Jeffrey Smith Starboard Value
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
PLCM
POLYCOM INC
PLCM
|
+$29.7M |
| 2 |
Curtiss-Wright
CW
|
+$17M |
| 3 |
iShares Russell 2000 Value ETF
IWN
|
+$14.9M |
| 4 |
ELX
EMULEX CORP
ELX
|
+$14.3M |
| 5 |
QLGC
QLOGIC CORP
QLGC
|
+$14.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SFD
SMITHFIELD FOODS,INC
SFD
|
+$63M |
| 2 |
Progress Software
PRGS
|
+$46.7M |
| 3 |
TQNT
TRIQUINT SEMICONDUCTOR INC
TQNT
|
+$34.3M |
| 4 |
Extreme Networks
EXTR
|
+$26.9M |
| 5 |
FOE
Ferro Corporation
FOE
|
+$18.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 33.27% |
| 2 | Consumer Discretionary | 17.48% |
| 3 | Materials | 15.34% |
| 4 | Industrials | 3.74% |
| 5 | Financials | 1.27% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ODP
1
DELISTED
ODP
ODP
| $203M | 16.33% |
4,210,000
| – | – |
|
|
IDTI
2
DELISTED
Integrated Device Technology I
IDTI
| $118M | 9.46% |
12,500,000
| – | – |
|
|
CPWR
3
DELISTED
COMPUWARE CORP
CPWR
| $104M | 8.31% |
9,629,250
-260,250
| -3% | -$2.74M |
|
|
WPP
4
DELISTED
WAUSAU PAPER CORP.
WPP
| $97.4M | 7.83% |
7,500,000
| – | – |
|
|
CCC
5
DELISTED
Calgon Carbon Corp
CCC
| $93.5M | 7.51% |
4,925,000
-440,000
| -8% | -$7.87M |
|
6
Adeia
ADEA
$2.89B
| $90.9M | 7.3% |
17,766,000
+2,362,500
| +15% | +$12.5M |
|
|
TQNT
7
DELISTED
TRIQUINT SEMICONDUCTOR INC
TQNT
| $67.2M | 5.39% |
8,270,000
-4,490,000
| -35% | -$34.3M |
|
8
NVIDIA
NVDA
$5.2T
| $62.2M | 5% |
160,000,000
-16,000,000
| -9% | -$5.95M |
|
|
ELX
9
DELISTED
EMULEX CORP
ELX
| $54.7M | 4.39% |
7,050,000
+1,844,729
| +35% | +$14.3M |
|
10
iShares Russell 2000 ETF
IWM
$81.9B
| $50.6M | 4.07% |
475,000
+20,000
| +4% | +$2.07M |
|
11
Quantum Corp
QMCO
$877M
| $35.5M | 2.85% |
160,594
| – | – |
|
|
PLCM
12
DELISTED
POLYCOM INC
PLCM
| $31.1M | 2.5% |
+2,850,000
| New | +$29.7M |
|
13
BWX Technologies
BWXT
$14.4B
| $27.8M | 2.23% |
1,153,350
-171,638
| -13% | -$3.89M |
|
|
SEAC
14
DELISTED
Seachange International Inc
SEAC
| $25.3M | 2.03% |
110,250
-18,410
| -14% | -$4.24M |
|
|
15
iShares Russell 2000 Value ETF
IWN
$14.6B
| $22.4M | 1.8% |
244,899
+165,000
| +207% | +$14.9M |
|
|
16
Curtiss-Wright
CW
$23.5B
| $18.8M | 1.51% |
+400,000
| New | +$17M |
|
17
Great Elm Group
GEG
$67.4M
| $15.8M | 1.27% |
762,857
+53,440
| +8% | +$1.19M |
|
|
DSPG
18
DELISTED
DSP Group Inc
DSPG
| $15.3M | 1.23% |
2,165,000
-57,079
| -3% | -$423K |
|
|
ENTR
19
DELISTED
ENTROPIC COMMUNICATIONS INC COM STK (DE)
ENTR
| $14.7M | 1.18% |
+3,375,000
| New | +$14.1M |
|
20
Regis Corp
RGS
$66.9M
| $14.2M | 1.14% |
48,530
| – | – |
|
|
QLGC
21
DELISTED
QLOGIC CORP
QLGC
| $14.2M | 1.14% |
+1,300,000
| New | +$14.3M |
|
|
22
Progress Software
PRGS
$1.82B
| $6.46M | 0.52% |
250,000
-1,859,183
| -88% | -$46.7M |
|
|
23
Extreme Networks
EXTR
$3B
| $6.09M | 0.49% |
1,166,000
-6,620,000
| -85% | -$26.9M |
|
|
ELX
24
CALL
DELISTED
EMULEX CORP
ELX
| $1.94M | 0.16% |
+250,000
| New | +$1.94M |
|
|
FOE
25
DELISTED
Ferro Corporation
FOE
| – | – |
-2,650,000
| Closed | -$18.4M |
|
Similar funds
Jeffrey Smith's Q3 2013 Portfolio in Review
As of Q3 2013, Jeffrey Smith held 30 positions worth $1.24B, down 13% from $1.43B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Jeffrey Smith withdrew a net $369M in Q3 2013, closing 5 positions and reducing 9 holdings. Its most notable exit was SMITHFIELD FOODS,INC, an estimated $63M position sold in full.
By sector, the portfolio is most concentrated in Technology at 33% of assets, up from 31% a quarter earlier, followed by Consumer Discretionary and Materials.
Against the trend, Jeffrey Smith opened a new position in POLYCOM INC worth $31.1M.
- Jeffrey Smith's largest Q3 2013 buy was POLYCOM INC: 2,850,000 shares worth $31.1M.
- Jeffrey Smith added most to iShares Russell 2000 Value ETF in Q3 2013, an estimated $14.9M increase.
- Jeffrey Smith's biggest Q3 2013 reduction was Progress Software, cutting an estimated $46.7M.
- Jeffrey Smith fully exited SMITHFIELD FOODS,INC in Q3 2013, selling an estimated $63M.
- Jeffrey Smith's ten largest holdings make up 76% of its $1.24B portfolio in Q3 2013.
- Jeffrey Smith opened 5 new positions and closed 5 in Q3 2013.
- Jeffrey Smith's portfolio value fell 13% quarter-over-quarter to $1.24B.
Based on Starboard Value's 13F filing for Q3 2013, filed 12 Nov 2013.