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 |
MWV
MEADWESTVACO CORP
MWV
|
+$379M |
| 2 |
TIBX
TIBCO SOFTWARE INC
TIBX
|
+$85.8M |
| 3 |
BWX Technologies
BWXT
|
+$55.6M |
| 4 |
Darden Restaurants
DRI
|
+$47.8M |
| 5 |
FDO
FAMILY DOLLAR STORES
FDO
|
+$42.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AAN.A
The Aaron's Company Inc Class A
AAN.A
|
+$69.6M |
| 2 |
CCC
Calgon Carbon Corp
CCC
|
+$23.4M |
| 3 |
PLCM
POLYCOM INC
PLCM
|
+$22.2M |
| 4 |
RFMD
RF MICRO DEVICES INC
RFMD
|
+$22.1M |
| 5 |
IDTI
Integrated Device Technology I
IDTI
|
+$14.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 25.66% |
| 2 | Materials | 23.07% |
| 3 | Technology | 8.83% |
| 4 | Industrials | 7.11% |
| 5 | Consumer Staples | 2.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $451M | 17.67% |
3,793,800
+1,153,800
| +44% | +$131M |
|
|
MWV
2
DELISTED
MEADWESTVACO CORP
MWV
| $414M | 16.23% |
+9,350,000
| New | +$379M |
|
|
3
Darden Restaurants
DRI
$25.2B
| $380M | 14.9% |
9,190,134
+1,079,607
| +13% | +$47.8M |
|
|
ODP
4
DELISTED
ODP
ODP
| $264M | 10.34% |
4,632,391
| – | – |
|
|
5
BWX Technologies
BWXT
$14.4B
| $119M | 4.68% |
5,137,650
+2,341,650
| +84% | +$55.6M |
|
6
Adeia
ADEA
$2.89B
| $105M | 4.11% |
17,955,000
| – | – |
|
|
TIBX
7
DELISTED
TIBCO SOFTWARE INC
TIBX
| $86.7M | 3.4% |
+4,300,000
| New | +$85.8M |
|
|
WPP
8
DELISTED
WAUSAU PAPER CORP.
WPP
| $81.2M | 3.18% |
7,500,000
| – | – |
|
|
IDTI
9
DELISTED
Integrated Device Technology I
IDTI
| $75M | 2.94% |
4,850,000
-1,150,000
| -19% | -$14.8M |
|
10
Curtiss-Wright
CW
$23.5B
| $62M | 2.43% |
945,000
+10,000
| +1% | +$656K |
|
|
TQNT
11
DELISTED
TRIQUINT SEMICONDUCTOR INC
TQNT
| $61.8M | 2.42% |
3,911,478
-550,000
| -12% | -$8.15M |
|
|
CCC
12
DELISTED
Calgon Carbon Corp
CCC
| $56.4M | 2.21% |
2,525,000
-1,100,000
| -30% | -$23.4M |
|
|
FDO
13
DELISTED
FAMILY DOLLAR STORES
FDO
| $46.3M | 1.82% |
+700,000
| New | +$42.2M |
|
|
RLD
14
DELISTED
REALD INC COM STK
RLD
| $45.3M | 1.78% |
3,550,000
+1,300,000
| +58% | +$15.1M |
|
|
CPWR
15
DELISTED
COMPUWARE CORP
CPWR
| $45.2M | 1.77% |
4,710,525
-390,375
| -8% | -$3.81M |
|
16
LSB Industries
LXU
$801M
| $37.1M | 1.45% |
1,157,000
-292,500
| -20% | -$8.71M |
|
17
Quantum Corp
QMCO
$877M
| $31.3M | 1.23% |
160,594
| – | – |
|
|
MCRL
18
DELISTED
MICREL INC
MCRL
| $25.4M | 1% |
+2,250,000
| New | +$24.3M |
|
19
Great Elm Group
GEG
$67.4M
| $23.9M | 0.94% |
892,024
+104,167
| +13% | +$2.68M |
|
|
DSPG
20
DELISTED
DSP Group Inc
DSPG
| $13.9M | 0.55% |
1,640,000
| – | – |
|
|
NFX
21
DELISTED
Newfield Exploration
NFX
| $9.95M | 0.39% |
+225,000
| New | +$8.07M |
|
|
ENTR
22
DELISTED
ENTROPIC COMMUNICATIONS INC COM STK (DE)
ENTR
| $9.16M | 0.36% |
2,750,000
-200,000
| -7% | -$703K |
|
|
AVP
23
DELISTED
Avon Products, Inc.
AVP
| $8.77M | 0.34% |
+600,000
| New | +$8.65M |
|
|
PLCM
24
DELISTED
POLYCOM INC
PLCM
| $6.26M | 0.25% |
500,000
-1,750,000
| -78% | -$22.2M |
|
|
XOXO
25
DELISTED
Xo Group Inc
XOXO
| $6.23M | 0.24% |
+510,000
| New | +$5.68M |
|
Similar funds
Jeffrey Smith's Q2 2014 Portfolio in Review
As of Q2 2014, Jeffrey Smith held 31 positions worth $2.55B, up 40% from $1.83B the previous quarter. Its ten largest holdings account for 80% of the portfolio.
Jeffrey Smith deployed $542M of net new capital in Q2 2014, opening 7 new positions and adding to 6 existing holdings. Its largest new stake was MEADWESTVACO CORP: 9,350,000 shares worth $414M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 26% of assets, down from 31% a quarter earlier, followed by Materials and Technology.
On the sell side, the largest reduction was Calgon Carbon Corp, an estimated $23.4M trimmed.
- Jeffrey Smith's largest Q2 2014 buy was MEADWESTVACO CORP: 9,350,000 shares worth $414M.
- Jeffrey Smith added most to BWX Technologies in Q2 2014, an estimated $55.6M increase.
- Jeffrey Smith's biggest Q2 2014 reduction was Calgon Carbon Corp, cutting an estimated $23.4M.
- Jeffrey Smith fully exited The Aaron's Company Inc Class A in Q2 2014, selling an estimated $69.6M.
- Jeffrey Smith's ten largest holdings make up 80% of its $2.55B portfolio in Q2 2014.
- Jeffrey Smith opened 7 new positions and closed 2 in Q2 2014.
- Jeffrey Smith's portfolio value rose 40% quarter-over-quarter to $2.55B.
Based on Starboard Value's 13F filing for Q2 2014, filed 14 Aug 2014.