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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
CIIGU
151
DELISTED
CIIG Capital Partners II, Inc. Unit
CIIGU
– –
-103,504
Closed -$1.04M
GIA.U
152
DELISTED
GigCapital 5, Inc. Units, each consisting of one share of common stock and one whole redeemable warrant
GIA.U
– –
-550,000
Closed -$5.65M
CENQU
153
DELISTED
CENAQ Energy Corp. Unit
CENQU
– –
-500,000
Closed -$5.03M
CPARW
154
CALL
DELISTED
Catalyst Partners Acquisition Corp. Warrant
CPARW
– –
-27,526
Closed -$23K
PRBM.U
155
DELISTED
Parabellum Acquisition Corp. Units, each consisting of one share of Class A common stock and three-quarters of one redeemable warrant
PRBM.U
– –
-150,000
Closed -$1.5M
HCIC
156
DELISTED
Hennessy Capital Investment Corp. V Class A Common Stock
HCIC
– –
-300,000
Closed -$2.96M
FLYA.U
157
DELISTED
SOAR Technology Acquisition Corp. Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant
FLYA.U
– –
-194,700
Closed -$1.98M
MACC.WS
158
CALL
DELISTED
Mission Advancement Corp. Redeemable Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50
MACC.WS
– –
-75,000
Closed -$44K
DDMX
159
DELISTED
DD3 Acquisition Corp. II Class A Common Stock
DDMX
– –
-148,682
Closed -$1.47M
SWBK
160
DELISTED
Switchback II Corporation
SWBK
– –
-450,000
Closed -$4.48M
ARTEU
161
DELISTED
Artemis Strategic Investment Corporation Unit
ARTEU
– –
-300,000
Closed -$3.01M
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.