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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
GMFI
126
DELISTED
Aetherium Acquisition Corp
GMFI
– –
-462,651
Closed -$4.71M
DSAQ
127
DELISTED
Direct Selling Acquisition Corp.
DSAQ
– –
-499,200
Closed -$5.14M
ASCA
128
DELISTED
A SPAC I Acquisition Corp. Class A Ordinary Share
ASCA
– –
-250,000
Closed -$2.55M
ROSS
129
DELISTED
Ross Acquisition Corp II
ROSS
– –
-361,650
Closed -$3.66M
IRRX
130
DELISTED
Integrated Rail and Resources Acquisition Corp.
IRRX
– –
-937,845
Closed -$9.66M
SZZL
131
DELISTED
Sizzle Acquisition Corp. Common stock
SZZL
– –
-596,848
Closed -$6.1M
ACAH
132
DELISTED
Atlantic Coastal Acquisition Corp. Class A Common Stock
ACAH
– –
-622,243
Closed -$6.23M
HHLA
133
DELISTED
HH&L Acquisition Co.
HHLA
– –
-200,000
Closed -$2.02M
FRXB
134
DELISTED
Forest Road Acquisition Corp. II
FRXB
– –
-399,500
Closed -$4.01M
ALOR
135
DELISTED
ALSP Orchid Acquisition Corp I
ALOR
– –
-322,884
Closed -$3.3M
AAC
136
DELISTED
Ares Acquisition Corporation
AAC
– –
-200,000
Closed -$2.01M
FZT
137
DELISTED
FAST Acquisition Corp. II
FZT
– –
-750,000
Closed -$7.51M
LFAC
138
DELISTED
LF Capital Acquisition Corp. II Class A Common Stock
LFAC
– –
-140,326
Closed -$1.44M
GENQ
139
DELISTED
Genesis Unicorn Capital Corp. Class A Common Stock
GENQ
– –
-325,000
Closed -$3.3M
GGAA
140
DELISTED
Genesis Growth Tech Acquisition Corp. Class A Ordinary Shares
GGAA
– –
-440,871
Closed -$4.57M
TOAC
141
DELISTED
Talon 1 Acquisition Corp. Class A Ordinary Shares
TOAC
– –
-409,054
Closed -$4.24M
IQMD
142
DELISTED
Intelligent Medicine Acquisition Corp. Class A Common Stock
IQMD
– –
-106,893
Closed -$1.1M
JMAC
143
DELISTED
Maxpro Capital Acquisition Corp. Class A Common Stock
JMAC
– –
-210,028
Closed -$2.18M
DGNU
144
DELISTED
Dragoneer Growth Opportunities Corp. III Class A Ordinary Shares
DGNU
– –
-516,010
Closed -$5.09M
LEGA
145
DELISTED
Lead Edge Growth Opportunities, Ltd Class A Ordinary Shares
LEGA
– –
-480,650
Closed -$4.84M
WPCB
146
DELISTED
Warburg Pincus Capital Corporation I-B
WPCB
– –
-676,820
Closed -$6.83M
HERA
147
DELISTED
FTAC Hera Acquisition Corp. Class A Ordinary Shares
HERA
– –
-250,000
Closed -$2.53M
LION
148
DELISTED
Lionheart III Corp Class A Common Stock
LION
– –
-220,436
Closed -$2.25M
MLAI
149
DELISTED
McLaren Technology Acquisition Corp. Class A Common Stock
MLAI
– –
-640,936
Closed -$6.54M
CPAQ
150
DELISTED
Counter Press Acquisition Corporation Class A Ordinary Share
CPAQ
– –
-300,000
Closed -$3.08M
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.