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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
+7.09%
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
$5.09B
AUM Growth
+$406M
Cap. Flow
+$455M
Cap. Flow %
8.93%
Top 10 Hldgs %
69.67%
Holding
83
New
45
Increased
11
Reduced
9
Closed
10

Top Buys

Rank Stock Value
1
PZZA icon
Papa John's
PZZA
+$336M
2
CERN
Cerner Corp
CERN
+$71.2M
3
WPCB
Warburg Pincus Capital Corporation I-B
WPCB
+$8.34M
4
IWM icon
iShares Russell 2000 ETF
IWM
+$8.32M
5
BOX icon
Box
BOX
+$6.22M

Top Sells

Rank Stock Value
1
CTVA icon
Corteva
CTVA
+$132M
2
GEN icon
Gen Digital
GEN
+$110M
3
IWN icon
iShares Russell 2000 Value ETF
IWN
+$38.7M
4
ACM icon
Aecom
ACM
+$24.8M
5
CVLT icon
Commault Systems
CVLT
+$19.5M

Sector Composition

Rank Sector Weight
1 Technology 35.32%
2 Healthcare 24.09%
3 Materials 11.33%
4 Industrials 9.57%
5 Financials 8.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SLAMU
76
DELISTED
Slam Corp. Unit
SLAMU
– –
-601,000
Closed -$5.96M
ROSS.U
77
DELISTED
Ross Acquisition Corp II Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant
ROSS.U
– –
-300,000
Closed -$2.99M
FRXB.U
78
DELISTED
Forest Road Acquisition Corp. II Units, each consisting of one share of Class A common stock, and one-fifth of one redeemable warrant
FRXB.U
– –
-500,000
Closed -$4.98M
LEGAU
79
DELISTED
Lead Edge Growth Opportunities, Ltd Units
LEGAU
– –
-350,000
Closed -$3.49M
WPCB.U
80
DELISTED
Warburg Pincus Capital Corporation I-B Units, each consisting of one Class A ordinary share, and one-fifth of one redeemable warrant
WPCB.U
– –
-850,000
Closed -$8.48M
KAHC.U
81
DELISTED
KKR Acquisition Holdings I Corp. Units, each consisting of one share of Class A Common Stock and one-fourth of one redeemable warrant
KAHC.U
– –
-594,800
Closed -$5.95M
MACC.U
82
DELISTED
Mission Advancement Corp. Units, each consisting of one share of Class A Common Stock and one-third of one Redeemable Warrant
MACC.U
– –
-350,000
Closed -$3.48M
ATMR.U
83
DELISTED
Altimar Acquisition Corp II Units
ATMR.U
– –
-500,000
Closed -$5.1M
1 2 3
4

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Jeffrey Smith's Q2 2021 Portfolio in Review

As of Q2 2021, Jeffrey Smith held 83 positions worth $5.09B, up 8.7% from $4.69B the previous quarter. Its ten largest holdings account for 70% of the portfolio.

Jeffrey Smith deployed $455M of net new capital in Q2 2021, opening 45 new positions and adding to 11 existing holdings. Its largest new stake was Papa John's: 3,459,360 shares worth $361M.

By sector, the portfolio is most concentrated in Technology at 35% of assets, down from 37% a quarter earlier, followed by Healthcare and Materials.

On the sell side, the largest reduction was Corteva, an estimated $132M trimmed.

  • Jeffrey Smith's largest Q2 2021 buy was Papa John's: 3,459,360 shares worth $361M.
  • Jeffrey Smith added most to Cerner Corp in Q2 2021, an estimated $71.2M increase.
  • Jeffrey Smith's biggest Q2 2021 reduction was Corteva, cutting an estimated $132M.
  • Jeffrey Smith fully exited Warburg Pincus Capital Corporation I-B Units, each consisting of one Class A ordinary share, and one-fifth of one redeemable warrant in Q2 2021, selling an estimated $8.48M.
  • Jeffrey Smith's ten largest holdings make up 70% of its $5.09B portfolio in Q2 2021.
  • Jeffrey Smith opened 45 new positions and closed 10 in Q2 2021.
  • Jeffrey Smith's portfolio value rose 8.7% quarter-over-quarter to $5.09B.

Based on Starboard Value's 13F filing for Q2 2021, filed 13 Aug 2021.