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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
-1.65%
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
$7.54B
AUM Growth
+$327M
Cap. Flow
+$786M
Cap. Flow %
10.42%
Top 10 Hldgs %
60.25%
Holding
226
New
90
Increased
8
Reduced
66
Closed
56

Top Buys

Rank Stock Value
1
HUM icon
Humana
HUM
+$405M
2
MRCY icon
Mercury Systems
MRCY
+$213M
3
KSS icon
Kohl's
KSS
+$188M
4
LPSN icon
LivePerson
LPSN
+$173M
5
GDDY icon
GoDaddy
GDDY
+$115M

Top Sells

Rank Stock Value
1
MGLN
Magellan Health Services, Inc.
MGLN
+$225M
2
CTVA icon
Corteva
CTVA
+$148M
3
CERN
Cerner Corp
CERN
+$108M
4
ACIW icon
ACI Worldwide
ACIW
+$91.6M
5
ON icon
ON Semiconductor
ON
+$57.9M

Sector Composition

Rank Sector Weight
1 Technology 29.09%
2 Healthcare 16.23%
3 Materials 15.65%
4 Financials 13.94%
5 Industrials 10.66%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TOACU
201
DELISTED
Talon 1 Acquisition Corp. Unit
TOACU
– –
-466,608
Closed -$4.71M
SCUA.U
202
DELISTED
Sculptor Acquisition Corp I Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant
SCUA.U
– –
-500,000
Closed -$5M
BPACU
203
DELISTED
Bullpen Parlay Acquisition Company Unit
BPACU
– –
-700,000
Closed -$7M
VMGAU
204
DELISTED
VMG Consumer Acquisition Corp. Unit
VMGAU
– –
-192,400
Closed -$1.95M
GVCIU
205
DELISTED
Green Visor Financial Technology Acquisition Corp. I Units
GVCIU
– –
-240,500
Closed -$2.46M
HORIU
206
DELISTED
Emerging Markets Horizon Corp. Unit
HORIU
– –
-500,000
Closed -$5M
RNERU
207
DELISTED
Mount Rainier Acquisition Corp. Unit
RNERU
– –
-725,421
Closed -$7.38M
ACDI.U
208
DELISTED
Ascendant Digital Acquisition Corp. III Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant
ACDI.U
– –
-206,800
Closed -$2.1M
APN.U
209
DELISTED
Apeiron Capital Investment Corp. Units, each consisting of one share of Class A Common Stock and one-half of one Redeemable Warrant
APN.U
– –
-333,848
Closed -$3.37M
HTAQ.U
210
DELISTED
Hunt Companies Acquisition Corp. I Units, each consisting of one Class A ordinary share and one-half one redeemable warrant
HTAQ.U
– –
-240,500
Closed -$2.44M
SPAQ
211
DELISTED
Spartan Acquisition Corp. III
SPAQ
– –
-482,501
Closed -$4.76M
GCAC
212
DELISTED
Growth Capital Acquisition Corp. Class A Common Stock
GCAC
– –
-34,148
Closed -$339K
MGLN
213
DELISTED
Magellan Health Services, Inc.
MGLN
– –
-2,369,100
Closed -$225M
PRLHU
214
DELISTED
Pearl Holdings Acquisition Corp Unit
PRLHU
– –
-500,000
Closed -$5M
CFFSU
215
DELISTED
CF Acquisition Corp. VII Unit
CFFSU
– –
-250,000
Closed -$2.54M
BFAC.U
216
DELISTED
Battery Future Acquisition Corp. Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant
BFAC.U
– –
-500,000
Closed -$5M
RCFA.U
217
DELISTED
Perception Capital Corp. IV Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant
RCFA.U
– –
-144,300
Closed -$1.46M
WEL.U
218
DELISTED
Integrated Wellness Acquisition Corp Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant
WEL.U
– –
-450,000
Closed -$4.54M
IVCBU
219
DELISTED
Investcorp Europe Acquisition Corp I Unit
IVCBU
– –
-500,000
Closed -$5.04M
MCAAU
220
DELISTED
Mountain & Co. I Acquisition Corp. Unit
MCAAU
– –
-498,100
Closed -$5.09M
APXIU
221
DELISTED
APx Acquisition Corp. I Unit
APXIU
– –
-400,000
Closed -$4.03M
APCA.U
222
DELISTED
AP Acquisition Corp Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant
APCA.U
– –
-200,000
Closed -$2.03M
CMCAU
223
DELISTED
Capitalworks Emerging Markets Acquisition Corp Unit
CMCAU
– –
-474,921
Closed -$4.78M
IRRX.U
224
DELISTED
Integrated Rail and Resources Acquisition Corp. Units, each consisting of one share of Class A common stock and one half of one redeemable warrant
IRRX.U
– –
-1,065,897
Closed -$10.7M
LFACU
225
DELISTED
LF Capital Acquisition Corp. II Units
LFACU
– –
-159,557
Closed -$1.6M
5 6 7 8
9

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Jeffrey Smith's Q1 2022 Portfolio in Review

As of Q1 2022, Jeffrey Smith held 226 positions worth $7.54B, up 4.5% from $7.22B the previous quarter. Its ten largest holdings account for 60% of the portfolio.

Jeffrey Smith deployed $786M of net new capital in Q1 2022, opening 90 new positions and adding to 8 existing holdings. Its largest new stake was Humana: 968,200 shares worth $421M.

By sector, the portfolio is most concentrated in Technology at 29% of assets, down from 30% a quarter earlier, followed by Healthcare and Materials.

On the sell side, the largest reduction was Corteva, an estimated $148M trimmed.

  • Jeffrey Smith's largest Q1 2022 buy was Humana: 968,200 shares worth $421M.
  • Jeffrey Smith added most to GoDaddy in Q1 2022, an estimated $115M increase.
  • Jeffrey Smith's biggest Q1 2022 reduction was Corteva, cutting an estimated $148M.
  • Jeffrey Smith fully exited Magellan Health Services, Inc. in Q1 2022, selling an estimated $225M.
  • Jeffrey Smith's ten largest holdings make up 60% of its $7.54B portfolio in Q1 2022.
  • Jeffrey Smith opened 90 new positions and closed 56 in Q1 2022.
  • Jeffrey Smith's portfolio value rose 4.5% quarter-over-quarter to $7.54B.

Based on Starboard Value's 13F filing for Q1 2022, filed 13 May 2022.