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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
ACDI
151
DELISTED
Ascendant Digital Acquisition Corp. III
ACDI
– –
-181,259
Closed -$1.87M
CPAR
152
DELISTED
Catalyst Partners Acquisition Corp. Class A Ordinary Share
CPAR
– –
-203,250
Closed -$2.05M
THAC
153
DELISTED
Thrive Acquisition Corporation Class A ordinary shares
THAC
– –
-441,544
Closed -$4.55M
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.