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 |
YHOO
Yahoo Inc
YHOO
|
+$290M |
| 2 |
Darden Restaurants
DRI
|
+$162M |
| 3 |
AOL
AOL INC COMMON STOCK
AOL
|
+$80M |
| 4 |
MCRL
MICREL INC
MCRL
|
+$53M |
| 5 |
Edgewell Personal Care
EPC
|
+$45.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TIBX
TIBCO SOFTWARE INC
TIBX
|
+$86.7M |
| 2 |
TQNT
TRIQUINT SEMICONDUCTOR INC
TQNT
|
+$61.8M |
| 3 |
CPWR
COMPUWARE CORP
CPWR
|
+$45.2M |
| 4 |
FDO
FAMILY DOLLAR STORES
FDO
|
+$29.5M |
| 5 |
Curtiss-Wright
CW
|
+$19.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 29.26% |
| 2 | Materials | 18.77% |
| 3 | Technology | 11.51% |
| 4 | Energy | 10.93% |
| 5 | Industrials | 5.52% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Darden Restaurants
DRI
$25.2B
| $599M | 20.79% |
13,015,997
+3,825,863
| +42% | +$162M |
|
2
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $415M | 14.4% |
3,793,800
| – | – |
|
|
MWV
3
DELISTED
MEADWESTVACO CORP
MWV
| $383M | 13.29% |
9,350,000
| – | – |
|
|
YHOO
4
DELISTED
Yahoo Inc
YHOO
| $315M | 10.93% |
+7,724,420
| New | +$290M |
|
|
ODP
5
DELISTED
ODP
ODP
| $238M | 8.27% |
4,632,391
| – | – |
|
6
Adeia
ADEA
$2.89B
| $126M | 4.38% |
17,955,000
| – | – |
|
7
BWX Technologies
BWXT
$14.4B
| $90.7M | 3.15% |
4,578,450
-559,200
| -11% | -$12.1M |
|
|
AOL
8
DELISTED
AOL INC COMMON STOCK
AOL
| $86.2M | 2.99% |
+1,918,000
| New | +$80M |
|
|
MCRL
9
DELISTED
MICREL INC
MCRL
| $81.6M | 2.83% |
6,782,000
+4,532,000
| +201% | +$53M |
|
|
IDTI
10
DELISTED
Integrated Device Technology I
IDTI
| $77.4M | 2.69% |
4,850,000
| – | – |
|
|
WPP
11
DELISTED
WAUSAU PAPER CORP.
WPP
| $59.5M | 2.07% |
7,500,000
| – | – |
|
|
CCC
12
DELISTED
Calgon Carbon Corp
CCC
| $48.9M | 1.7% |
2,525,000
| – | – |
|
|
RLD
13
DELISTED
REALD INC COM STK
RLD
| $46.4M | 1.61% |
4,950,000
+1,400,000
| +39% | +$14.1M |
|
|
14
Edgewell Personal Care
EPC
$1.32B
| $46.2M | 1.6% |
+505,875
| New | +$45.3M |
|
|
15
Curtiss-Wright
CW
$23.5B
| $42.8M | 1.49% |
650,000
-295,000
| -31% | -$19.8M |
|
16
Quantum Corp
QMCO
$877M
| $29.8M | 1.03% |
160,594
| – | – |
|
17
LSB Industries
LXU
$801M
| $26.8M | 0.93% |
975,000
-182,000
| -16% | -$5.42M |
|
|
FDO
18
DELISTED
FAMILY DOLLAR STORES
FDO
| $23.2M | 0.8% |
300,000
-400,000
| -57% | -$29.5M |
|
|
KRA
19
DELISTED
Kraton Corporation
KRA
| $22.6M | 0.79% |
+1,270,000
| New | +$25.8M |
|
20
Great Elm Group
GEG
$67.4M
| $19.9M | 0.69% |
892,024
| – | – |
|
|
AAN.A
21
DELISTED
The Aaron's Company Inc Class A
AAN.A
| $19.5M | 0.68% |
+800,000
| New | +$19.5M |
|
|
DSPG
22
DELISTED
DSP Group Inc
DSPG
| $11.9M | 0.41% |
1,346,500
-293,500
| -18% | -$2.6M |
|
|
ISSI
23
DELISTED
INTEGRATED SILICON SOLUTN INC
ISSI
| $11.7M | 0.41% |
+850,000
| New | +$12.6M |
|
24
Dollar General
DG
$27.2B
| $9.17M | 0.32% |
+150,000
| New | +$8.98M |
|
|
XOXO
25
DELISTED
Xo Group Inc
XOXO
| $5.94M | 0.21% |
530,000
+20,000
| +4% | +$236K |
|
Similar funds
Jeffrey Smith's Q3 2014 Portfolio in Review
As of Q3 2014, Jeffrey Smith held 36 positions worth $2.88B, up 13% from $2.55B the previous quarter. Its ten largest holdings account for 84% of the portfolio.
Jeffrey Smith deployed $394M of net new capital in Q3 2014, opening 8 new positions and adding to 5 existing holdings. Its largest new stake was Yahoo Inc: 7,724,420 shares worth $315M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 29% of assets, up from 26% a quarter earlier, followed by Materials and Technology.
On the sell side, the largest reduction was FAMILY DOLLAR STORES, an estimated $29.5M trimmed.
- Jeffrey Smith's largest Q3 2014 buy was Yahoo Inc: 7,724,420 shares worth $315M.
- Jeffrey Smith added most to Darden Restaurants in Q3 2014, an estimated $162M increase.
- Jeffrey Smith's biggest Q3 2014 reduction was FAMILY DOLLAR STORES, cutting an estimated $29.5M.
- Jeffrey Smith fully exited TIBCO SOFTWARE INC in Q3 2014, selling an estimated $86.7M.
- Jeffrey Smith's ten largest holdings make up 84% of its $2.88B portfolio in Q3 2014.
- Jeffrey Smith opened 8 new positions and closed 7 in Q3 2014.
- Jeffrey Smith's portfolio value rose 13% quarter-over-quarter to $2.88B.
Based on Starboard Value's 13F filing for Q3 2014, filed 14 Nov 2014.