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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
BRD.U
126
DELISTED
Beard Energy Transition Acquisition Corp. Units, each consisting of one share of Class A Common Stock and one-half of one Warrant
BRD.U
$1.22M 0.02%
+120,250
New +$1.21M
CIIG
127
DELISTED
CIIG Capital Partners II, Inc. Class A Common Stock
CIIG
$1.01M 0.01%
+102,157
New +$1.01M
BCSAU
128
DELISTED
Blockchain Coinvestors Acquisition Corp. I Unit
BCSAU
$973K 0.01%
+96,200
New +$976K
LGVCU
129
DELISTED
LAMF Global Ventures Corp. I Unit
LGVCU
$966K 0.01%
+96,200
New +$967K
IQMD
130
DELISTED
Intelligent Medicine Acquisition Corp. Class A Common Stock
IQMD
$952K 0.01%
+96,200
New +$951K
OKLO
131
Oklo
OKLO
$7.83B
$946K 0.01%
96,000
-4,000
-4% -$39.4K
LVAC
132
DELISTED
LAVA Medtech Acquisition Corp. Class A Common Stock
LVAC
$474K 0.01%
+48,100
New +$476K
GCAC
133
DELISTED
Growth Capital Acquisition Corp. Class A Common Stock
GCAC
$339K ﹤0.01%
+34,148
New +$340K
ARCK
134
DELISTED
Arbor Rapha Capital Bioholdings Corp. I Class A Common Stock
ARCK
$239K ﹤0.01%
+24,050
New +$238K
CERO
135
DELISTED
CERo Therapeutics
CERO
$238K ﹤0.01%
+12
New +$238K
BOX icon
136
Box
BOX
$4.56B
– –
-12,213,663
Closed -$289M
BZFD icon
137
BuzzFeed
BZFD
$92.5M
– –
-112,500
Closed -$4.46M
DAVE icon
138
Dave Inc
DAVE
$4.52B
– –
-14,063
Closed -$4.46M
FLYX.WS icon
139
CALL
flyExclusive Inc Warrants
FLYX.WS
– –
-59,654
Closed -$35K
IWR icon
140
iShares Russell Mid-Cap ETF
IWR
$57.7B
– –
-25,000
Closed -$1.96M
NXDR
141
Nextdoor Holdings
NXDR
$925M
– –
-500,000
Closed -$4.9M
ONMDW icon
142
CALL
OneMedNet Corp Warrant
ONMDW
$876K
– –
-174,766
Closed -$68K
SCOR icon
143
Comscore
SCOR
$77.1M
– –
-120,978
Closed -$9.44M
DSAQ.U
144
DELISTED
Direct Selling Acquisition Corp. Units, each consisting of one share of Class A common stock and one-half of redeemable warrant
DSAQ.U
– –
-600,000
Closed -$6.05M
ROSS.WS
145
CALL
DELISTED
Ross Acquisition Corp II Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share
ROSS.WS
– –
-99,157
Closed -$88K
BTTX
146
DELISTED
Better Therapeutics, Inc. Common Stock
BTTX
– –
-300,000
Closed -$2.99M
ACAHW
147
CALL
DELISTED
Atlantic Coastal Acquisition Corp. Warrant
ACAHW
– –
-64,150
Closed -$35K
ACAH
148
DELISTED
Atlantic Coastal Acquisition Corp. Class A Common Stock
ACAH
– –
-400,000
Closed -$3.88M
FRXB.WS
149
CALL
DELISTED
Forest Road Acquisition Corp. II Redeemable Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50
FRXB.WS
– –
-75,000
Closed -$65K
FATH
150
DELISTED
Fathom Digital Manufacturing Corporation
FATH
– –
-25,000
Closed -$4.92M
3 4 5
6
7

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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.