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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
+7.52%
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
$4.99B
AUM Growth
-$231M
Cap. Flow
-$321M
Cap. Flow %
-6.44%
Top 10 Hldgs %
79.12%
Holding
155
New
5
Increased
4
Reduced
9
Closed
49

Top Buys

Rank Stock Value
1
SPLK
Splunk Inc
SPLK
+$260M
2
ROG icon
Rogers Corp
ROG
+$148M
3
ACTG icon
Acacia Research
ACTG
+$63.4M
4
RBA icon
RB Global
RBA
+$14.8M
5
HUM icon
Humana
HUM
+$12.4M

Top Sells

Rank Stock Value
1
PZZA icon
Papa John's
PZZA
+$184M
2
ACM icon
Aecom
ACM
+$137M
3
IWM icon
iShares Russell 2000 ETF
IWM
+$95.6M
4
CRM icon
Salesforce
CRM
+$83.6M
5
MD icon
Pediatrix Medical
MD
+$81.3M

Sector Composition

Rank Sector Weight
1 Technology 51.1%
2 Industrials 19.89%
3 Financials 15.49%
4 Healthcare 8.51%
5 Consumer Discretionary 1.18%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OKLO
101
Oklo
OKLO
$7.83B
$835K 0.02%
82,300
– –
CHEA
102
DELISTED
Chenghe Acquisition Co. Class A Ordinary Share
CHEA
$526K 0.01%
50,000
– –
LVAC
103
DELISTED
LAVA Medtech Acquisition Corp. Class A Common Stock
LVAC
$438K 0.01%
41,950
– –
IWM icon
104
PUT
iShares Russell 2000 ETF
IWM
$81.9B
$413K 0.01%
+650,000
New +$120M
IWM icon
105
iShares Russell 2000 ETF
IWM
$81.9B
– –
-519,380
Closed -$95.6M
MD icon
106
Pediatrix Medical
MD
$2.16B
– –
-5,473,971
Closed -$81.3M
OEF icon
107
PUT
iShares S&P 100 ETF
OEF
$20.3B
– –
-1,100,000
Closed -$2.05M
SLND icon
108
Southland Holdings
SLND
$37M
– –
-525,057
Closed -$5.37M
ZCAR
109
DELISTED
Zoomcar
ZCAR
– –
-157
Closed -$3.22M
TVGN icon
110
Tevogen Inc
TVGN
$44M
– –
-8,410
Closed -$4.34M
ZEO
111
Zeo Energy
ZEO
$15.5M
– –
-341,339
Closed -$3.53M
CURR
112
Currenc Group
CURR
$394M
– –
-500,000
Closed -$5.18M
VEEA
113
Veea Inc
VEEA
$8.76M
– –
-321,518
Closed -$3.24M
BZAI
114
Blaize Holdings
BZAI
$69.3M
– –
-661,307
Closed -$6.72M
OCEA
115
DELISTED
Ocean Biomedical, Inc. Common Stock
OCEA
– –
-144,169
Closed -$1.5M
MSSA
116
DELISTED
Metal Sky Star Acquisition Corporation Ordinary shares
MSSA
– –
-600,000
Closed -$6.11M
TETE
117
DELISTED
Technology & Telecommunication Acquisition Corporation Class A Ordinary Shares
TETE
– –
-456,220
Closed -$4.7M
IVCB
118
DELISTED
Investcorp Europe Acquisition Corp I Class A Ordinary Shares
IVCB
– –
-500,000
Closed -$5.15M
APXI
119
DELISTED
APx Acquisition Corp. I Class A Ordinary Share
APXI
– –
-352,697
Closed -$3.62M
BCSA
120
DELISTED
Blockchain Coinvestors Acquisition Corp. I Class A Ordinary Shares
BCSA
– –
-84,100
Closed -$861K
MCAA
121
DELISTED
Mountain & Co. I Acquisition Corp. Class A Ordinary Shares
MCAA
– –
-438,834
Closed -$4.56M
ONYX
122
DELISTED
Onyx Acquisition Co. I Class A Ordinary Shares
ONYX
– –
-672,800
Closed -$6.94M
ACAC
123
DELISTED
Acri Capital Acquisition Corp
ACAC
– –
-300,000
Closed -$3.07M
SLAM
124
DELISTED
Slam Corp. Class A Ordinary Share
SLAM
– –
-480,199
Closed -$4.85M
FLFVU
125
DELISTED
Feutune Light Acquisition Corporation Unit
FLFVU
– –
-300,000
Closed -$3.05M
3 4
5
6 7

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Jeffrey Smith's Q1 2023 Portfolio in Review

As of Q1 2023, Jeffrey Smith held 155 positions worth $4.99B, down 4.4% from $5.22B the previous quarter. Its ten largest holdings account for 79% of the portfolio.

Jeffrey Smith withdrew a net $321M in Q1 2023, closing 49 positions and reducing 9 holdings. Its most notable exit was iShares Russell 2000 ETF, an estimated $95.6M position sold in full.

By sector, the portfolio is most concentrated in Technology at 51% of assets, up from 42% a quarter earlier, followed by Industrials and Financials.

Against the trend, Jeffrey Smith opened a new position in Rogers Corp worth $168M.

  • Jeffrey Smith's largest Q1 2023 buy was Rogers Corp: 1,028,200 shares worth $168M.
  • Jeffrey Smith added most to Splunk Inc in Q1 2023, an estimated $260M increase.
  • Jeffrey Smith's biggest Q1 2023 reduction was Papa John's, cutting an estimated $184M.
  • Jeffrey Smith fully exited iShares Russell 2000 ETF in Q1 2023, selling an estimated $95.6M.
  • Jeffrey Smith's ten largest holdings make up 79% of its $4.99B portfolio in Q1 2023.
  • Jeffrey Smith opened 5 new positions and closed 49 in Q1 2023.
  • Jeffrey Smith's portfolio value fell 4.4% quarter-over-quarter to $4.99B.

Based on Starboard Value's 13F filing for Q1 2023, filed 12 May 2023.