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 |
Marvell Technology
MRVL
|
+$188M |
| 2 |
YHOO
Yahoo Inc
YHOO
|
+$163M |
| 3 |
ASRT
Assertio
ASRT
|
+$45.6M |
| 4 |
iShares Russell 2000 Value ETF
IWN
|
+$40.3M |
| 5 |
Macy's
M
|
+$25.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Darden Restaurants
DRI
|
+$318M |
| 2 |
MDAS
MEDASSETS INC COM STK (DE)
MDAS
|
+$165M |
| 3 |
MEG
Media General, Inc
MEG
|
+$88.9M |
| 4 |
WPP
WAUSAU PAPER CORP.
WPP
|
+$76.7M |
| 5 |
RLD
REALD INC COM STK
RLD
|
+$49.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 37.39% |
| 2 | Energy | 15.91% |
| 3 | Industrials | 13.95% |
| 4 | Technology | 7.8% |
| 5 | Healthcare | 5.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
YHOO
1
DELISTED
Yahoo Inc
YHOO
| $453M | 15.91% |
12,298,627
+5,194,723
| +73% | +$163M |
|
|
2
Darden Restaurants
DRI
$25.2B
| $439M | 15.42% |
6,615,000
-5,020,000
| -43% | -$318M |
|
3
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $434M | 15.27% |
3,926,800
-5,773,200
| -60% | -$598M |
|
4
Advance Auto Parts
AAP
$2.57B
| $274M | 9.62% |
1,707,376
| – | – |
|
|
5
Marvell Technology
MRVL
$213B
| $210M | 7.39% |
+20,397,364
| New | +$188M |
|
|
WRK
6
DELISTED
WestRock Company
WRK
| $178M | 6.27% |
5,068,090
+55,495
| +1% | +$1.81M |
|
|
7
Macy's
M
$6B
| $173M | 6.08% |
3,924,944
+615,134
| +19% | +$25.4M |
|
8
Insperity
NSP
$2.02B
| $173M | 6.07% |
6,671,952
| – | – |
|
9
Brink's
BCO
$4.59B
| $154M | 5.41% |
4,578,930
| – | – |
|
10
Baxter International
BAX
$13.6B
| $106M | 3.72% |
2,574,815
+174,815
| +7% | +$6.66M |
|
11
Curtiss-Wright
CW
$23.5B
| $52.1M | 1.83% |
688,600
+15,000
| +2% | +$1.04M |
|
12
Four Corners Property Trust
FCPT
$2.77B
| $44.2M | 1.55% |
2,460,814
-2,852,497
| -54% | -$47.8M |
|
|
13
iShares Russell 2000 Value ETF
IWN
$14.6B
| $43.2M | 1.52% |
+464,000
| New | +$40.3M |
|
|
ASRT
14
DELISTED
Assertio
ASRT
| $41.1M | 1.44% |
+49,167
| New | +$45.6M |
|
15
Aecom
ACM
$8.34B
| $18.5M | 0.65% |
600,000
| – | – |
|
16
Nexstar Media Group
NXST
$5.73B
| $14.8M | 0.52% |
+334,000
| New | +$15.1M |
|
17
Quantum Corp
QMCO
$877M
| $11.6M | 0.41% |
118,556
-42,038
| -26% | -$4.04M |
|
18
Cigna
CI
$73.3B
| – | – |
-64,394
| Closed | -$9.42M |
|
|
ODP
19
DELISTED
ODP
ODP
| – | – |
-448,056
| Closed | -$39.2M |
|
|
NYRT
20
DELISTED
New York REIT, Inc.
NYRT
| – | – |
-141,000
| Closed | -$16.2M |
|
|
LNCE
21
DELISTED
Snyders-Lance, Inc.
LNCE
| – | – |
-210,000
| Closed | -$7.2M |
|
|
MEG
22
CALL
DELISTED
Media General, Inc
MEG
| – | – |
-750,000
| Closed | -$12.1M |
|
|
MEG
23
DELISTED
Media General, Inc
MEG
| – | – |
-5,506,221
| Closed | -$88.9M |
|
|
RLD
24
DELISTED
REALD INC COM STK
RLD
| – | – |
-4,650,000
| Closed | -$49.1M |
|
|
MDAS
25
DELISTED
MEDASSETS INC COM STK (DE)
MDAS
| – | – |
-5,325,000
| Closed | -$165M |
|
Similar funds
Jeffrey Smith's Q1 2016 Portfolio in Review
As of Q1 2016, Jeffrey Smith held 27 positions worth $2.84B, down 23% from $3.71B the previous quarter. Its ten largest holdings account for 91% of the portfolio.
Jeffrey Smith withdrew a net $976M in Q1 2016, closing 9 positions and reducing 4 holdings. Its most notable exit was MEDASSETS INC COM STK (DE), an estimated $165M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 37% of assets, up from 37% a quarter earlier, followed by Energy and Industrials.
Against the trend, Jeffrey Smith opened a new position in Marvell Technology worth $210M.
- Jeffrey Smith's largest Q1 2016 buy was Marvell Technology: 20,397,364 shares worth $210M.
- Jeffrey Smith added most to Yahoo Inc in Q1 2016, an estimated $163M increase.
- Jeffrey Smith's biggest Q1 2016 reduction was Darden Restaurants, cutting an estimated $318M.
- Jeffrey Smith fully exited MEDASSETS INC COM STK (DE) in Q1 2016, selling an estimated $165M.
- Jeffrey Smith's ten largest holdings make up 91% of its $2.84B portfolio in Q1 2016.
- Jeffrey Smith opened 4 new positions and closed 9 in Q1 2016.
- Jeffrey Smith's portfolio value fell 23% quarter-over-quarter to $2.84B.
Based on Starboard Value's 13F filing for Q1 2016, filed 13 May 2016.