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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
+12.23%
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
$7.22B
AUM Growth
+$1.75B
Cap. Flow
+$972M
Cap. Flow %
13.47%
Top 10 Hldgs %
64.17%
Holding
162
New
96
Increased
6
Reduced
25
Closed
26

Top Buys

Rank Stock Value
1
WTW icon
Willis Towers Watson
WTW
+$497M
2
GDDY icon
GoDaddy
GDDY
+$486M
3
HUN icon
Huntsman Corp
HUN
+$210M
4
ENOV icon
Enovis
ENOV
+$190M
5
CVLT icon
Commault Systems
CVLT
+$14.3M

Top Sells

Rank Stock Value
1
BOX icon
Box
BOX
+$289M
2
MMSI icon
Merit Medical Systems
MMSI
+$150M
3
ON icon
ON Semiconductor
ON
+$43.6M
4
IWM icon
iShares Russell 2000 ETF
IWM
+$25.7M
5
CTVA icon
Corteva
CTVA
+$13.3M

Sector Composition

Rank Sector Weight
1 Technology 29.76%
2 Materials 17.41%
3 Healthcare 16.65%
4 Financials 12.62%
5 Industrials 8.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ROSS
76
DELISTED
Ross Acquisition Corp II
ROSS
$4.18M 0.06%
428,700
-21,300
-5% -$209K
SUAC.U
77
DELISTED
ShoulderUp Technology Acquisition Corp. Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant
SUAC.U
$4.18M 0.06%
+413,707
New +$4.16M
PCX
78
DELISTED
Parsec Capital Acquisitions Corp Class A Common Stock
PCX
$4.05M 0.06%
+408,302
New +$4.04M
APXIU
79
DELISTED
APx Acquisition Corp. I Unit
APXIU
$4.03M 0.06%
+400,000
New +$4.03M
PRPB
80
DELISTED
CC Neuberger Principal Holdings II Class A Ordinary Shares
PRPB
$3.99M 0.06%
402,780
-19,920
-5% -$197K
SLND icon
81
Southland Holdings
SLND
$37M
$3.96M 0.05%
+398,643
New +$3.92M
ZEO
82
Zeo Energy
ZEO
$15.5M
$3.85M 0.05%
+388,600
New +$3.86M
ACAQ
83
DELISTED
Athena Consumer Acquisition Corp.
ACAQ
$3.81M 0.05%
+384,800
New +$3.82M
BURU
84
DELISTED
NUBURU INC
BURU
$3.75M 0.05%
1,912
-92
-5% -$180K
VEEA
85
Veea Inc
VEEA
$8.76M
$3.71M 0.05%
381,488
-18,512
-5% -$180K
MACC
86
DELISTED
Mission Advancement Corp.
MACC
$3.71M 0.05%
381,150
-18,850
-5% -$183K
ALORU
87
DELISTED
ALSP Orchid Acquisition Corp I Unit
ALORU
$3.7M 0.05%
+366,189
New +$3.69M
IOACU
88
DELISTED
Innovative International Acquisition Corp. Unit
IOACU
$3.59M 0.05%
+356,579
New +$3.6M
ONMD icon
89
OneMedNet
ONMD
$35.6M
$3.37M 0.05%
333,668
+17,865
+6% +$180K
APN.U
90
DELISTED
Apeiron Capital Investment Corp. Units, each consisting of one share of Class A Common Stock and one-half of one Redeemable Warrant
APN.U
$3.37M 0.05%
+333,848
New +$3.37M
AHRNU
91
DELISTED
Ahren Acquisition Corp Unit
AHRNU
$3.36M 0.05%
+335,500
New +$3.36M
FVT
92
DELISTED
Fortress Value Acquisition Corp. III
FVT
$3.27M 0.05%
334,678
-15,322
-4% -$150K
DGNU
93
DELISTED
Dragoneer Growth Opportunities Corp. III Class A Ordinary Shares
DGNU
$3.08M 0.04%
315,537
-20,321
-6% -$201K
FRGE
94
DELISTED
Forge Global Holdings
FRGE
$2.95M 0.04%
+20,000
New +$2.97M
TLSI icon
95
TriSalus Life Sciences
TLSI
$324M
$2.95M 0.04%
298,368
-76,632
-20% -$761K
ARTE
96
DELISTED
Artemis Strategic Investment Corporation Class A Common Stock
ARTE
$2.93M 0.04%
+288,000
New +$2.86M
SANB
97
DELISTED
Sanaby Health Acquisition Corp. I Class A Common Stock
SANB
$2.86M 0.04%
+288,600
New +$2.86M
PGSS
98
DELISTED
Pegasus Digital Mobility Acquisition Corp.
PGSS
$2.83M 0.04%
+288,600
New +$2.84M
CFFSU
99
DELISTED
CF Acquisition Corp. VII Unit
CFFSU
$2.54M 0.04%
+250,000
New +$2.51M
IWM icon
100
PUT
iShares Russell 2000 ETF
IWM
$81.9B
$2.5M 0.03%
1,350,000
-975,000
-42% -$220M
2 3
4
5 6

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Jeffrey Smith's Q4 2021 Portfolio in Review

As of Q4 2021, Jeffrey Smith held 162 positions worth $7.22B, up 32% from $5.46B the previous quarter. Its ten largest holdings account for 64% of the portfolio.

Jeffrey Smith deployed $972M of net new capital in Q4 2021, opening 96 new positions and adding to 6 existing holdings. Its largest new stake was Willis Towers Watson: 2,100,894 shares worth $499M.

By sector, the portfolio is most concentrated in Technology at 30% of assets, down from 31% a quarter earlier, followed by Materials and Healthcare.

On the sell side, the largest reduction was Merit Medical Systems, an estimated $150M trimmed.

  • Jeffrey Smith's largest Q4 2021 buy was Willis Towers Watson: 2,100,894 shares worth $499M.
  • Jeffrey Smith added most to Huntsman Corp in Q4 2021, an estimated $210M increase.
  • Jeffrey Smith's biggest Q4 2021 reduction was Merit Medical Systems, cutting an estimated $150M.
  • Jeffrey Smith fully exited Box in Q4 2021, selling an estimated $289M.
  • Jeffrey Smith's ten largest holdings make up 64% of its $7.22B portfolio in Q4 2021.
  • Jeffrey Smith opened 96 new positions and closed 26 in Q4 2021.
  • Jeffrey Smith's portfolio value rose 32% quarter-over-quarter to $7.22B.

Based on Starboard Value's 13F filing for Q4 2021, filed 14 Feb 2022.