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 |
Macy's
M
|
+$198M |
| 2 |
Brink's
BCO
|
+$67.3M |
| 3 |
Edgewell Personal Care
EPC
|
+$35.5M |
| 4 |
Alibaba
BABA
|
+$31.7M |
| 5 |
BDBD
BOULDER BRANDS INC
BDBD
|
+$26.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
YHOO
Yahoo Inc
YHOO
|
+$141M |
| 2 |
BWX Technologies
BWXT
|
+$61.8M |
| 3 |
MWV
MEADWESTVACO CORP
MWV
|
+$61.7M |
| 4 |
MCRL
MICREL INC
MCRL
|
+$43.6M |
| 5 |
ISSI
INTEGRATED SILICON SOLUTN INC
ISSI
|
+$38.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 35.87% |
| 2 | Materials | 12.35% |
| 3 | Industrials | 9.41% |
| 4 | Energy | 3.15% |
| 5 | Technology | 2.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $1.07B | 24.22% |
8,600,000
-1,570,000
| -15% | -$196M |
|
2
Darden Restaurants
DRI
$25.2B
| $827M | 18.65% |
13,015,997
| – | – |
|
|
MWV
3
DELISTED
MEADWESTVACO CORP
MWV
| $417M | 9.4% |
8,836,440
-1,257,396
| -12% | -$61.7M |
|
|
ODP
4
DELISTED
ODP
ODP
| $377M | 8.51% |
4,355,361
-65,870
| -1% | -$6.06M |
|
|
5
Macy's
M
$6B
| $197M | 4.45% |
+2,924,534
| New | +$198M |
|
6
Insperity
NSP
$2.02B
| $170M | 3.83% |
6,671,952
| – | – |
|
|
YHOO
7
DELISTED
Yahoo Inc
YHOO
| $139M | 3.15% |
3,549,604
-3,274,816
| -48% | -$141M |
|
|
8
Brink's
BCO
$4.59B
| $127M | 2.85% |
4,299,400
+2,224,400
| +107% | +$67.3M |
|
|
SPLS
9
DELISTED
Staples Inc
SPLS
| $125M | 2.81% |
8,136,527
-2,120,284
| -21% | -$34.5M |
|
|
SPLS
10
CALL
DELISTED
Staples Inc
SPLS
| $122M | 2.76% |
8,000,000
-6,225,000
| -44% | -$101M |
|
11
Adeia
ADEA
$2.89B
| $74.1M | 1.67% |
7,371,000
-2,457,000
| -25% | -$25.2M |
|
|
ODP
12
CALL
DELISTED
ODP
ODP
| $70.1M | 1.58% |
810,000
| – | – |
|
|
WPP
13
DELISTED
WAUSAU PAPER CORP.
WPP
| $68.8M | 1.55% |
7,500,000
| – | – |
|
14
CALL
Humana
HUM
$45.5B
| $66.9M | 1.51% |
+350,000
| New | +$65M |
|
15
LSB Industries
LXU
$801M
| $61.9M | 1.4% |
1,969,500
-273,000
| -12% | -$8.93M |
|
|
RLD
16
DELISTED
REALD INC COM STK
RLD
| $61M | 1.38% |
4,950,000
| – | – |
|
|
MCRL
17
DELISTED
MICREL INC
MCRL
| $51.3M | 1.16% |
3,689,432
-3,092,568
| -46% | -$43.6M |
|
|
18
Alibaba
BABA
$286B
| $50M | 1.13% |
593,700
+368,700
| +164% | +$31.7M |
|
|
19
BWX Technologies
BWXT
$14.4B
| $49M | 1.1% |
2,087,074
-2,631,176
| -56% | -$61.8M |
|
20
Curtiss-Wright
CW
$23.5B
| $47.7M | 1.08% |
658,900
+168,900
| +34% | +$12.5M |
|
|
21
Edgewell Personal Care
EPC
$1.32B
| $45.2M | 1.02% |
+343,900
| New | +$35.5M |
|
22
Quantum Corp
QMCO
$877M
| $43.2M | 0.97% |
160,594
| – | – |
|
23
Aecom
ACM
$8.34B
| $24.3M | 0.55% |
+734,200
| New | +$24.2M |
|
|
BDBD
24
DELISTED
BOULDER BRANDS INC
BDBD
| $20.6M | 0.46% |
+2,964,100
| New | +$26.7M |
|
|
ISSI
25
DELISTED
INTEGRATED SILICON SOLUTN INC
ISSI
| $18.3M | 0.41% |
827,441
-1,946,709
| -70% | -$38.5M |
|
Similar funds
Jeffrey Smith's Q2 2015 Portfolio in Review
As of Q2 2015, Jeffrey Smith held 40 positions worth $4.43B, down 7.7% from $4.81B the previous quarter. Its ten largest holdings account for 81% of the portfolio.
Jeffrey Smith withdrew a net $344M in Q2 2015, closing 4 positions and reducing 14 holdings. Its most notable exit was Bank of New York Mellon, an estimated $30.2M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 36% of assets, up from 30% a quarter earlier, followed by Materials and Industrials.
Against the trend, Jeffrey Smith opened a new position in Macy's worth $197M.
- Jeffrey Smith's largest Q2 2015 buy was Macy's: 2,924,534 shares worth $197M.
- Jeffrey Smith added most to Brink's in Q2 2015, an estimated $67.3M increase.
- Jeffrey Smith's biggest Q2 2015 reduction was Yahoo Inc, cutting an estimated $141M.
- Jeffrey Smith fully exited Bank of New York Mellon in Q2 2015, selling an estimated $30.2M.
- Jeffrey Smith's ten largest holdings make up 81% of its $4.43B portfolio in Q2 2015.
- Jeffrey Smith opened 12 new positions and closed 4 in Q2 2015.
- Jeffrey Smith's portfolio value fell 7.7% quarter-over-quarter to $4.43B.
Based on Starboard Value's 13F filing for Q2 2015, filed 14 Aug 2015.