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 |
Insperity
NSP
|
+$103M |
| 2 |
Brink's
BCO
|
+$53.3M |
| 3 |
SGI
Somnigroup International
SGI
|
+$37.4M |
| 4 |
BNY
Bank of New York Mellon
BNY
|
+$29.2M |
| 5 |
ISSI
INTEGRATED SILICON SOLUTN INC
ISSI
|
+$6.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SPLS
Staples Inc
SPLS
|
+$93.7M |
| 2 |
FDO
FAMILY DOLLAR STORES
FDO
|
+$47.5M |
| 3 |
Clean Harbors
CLH
|
+$46.6M |
| 4 |
Adeia
ADEA
|
+$44.5M |
| 5 |
YHOO
Yahoo Inc
YHOO
|
+$40.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 29.92% |
| 2 | Materials | 13.51% |
| 3 | Industrials | 8.47% |
| 4 | Energy | 6.31% |
| 5 | Technology | 3.13% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $1.26B | 26.31% |
10,170,000
+3,400,000
| +50% | +$410M |
|
2
Darden Restaurants
DRI
$25.2B
| $807M | 16.78% |
13,015,997
| – | – |
|
|
MWV
3
DELISTED
MEADWESTVACO CORP
MWV
| $503M | 10.47% |
10,093,836
| – | – |
|
|
ODP
4
DELISTED
ODP
ODP
| $407M | 8.46% |
4,421,231
| – | – |
|
|
YHOO
5
DELISTED
Yahoo Inc
YHOO
| $303M | 6.31% |
6,824,420
-900,000
| -12% | -$40.7M |
|
|
SPLS
6
CALL
DELISTED
Staples Inc
SPLS
| $232M | 4.82% |
14,225,000
-2,300,000
| -14% | -$38.6M |
|
|
7
Insperity
NSP
$2.02B
| $174M | 3.63% |
6,671,952
+4,401,952
| +194% | +$103M |
|
|
SPLS
8
DELISTED
Staples Inc
SPLS
| $167M | 3.47% |
10,256,811
-5,579,763
| -35% | -$93.7M |
|
9
BWX Technologies
BWXT
$14.4B
| $108M | 2.25% |
4,718,250
-733,950
| -13% | -$15.4M |
|
|
10
Adeia
ADEA
$2.89B
| $105M | 2.18% |
9,828,000
-4,347,000
| -31% | -$44.5M |
|
|
MCRL
11
DELISTED
MICREL INC
MCRL
| $102M | 2.13% |
6,782,000
| – | – |
|
|
ODP
12
CALL
DELISTED
ODP
ODP
| $74.5M | 1.55% |
810,000
| – | – |
|
|
WPP
13
DELISTED
WAUSAU PAPER CORP.
WPP
| $71.5M | 1.49% |
7,500,000
| – | – |
|
14
LSB Industries
LXU
$801M
| $71.3M | 1.48% |
2,242,500
| – | – |
|
|
RLD
15
DELISTED
REALD INC COM STK
RLD
| $63.3M | 1.32% |
4,950,000
| – | – |
|
|
16
Brink's
BCO
$4.59B
| $57.3M | 1.19% |
+2,075,000
| New | +$53.3M |
|
|
ISSI
17
DELISTED
INTEGRATED SILICON SOLUTN INC
ISSI
| $49.6M | 1.03% |
2,774,150
+375,000
| +16% | +$6.3M |
|
18
Quantum Corp
QMCO
$877M
| $41.1M | 0.86% |
160,594
| – | – |
|
|
SGI
19
Somnigroup International
SGI
$13.6B
| $39M | 0.81% |
+2,700,000
| New | +$37.4M |
|
20
Curtiss-Wright
CW
$23.5B
| $36.2M | 0.75% |
490,000
-115,000
| -19% | -$8.04M |
|
|
BNY
21
Bank of New York Mellon
BNY
$108B
| $30.2M | 0.63% |
+750,000
| New | +$29.2M |
|
|
22
Clean Harbors
CLH
$16.7B
| $25.6M | 0.53% |
450,000
-900,000
| -67% | -$46.6M |
|
23
Alibaba
BABA
$286B
| $18.7M | 0.39% |
225,000
-175,000
| -44% | -$15.8M |
|
24
Great Elm Group
GEG
$67.4M
| $6.12M | 0.13% |
892,024
| – | – |
|
25
Titan International
TWI
$461M
| $5.15M | 0.11% |
550,000
| – | – |
|
Similar funds
Jeffrey Smith's Q1 2015 Portfolio in Review
As of Q1 2015, Jeffrey Smith held 33 positions worth $4.81B, up 9% from $4.41B the previous quarter. Its ten largest holdings account for 85% of the portfolio.
Jeffrey Smith's Q1 2015 filing shows 3 new, 3 increased, 10 reduced and 5 closed positions. Its largest new stake was Brink's: 2,075,000 shares worth $57.3M. The largest sale was Staples Inc, an estimated $93.7M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 30% of assets, down from 32% a quarter earlier, followed by Materials and Industrials.
- Jeffrey Smith's largest Q1 2015 buy was Brink's: 2,075,000 shares worth $57.3M.
- Jeffrey Smith added most to Insperity in Q1 2015, an estimated $103M increase.
- Jeffrey Smith's biggest Q1 2015 reduction was Staples Inc, cutting an estimated $93.7M.
- Jeffrey Smith fully exited FAMILY DOLLAR STORES in Q1 2015, selling an estimated $47.5M.
- Jeffrey Smith's ten largest holdings make up 85% of its $4.81B portfolio in Q1 2015.
- Jeffrey Smith opened 3 new positions and closed 5 in Q1 2015.
- Jeffrey Smith's portfolio value rose 9% quarter-over-quarter to $4.81B.
Based on Starboard Value's 13F filing for Q1 2015, filed 15 May 2015.