Holdings Acquisition Corp Class A Ordinary Shares
PRLH
– –
-440,871
Closed -$4.6M
BFAC
65
DELISTED
Battery Future Acquisition Corp.
BFAC
– –
-440,871
Closed -$4.6M
EVE
66
DELISTED
EVe Mobility Acquisition Corp
EVE
– –
-440,971
Closed -$4.6M
HAIA
67
DELISTED
Healthcare AI Acquisition Corp. Class A Ordinary Shares
HAIA
– –
-440,871
Closed -$4.6M
WEL
68
DELISTED
Integrated Wellness Acquisition Corp
WEL
– –
-421,946
Closed -$4.43M
RCFA
69
DELISTED
Perception Capital Corp. IV
RCFA
– –
-127,050
Closed -$1.33M
FRLA
70
DELISTED
Fortune Rise Acquisition Corporation Class A Common Stock
FRLA
– –
-433,688
Closed -$4.62M
CCTS
71
DELISTED
Cactus Acquisition Corp. 1 Limited Class A Ordinary Share
CCTS
– –
-225,876
Closed -$2.36M
PHYT
72
DELISTED
Pyrophyte Acquisition Corp.
PHYT
– –
-167,800
Closed -$1.76M
VSAC
73
DELISTED
Vision Sensing Acquisition Corp. Class A Common Stock
VSAC
– –
-435,612
Closed -$4.57M
CMCA
74
DELISTED
Capitalworks Emerging Markets Acquisition Corp Class A Ordinary Shares
CMCA
– –
-418,758
Closed -$4.4M
LGVC
75
DELISTED
LAMF Global Ventures Corp. I Class A Ordinary Shares
LGVC
– –
-207,548
Closed -$2.17M
1 2
3
4 5

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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.