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 |
Advance Auto Parts
AAP
|
+$162M |
| 2 |
BLOX
Infoblox Inc
BLOX
|
+$66.7M |
| 3 |
ASRT
Assertio
ASRT
|
+$55.8M |
| 4 |
PNK
Pinnacle Entertainment Inc.
PNK
|
+$38.6M |
| 5 |
iShares Russell 2000 Value ETF
IWN
|
+$34.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Darden Restaurants
DRI
|
+$178M |
| 2 |
Insperity
NSP
|
+$119M |
| 3 |
Macy's
M
|
+$56M |
| 4 |
Four Corners Property Trust
FCPT
|
+$43.1M |
| 5 |
Curtiss-Wright
CW
|
+$29.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 35.14% |
| 2 | Energy | 17.21% |
| 3 | Technology | 9.72% |
| 4 | Industrials | 9.67% |
| 5 | Healthcare | 7.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
YHOO
1
DELISTED
Yahoo Inc
YHOO
| $462M | 16.34% |
12,298,627
| – | – |
|
|
2
Advance Auto Parts
AAP
$2.57B
| $445M | 15.76% |
2,755,000
+1,047,624
| +61% | +$162M |
|
3
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $415M | 14.68% |
3,608,500
-318,300
| -8% | -$35.9M |
|
|
4
Darden Restaurants
DRI
$25.2B
| $246M | 8.72% |
3,890,000
-2,725,000
| -41% | -$178M |
|
|
WRK
5
DELISTED
WestRock Company
WRK
| $200M | 7.07% |
5,141,258
+73,168
| +1% | +$2.74M |
|
6
Marvell Technology
MRVL
$213B
| $194M | 6.88% |
20,397,364
| – | – |
|
7
Brink's
BCO
$4.59B
| $130M | 4.62% |
4,578,930
| – | – |
|
|
ASRT
8
DELISTED
Assertio
ASRT
| $118M | 4.18% |
100,250
+51,083
| +104% | +$55.8M |
|
|
9
Insperity
NSP
$2.02B
| $116M | 4.09% |
2,992,126
-3,679,826
| -55% | -$119M |
|
10
Baxter International
BAX
$13.6B
| $93.3M | 3.3% |
2,062,500
-512,315
| -20% | -$22.5M |
|
|
11
iShares Russell 2000 Value ETF
IWN
$14.6B
| $80.4M | 2.84% |
826,000
+362,000
| +78% | +$34.5M |
|
|
12
Macy's
M
$6B
| $79.3M | 2.81% |
2,360,200
-1,564,744
| -40% | -$56M |
|
|
BLOX
13
DELISTED
Infoblox Inc
BLOX
| $72.2M | 2.56% |
+3,850,000
| New | +$66.7M |
|
|
MDVN
14
CALL
DELISTED
MEDIVATION, INC.
MDVN
| $31.4M | 1.11% |
+520,000
| New | +$29.5M |
|
|
15
Curtiss-Wright
CW
$23.5B
| $27.3M | 0.96% |
323,600
-365,000
| -53% | -$29.4M |
|
16
Delek US
DK
$4.38B
| $24.4M | 0.86% |
+1,850,000
| New | +$26.3M |
|
|
PNK
17
DELISTED
Pinnacle Entertainment Inc.
PNK
| $22.2M | 0.78% |
+2,000,000
| New | +$38.6M |
|
|
MDVN
18
PUT
DELISTED
MEDIVATION, INC.
MDVN
| $18.1M | 0.64% |
+300,000
| New | +$17M |
|
19
Nexstar Media Group
NXST
$5.73B
| $9.04M | 0.32% |
190,000
-144,000
| -43% | -$7.19M |
|
20
Quantum Corp
QMCO
$877M
| $7.97M | 0.28% |
118,556
| – | – |
|
|
MKTO
21
DELISTED
MARKETO INC COM STK (DE)
MKTO
| $4.35M | 0.15% |
+125,000
| New | +$3.46M |
|
|
22
Four Corners Property Trust
FCPT
$2.77B
| $3.83M | 0.14% |
185,814
-2,275,000
| -92% | -$43.1M |
|
23
Aecom
ACM
$8.34B
| – | – |
-600,000
| Closed | -$18.5M |
|
Similar funds
Jeffrey Smith's Q2 2016 Portfolio in Review
As of Q2 2016, Jeffrey Smith held 24 positions worth $2.83B, down 0.65% from $2.84B the previous quarter. Its ten largest holdings account for 86% of the portfolio.
Jeffrey Smith withdrew a net $99.4M in Q2 2016, closing 1 position and reducing 8 holdings. Its most notable exit was Aecom, an estimated $18.5M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 35% of assets, down from 37% a quarter earlier, followed by Energy and Technology.
Against the trend, Jeffrey Smith opened a new position in Infoblox Inc worth $72.2M.
- Jeffrey Smith's largest Q2 2016 buy was Infoblox Inc: 3,850,000 shares worth $72.2M.
- Jeffrey Smith added most to Advance Auto Parts in Q2 2016, an estimated $162M increase.
- Jeffrey Smith's biggest Q2 2016 reduction was Darden Restaurants, cutting an estimated $178M.
- Jeffrey Smith fully exited Aecom in Q2 2016, selling an estimated $18.5M.
- Jeffrey Smith's ten largest holdings make up 86% of its $2.83B portfolio in Q2 2016.
- Jeffrey Smith opened 6 new positions and closed 1 in Q2 2016.
- Jeffrey Smith's portfolio value fell 0.65% quarter-over-quarter to $2.83B.
Based on Starboard Value's 13F filing for Q2 2016, filed 15 Aug 2016.