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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
+9.3%
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
$5.22B
AUM Growth
+$671M
Cap. Flow
+$477M
Cap. Flow %
9.13%
Top 10 Hldgs %
73.53%
Holding
183
New
6
Increased
4
Reduced
8
Closed
35

Top Buys

Rank Stock Value
1
CRM icon
Salesforce
CRM
+$442M
2
VRT icon
Vertiv
VRT
+$225M
3
SPLK
Splunk Inc
SPLK
+$151M
4
GDDY icon
GoDaddy
GDDY
+$148M
5
IWN icon
iShares Russell 2000 Value ETF
IWN
+$42.4M

Top Sells

Rank Stock Value
1
CVLT icon
Commault Systems
CVLT
+$131M
2
HUN icon
Huntsman Corp
HUN
+$126M
3
ON icon
ON Semiconductor
ON
+$99.8M
4
HUM icon
Humana
HUM
+$93.6M
5
WTW icon
Willis Towers Watson
WTW
+$70.1M

Sector Composition

Rank Sector Weight
1 Technology 41.73%
2 Industrials 19.95%
3 Financials 18.07%
4 Healthcare 10%
5 Consumer Discretionary 4.58%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CPAR
126
DELISTED
Catalyst Partners Acquisition Corp. Class A Ordinary Share
CPAR
$2.05M 0.04%
203,250
– –
OEF icon
127
PUT
iShares S&P 100 ETF
OEF
$20.3B
$2.05M 0.04%
1,100,000
+700,000
+175% +$121M
FLYX icon
128
flyExclusive
FLYX
$134M
$2.03M 0.04%
203,250
– –
HHLA
129
DELISTED
HH&L Acquisition Co.
HHLA
$2.02M 0.04%
200,000
– –
AAC
130
DELISTED
Ares Acquisition Corporation
AAC
$2.01M 0.04%
200,000
– –
ACDI
131
DELISTED
Ascendant Digital Acquisition Corp. III
ACDI
$1.87M 0.04%
181,259
– –
APCA
132
DELISTED
AP Acquisition Corp
APCA
$1.82M 0.03%
176,348
– –
PHYT
133
DELISTED
Pyrophyte Acquisition Corp.
PHYT
$1.73M 0.03%
167,800
– –
NFNT
134
DELISTED
Infinite Acquisition Corp.
NFNT
$1.72M 0.03%
168,200
– –
VMGA
135
DELISTED
VMG Consumer Acquisition Corp. Class A Common Stock
VMGA
$1.71M 0.03%
168,200
– –
OCEA
136
DELISTED
Ocean Biomedical, Inc. Common Stock
OCEA
$1.5M 0.03%
144,169
– –
LFAC
137
DELISTED
LF Capital Acquisition Corp. II Class A Common Stock
LFAC
$1.44M 0.03%
140,326
– –
TCVA
138
DELISTED
TCV Acquisition Corp. Class A Ordinary Shares
TCVA
$1.37M 0.03%
136,910
– –
RCFA
139
DELISTED
Perception Capital Corp. IV
RCFA
$1.3M 0.03%
127,050
– –
ADAL
140
DELISTED
Anthemis Digital Acquisitions I Corp Class A Ordinary Shares
ADAL
$1.29M 0.02%
125,850
– –
DEVS
141
DELISTED
DevvStream Corp
DEVS
$1.28M 0.02%
12,585
– –
IQMD
142
DELISTED
Intelligent Medicine Acquisition Corp. Class A Common Stock
IQMD
$1.1M 0.02%
106,893
– –
BRD
143
DELISTED
Beard Energy Transition Acquisition Corp.
BRD
$1.07M 0.02%
105,125
– –
CIIG
144
DELISTED
CIIG Capital Partners II, Inc. Class A Common Stock
CIIG
$902K 0.02%
88,551
– –
BCSA
145
DELISTED
Blockchain Coinvestors Acquisition Corp. I Class A Ordinary Shares
BCSA
$861K 0.02%
84,100
– –
OKLO
146
Oklo
OKLO
$7.83B
$816K 0.02%
82,300
– –
CHEA
147
DELISTED
Chenghe Acquisition Co. Class A Ordinary Share
CHEA
$515K 0.01%
50,000
– –
LVAC
148
DELISTED
LAVA Medtech Acquisition Corp. Class A Common Stock
LVAC
$427K 0.01%
41,950
– –
ACIW icon
149
ACI Worldwide
ACIW
$5.24B
– –
-1,213,000
Closed -$25.4M
EHTH icon
150
eHealth
EHTH
$39.4M
– –
-2,198,117
Closed -$8.6M
4 5
6
7 8

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Jeffrey Smith's Q4 2022 Portfolio in Review

As of Q4 2022, Jeffrey Smith held 183 positions worth $5.22B, up 15% from $4.55B the previous quarter. Its ten largest holdings account for 74% of the portfolio.

Jeffrey Smith deployed $477M of net new capital in Q4 2022, opening 6 new positions and adding to 4 existing holdings. Its largest new stake was Salesforce: 3,025,982 shares worth $401M.

By sector, the portfolio is most concentrated in Technology at 42% of assets, up from 36% a quarter earlier, followed by Industrials and Financials.

On the sell side, the largest reduction was Commault Systems, an estimated $131M trimmed.

  • Jeffrey Smith's largest Q4 2022 buy was Salesforce: 3,025,982 shares worth $401M.
  • Jeffrey Smith added most to GoDaddy in Q4 2022, an estimated $148M increase.
  • Jeffrey Smith's biggest Q4 2022 reduction was Commault Systems, cutting an estimated $131M.
  • Jeffrey Smith fully exited Huntsman Corp in Q4 2022, selling an estimated $126M.
  • Jeffrey Smith's ten largest holdings make up 74% of its $5.22B portfolio in Q4 2022.
  • Jeffrey Smith opened 6 new positions and closed 35 in Q4 2022.
  • Jeffrey Smith's portfolio value rose 15% quarter-over-quarter to $5.22B.

Based on Starboard Value's 13F filing for Q4 2022, filed 14 Feb 2023.