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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
HUN icon
151
Huntsman Corp
HUN
$1.75B
– –
-5,129,000
Closed -$126M
ONMD icon
152
OneMedNet
ONMD
$35.6M
– –
-285,747
Closed -$2.96M
OPTX icon
153
Syntec Optics
OPTX
$343M
– –
-420,500
Closed -$4.23M
TLSI icon
154
TriSalus Life Sciences
TLSI
$324M
– –
-298,368
Closed -$2.96M
VGAS icon
155
Verde Clean Fuels
VGAS
$27.1M
– –
-417,243
Closed -$4.21M
CERO
156
DELISTED
CERo Therapeutics
CERO
– –
-11
Closed -$215K
GTI
157
DELISTED
Graphjet Technology
GTI
– –
-8,366
Closed -$5.09M
VSEE
158
DELISTED
VSEE HEALTH INC
VSEE
– –
-675,000
Closed -$6.84M
VCXB
159
DELISTED
10X Capital Venture Acquisition Corp III
VCXB
– –
-439,252
Closed -$4.44M
AVHI
160
DELISTED
Achari Ventures Holdings Corp I
AVHI
– –
-419,500
Closed -$4.2M
NCAC
161
DELISTED
Newcourt Acquisition Corp Class A Ordinary Share
NCAC
– –
-516,222
Closed -$5.23M
ROSE
162
DELISTED
Rose Hill Acquisition Corporation Class A Ordinary Shares
ROSE
– –
-588,318
Closed -$5.97M
ACAQ
163
DELISTED
Athena Consumer Acquisition Corp.
ACAQ
– –
-505,276
Closed -$5.08M
RNER
164
DELISTED
Mount Rainier Acquisition Corp. Common Stock
RNER
– –
-637,964
Closed -$6.44M
CTAQ
165
DELISTED
Carney Technology Acquisition Corp. II Class A Common Stock
CTAQ
– –
-275,000
Closed -$2.74M
PRBM
166
DELISTED
Parabellum Acquisition Corp.
PRBM
– –
-125,200
Closed -$1.24M
APN
167
DELISTED
Apeiron Capital Investment Corp
APN
– –
-294,444
Closed -$2.95M
ARCK
168
DELISTED
Arbor Rapha Capital Bioholdings Corp. I Class A Common Stock
ARCK
– –
-20,975
Closed -$212K
SHCA
169
DELISTED
Spindletop Health Acquisition Corp. Class A Common Stock
SHCA
– –
-636,861
Closed -$6.41M
AGCB
170
DELISTED
Altimeter Growth Corp 2
AGCB
– –
-500,000
Closed -$4.96M
FLYA
171
DELISTED
SOAR Technology Acquisition Corp.
FLYA
– –
-161,990
Closed -$1.67M
PCX
172
DELISTED
Parsec Capital Acquisitions Corp Class A Common Stock
PCX
– –
-358,497
Closed -$3.63M
JOFF
173
DELISTED
JOFF Fintech Acquisition Corp. Class A Common Stock
JOFF
– –
-552,000
Closed -$5.44M
KAHC
174
DELISTED
KKR Acquisition Holdings I Corp.
KAHC
– –
-475,245
Closed -$4.68M
LGV
175
DELISTED
Longview Acquisition Corp. II
LGV
– –
-500,000
Closed -$4.91M
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.