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 |
AAN.A
The Aaron's Company Inc Class A
AAN.A
|
+$69.6M |
| 2 |
RLD
REALD INC COM STK
RLD
|
+$22.5M |
| 3 |
RFMD
RF MICRO DEVICES INC
RFMD
|
+$17.3M |
| 4 |
ODP
ODP
ODP
|
+$13.8M |
| 5 |
LSB Industries
LXU
|
+$9.28M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TQNT
TRIQUINT SEMICONDUCTOR INC
TQNT
|
+$85.7M |
| 2 |
IDTI
Integrated Device Technology I
IDTI
|
+$62.7M |
| 3 |
PLCM
POLYCOM INC
PLCM
|
+$55.2M |
| 4 |
CPWR
COMPUWARE CORP
CPWR
|
+$32.6M |
| 5 |
CCC
Calgon Carbon Corp
CCC
|
+$23.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 30.84% |
| 2 | Technology | 12.65% |
| 3 | Materials | 11.84% |
| 4 | Industrials | 10.69% |
| 5 | Real Estate | 1.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Darden Restaurants
DRI
$25.2B
| $368M | 20.14% |
8,110,527
| – | – |
|
2
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $307M | 16.8% |
2,640,000
| – | – |
|
|
ODP
3
DELISTED
ODP
ODP
| $191M | 10.47% |
4,632,391
+287,391
| +7% | +$13.8M |
|
4
Adeia
ADEA
$2.89B
| $112M | 6.14% |
17,955,000
+189,000
| +1% | +$1.03M |
|
|
WPP
5
DELISTED
WAUSAU PAPER CORP.
WPP
| $95.5M | 5.22% |
7,500,000
| – | – |
|
|
CCC
6
DELISTED
Calgon Carbon Corp
CCC
| $79.1M | 4.33% |
3,625,000
-1,150,000
| -24% | -$23.5M |
|
|
IDTI
7
DELISTED
Integrated Device Technology I
IDTI
| $73.4M | 4.01% |
6,000,000
-5,534,557
| -48% | -$62.7M |
|
|
AAN.A
8
DELISTED
The Aaron's Company Inc Class A
AAN.A
| $69.6M | 3.81% |
+2,300,000
| New | +$69.6M |
|
9
BWX Technologies
BWXT
$14.4B
| $66.4M | 3.63% |
2,796,000
-559,200
| -17% | -$13.5M |
|
|
TQNT
10
DELISTED
TRIQUINT SEMICONDUCTOR INC
TQNT
| $59.7M | 3.27% |
4,461,478
-8,245,522
| -65% | -$85.7M |
|
11
Curtiss-Wright
CW
$23.5B
| $59.4M | 3.25% |
935,000
-225,000
| -19% | -$14.2M |
|
|
CPWR
12
DELISTED
COMPUWARE CORP
CPWR
| $51.5M | 2.82% |
5,100,900
-3,227,100
| -39% | -$32.6M |
|
|
13
LSB Industries
LXU
$801M
| $41.7M | 2.28% |
1,449,500
+344,500
| +31% | +$9.28M |
|
14
Quantum Corp
QMCO
$877M
| $31.3M | 1.72% |
160,594
| – | – |
|
|
PLCM
15
DELISTED
POLYCOM INC
PLCM
| $30.9M | 1.69% |
2,250,000
-4,400,000
| -66% | -$55.2M |
|
|
RLD
16
DELISTED
REALD INC COM STK
RLD
| $25.1M | 1.38% |
+2,250,000
| New | +$22.5M |
|
|
RFMD
17
DELISTED
RF MICRO DEVICES INC
RFMD
| $22.1M | 1.21% |
+2,803,741
| New | +$17.3M |
|
18
Great Elm Group
GEG
$67.4M
| $20.5M | 1.12% |
787,857
+25,000
| +3% | +$465K |
|
|
DSPG
19
DELISTED
DSP Group Inc
DSPG
| $14.2M | 0.78% |
1,640,000
-260,000
| -14% | -$2.36M |
|
|
ENTR
20
DELISTED
ENTROPIC COMMUNICATIONS INC COM STK (DE)
ENTR
| $12.1M | 0.66% |
2,950,000
+325,000
| +12% | +$1.41M |
|
|
21
iShares Russell 2000 ETF
IWM
$81.9B
| $10.1M | 0.55% |
87,000
-133,000
| -60% | -$15.3M |
|
22
Regis Corp
RGS
$66.9M
| $4.39M | 0.24% |
16,030
-32,500
| -67% | -$8.9M |
|
23
NVIDIA
NVDA
$5.2T
| – | – |
-50,000,000
| Closed | -$20M |
|
|
ELX
24
CALL
DELISTED
EMULEX CORP
ELX
| – | – |
-250,000
| Closed | -$1.79M |
|
|
ELX
25
DELISTED
EMULEX CORP
ELX
| – | – |
-1,025,000
| Closed | -$7.34M |
|
Similar funds
Jeffrey Smith's Q1 2014 Portfolio in Review
As of Q1 2014, Jeffrey Smith held 27 positions worth $1.83B, down 9.4% from $2.02B the previous quarter. Its ten largest holdings account for 78% of the portfolio.
Jeffrey Smith withdrew a net $292M in Q1 2014, closing 3 positions and reducing 10 holdings. Its most notable exit was NVIDIA, an estimated $20M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 31% of assets, down from 32% a quarter earlier, followed by Technology and Materials.
Against the trend, Jeffrey Smith opened a new position in The Aaron's Company Inc Class A worth $69.6M.
- Jeffrey Smith's largest Q1 2014 buy was The Aaron's Company Inc Class A: 2,300,000 shares worth $69.6M.
- Jeffrey Smith added most to ODP in Q1 2014, an estimated $13.8M increase.
- Jeffrey Smith's biggest Q1 2014 reduction was TRIQUINT SEMICONDUCTOR INC, cutting an estimated $85.7M.
- Jeffrey Smith fully exited NVIDIA in Q1 2014, selling an estimated $20M.
- Jeffrey Smith's ten largest holdings make up 78% of its $1.83B portfolio in Q1 2014.
- Jeffrey Smith opened 3 new positions and closed 3 in Q1 2014.
- Jeffrey Smith's portfolio value fell 9.4% quarter-over-quarter to $1.83B.
Based on Starboard Value's 13F filing for Q1 2014, filed 12 May 2014.