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 |
Darden Restaurants
DRI
|
+$375M |
| 2 |
BWX Technologies
BWXT
|
+$51.6M |
| 3 |
PLCM
POLYCOM INC
PLCM
|
+$41M |
| 4 |
Curtiss-Wright
CW
|
+$39.4M |
| 5 |
TQNT
TRIQUINT SEMICONDUCTOR INC
TQNT
|
+$35.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ELX
EMULEX CORP
ELX
|
+$44.7M |
| 2 |
NVIDIA
NVDA
|
+$42.6M |
| 3 |
iShares Russell 2000 ETF
IWM
|
+$28.2M |
| 4 |
SEAC
Seachange International Inc
SEAC
|
+$25.3M |
| 5 |
iShares Russell 2000 Value ETF
IWN
|
+$22.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 31.62% |
| 2 | Technology | 14.21% |
| 3 | Materials | 11.31% |
| 4 | Industrials | 7.64% |
| 5 | Financials | 0.63% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Darden Restaurants
DRI
$25.2B
| $394M | 19.53% |
+8,110,527
| New | +$375M |
|
|
2
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $305M | 15.09% |
+2,640,000
| New | +$292M |
|
|
ODP
3
DELISTED
ODP
ODP
| $230M | 11.39% |
4,345,000
+135,000
| +3% | +$7.15M |
|
|
IDTI
4
DELISTED
Integrated Device Technology I
IDTI
| $117M | 5.82% |
11,534,557
-965,443
| -8% | -$9.61M |
|
|
TQNT
5
DELISTED
TRIQUINT SEMICONDUCTOR INC
TQNT
| $106M | 5.25% |
12,707,000
+4,437,000
| +54% | +$35.4M |
|
|
CCC
6
DELISTED
Calgon Carbon Corp
CCC
| $98.2M | 4.87% |
4,775,000
-150,000
| -3% | -$2.99M |
|
|
WPP
7
DELISTED
WAUSAU PAPER CORP.
WPP
| $95.1M | 4.71% |
7,500,000
| – | – |
|
8
Adeia
ADEA
$2.89B
| $92.6M | 4.59% |
17,766,000
| – | – |
|
|
CPWR
9
DELISTED
COMPUWARE CORP
CPWR
| $89.7M | 4.44% |
8,328,000
-1,301,250
| -14% | -$13.6M |
|
|
10
BWX Technologies
BWXT
$14.4B
| $82.1M | 4.07% |
3,355,200
+2,201,850
| +191% | +$51.6M |
|
|
PLCM
11
DELISTED
POLYCOM INC
PLCM
| $74.7M | 3.7% |
6,650,000
+3,800,000
| +133% | +$41M |
|
|
12
Curtiss-Wright
CW
$23.5B
| $72.2M | 3.58% |
1,160,000
+760,000
| +190% | +$39.4M |
|
13
LSB Industries
LXU
$801M
| $34.9M | 1.73% |
+1,105,000
| New | +$28.6M |
|
14
Quantum Corp
QMCO
$877M
| $30.8M | 1.53% |
160,594
| – | – |
|
|
15
iShares Russell 2000 ETF
IWM
$81.9B
| $25.4M | 1.26% |
220,000
-255,000
| -54% | -$28.2M |
|
|
16
NVIDIA
NVDA
$5.2T
| $20M | 0.99% |
50,000,000
-110,000,000
| -69% | -$42.6M |
|
|
DSPG
17
DELISTED
DSP Group Inc
DSPG
| $18.4M | 0.91% |
1,900,000
-265,000
| -12% | -$2.16M |
|
18
Regis Corp
RGS
$66.9M
| $14.1M | 0.7% |
48,530
| – | – |
|
19
Great Elm Group
GEG
$67.4M
| $12.6M | 0.63% |
762,857
| – | – |
|
|
ENTR
20
DELISTED
ENTROPIC COMMUNICATIONS INC COM STK (DE)
ENTR
| $12.3M | 0.61% |
2,625,000
-750,000
| -22% | -$3.42M |
|
|
ELX
21
DELISTED
EMULEX CORP
ELX
| $7.34M | 0.36% |
1,025,000
-6,025,000
| -85% | -$44.7M |
|
|
ELX
22
CALL
DELISTED
EMULEX CORP
ELX
| $1.79M | 0.09% |
250,000
| – | – |
|
23
Extreme Networks
EXTR
$3B
| – | – |
-1,166,000
| Closed | -$6.09M |
|
|
24
iShares Russell 2000 Value ETF
IWN
$14.6B
| – | – |
-244,899
| Closed | -$22.4M |
|
25
Progress Software
PRGS
$1.82B
| – | – |
-250,000
| Closed | -$6.46M |
|
Similar funds
Jeffrey Smith's Q4 2013 Portfolio in Review
As of Q4 2013, Jeffrey Smith held 29 positions worth $2.02B, up 62% from $1.24B the previous quarter. Its ten largest holdings account for 80% of the portfolio.
Jeffrey Smith deployed $594M of net new capital in Q4 2013, opening 3 new positions and adding to 5 existing holdings. Its largest new stake was Darden Restaurants: 8,110,527 shares worth $394M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 32% of assets, up from 17% a quarter earlier, followed by Technology and Materials.
On the sell side, the largest reduction was EMULEX CORP, an estimated $44.7M trimmed.
- Jeffrey Smith's largest Q4 2013 buy was Darden Restaurants: 8,110,527 shares worth $394M.
- Jeffrey Smith added most to BWX Technologies in Q4 2013, an estimated $51.6M increase.
- Jeffrey Smith's biggest Q4 2013 reduction was EMULEX CORP, cutting an estimated $44.7M.
- Jeffrey Smith fully exited Seachange International Inc in Q4 2013, selling an estimated $25.3M.
- Jeffrey Smith's ten largest holdings make up 80% of its $2.02B portfolio in Q4 2013.
- Jeffrey Smith opened 3 new positions and closed 5 in Q4 2013.
- Jeffrey Smith's portfolio value rose 62% quarter-over-quarter to $2.02B.
Based on Starboard Value's 13F filing for Q4 2013, filed 12 Feb 2014.