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 |
WRK
WestRock Company
WRK
|
+$366M |
| 2 |
Advance Auto Parts
AAP
|
+$296M |
| 3 |
YHOO
Yahoo Inc
YHOO
|
+$123M |
| 4 |
MDAS
MEDASSETS INC COM STK (DE)
MDAS
|
+$113M |
| 5 |
MEG
Media General, Inc
MEG
|
+$72.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
MWV
MEADWESTVACO CORP
MWV
|
+$417M |
| 2 |
SPLS
Staples Inc
SPLS
|
+$115M |
| 3 |
Adeia
ADEA
|
+$56.4M |
| 4 |
MCRL
MICREL INC
MCRL
|
+$51.3M |
| 5 |
Alibaba
BABA
|
+$50M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 42.24% |
| 2 | Industrials | 8.22% |
| 3 | Energy | 4.59% |
| 4 | Communication Services | 1.67% |
| 5 | Materials | 1.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $1.41B | 31.45% |
12,900,000
+4,300,000
| +50% | +$510M |
|
2
Darden Restaurants
DRI
$25.2B
| $797M | 17.81% |
13,015,997
| – | – |
|
|
3
Advance Auto Parts
AAP
$2.57B
| $324M | 7.23% |
+1,707,376
| New | +$296M |
|
|
WRK
4
DELISTED
WestRock Company
WRK
| $316M | 7.06% |
+6,824,401
| New | +$366M |
|
|
ODP
5
DELISTED
ODP
ODP
| $287M | 6.41% |
4,474,141
+118,780
| +3% | +$9.25M |
|
|
YHOO
6
DELISTED
Yahoo Inc
YHOO
| $205M | 4.59% |
7,103,904
+3,554,300
| +100% | +$123M |
|
7
Macy's
M
$6B
| $167M | 3.74% |
3,261,650
+337,116
| +12% | +$21.1M |
|
8
Insperity
NSP
$2.02B
| $147M | 3.27% |
6,671,952
| – | – |
|
9
Brink's
BCO
$4.59B
| $124M | 2.76% |
4,578,930
+279,530
| +7% | +$8.03M |
|
|
MDAS
10
DELISTED
MEDASSETS INC COM STK (DE)
MDAS
| $107M | 2.39% |
+5,325,000
| New | +$113M |
|
|
SPLS
11
CALL
DELISTED
Staples Inc
SPLS
| $93.8M | 2.1% |
8,000,000
| – | – |
|
|
MEG
12
DELISTED
Media General, Inc
MEG
| $74.9M | 1.67% |
+5,353,035
| New | +$72.6M |
|
13
Curtiss-Wright
CW
$23.5B
| $68.9M | 1.54% |
1,103,900
+445,000
| +68% | +$29.9M |
|
|
WPP
14
DELISTED
WAUSAU PAPER CORP.
WPP
| $48M | 1.07% |
7,500,000
| – | – |
|
|
RLD
15
DELISTED
REALD INC COM STK
RLD
| $47.6M | 1.06% |
4,950,000
| – | – |
|
16
General Mills
GIS
$21.4B
| $43.5M | 0.97% |
+774,500
| New | +$44.4M |
|
17
Baxter International
BAX
$13.6B
| $41.1M | 0.92% |
+1,250,000
| New | +$47.3M |
|
18
Aecom
ACM
$8.34B
| $28.9M | 0.64% |
1,050,000
+315,800
| +43% | +$9.17M |
|
|
ODP
19
CALL
DELISTED
ODP
ODP
| $26M | 0.58% |
405,000
-405,000
| -50% | -$31.5M |
|
20
LSB Industries
LXU
$801M
| $24.7M | 0.55% |
2,093,000
+123,500
| +6% | +$2.74M |
|
|
THS
21
CALL
DELISTED
Treehouse Foods
THS
| $19.4M | 0.43% |
+250,000
| New | +$20M |
|
22
Quantum Corp
QMCO
$877M
| $17.9M | 0.4% |
160,594
| – | – |
|
|
23
Adeia
ADEA
$2.89B
| $10.5M | 0.24% |
1,228,500
-6,142,500
| -83% | -$56.4M |
|
|
MEG
24
CALL
DELISTED
Media General, Inc
MEG
| $7M | 0.16% |
+500,000
| New | +$6.79M |
|
25
CALL
Nexstar Media Group
NXST
$5.73B
| $4.74M | 0.11% |
+100,000
| New | +$5.07M |
|
Similar funds
Jeffrey Smith's Q3 2015 Portfolio in Review
As of Q3 2015, Jeffrey Smith held 49 positions worth $4.48B, up 1% from $4.43B the previous quarter. Its ten largest holdings account for 87% of the portfolio.
Jeffrey Smith deployed $672M of net new capital in Q3 2015, opening 13 new positions and adding to 9 existing holdings. Its largest new stake was WestRock Company: 6,824,401 shares worth $316M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 42% of assets, up from 36% a quarter earlier, followed by Industrials and Energy.
On the sell side, the largest reduction was Adeia, an estimated $56.4M trimmed.
- Jeffrey Smith's largest Q3 2015 buy was WestRock Company: 6,824,401 shares worth $316M.
- Jeffrey Smith added most to Yahoo Inc in Q3 2015, an estimated $123M increase.
- Jeffrey Smith's biggest Q3 2015 reduction was Adeia, cutting an estimated $56.4M.
- Jeffrey Smith fully exited MEADWESTVACO CORP in Q3 2015, selling an estimated $417M.
- Jeffrey Smith's ten largest holdings make up 87% of its $4.48B portfolio in Q3 2015.
- Jeffrey Smith opened 13 new positions and closed 17 in Q3 2015.
- Jeffrey Smith's portfolio value rose 1% quarter-over-quarter to $4.48B.
Based on Starboard Value's 13F filing for Q3 2015, filed 13 Nov 2015.