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 |
Perrigo
PRGO
|
+$543M |
| 2 |
Marvell Technology
MRVL
|
+$156M |
| 3 |
Hewlett Packard
HPE
|
+$117M |
| 4 |
Stewart Information Services
STC
|
+$104M |
| 5 |
Macy's
M
|
+$23.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Darden Restaurants
DRI
|
+$246M |
| 2 |
WRK
WestRock Company
WRK
|
+$95.6M |
| 3 |
iShares Russell 2000 Value ETF
IWN
|
+$27.7M |
| 4 |
Delek US
DK
|
+$24.4M |
| 5 |
BLOX
Infoblox Inc
BLOX
|
+$22.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 21.76% |
| 2 | Consumer Discretionary | 19.33% |
| 3 | Technology | 18.18% |
| 4 | Energy | 14.41% |
| 5 | Industrials | 8% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Perrigo
PRGO
$1.98B
| $544M | 14.8% |
+5,895,093
| New | +$543M |
|
|
YHOO
2
DELISTED
Yahoo Inc
YHOO
| $530M | 14.41% |
12,298,627
| – | – |
|
|
3
Marvell Technology
MRVL
$213B
| $447M | 12.17% |
33,720,786
+13,323,422
| +65% | +$156M |
|
4
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $436M | 11.86% |
3,500,000
-108,500
| -3% | -$13.2M |
|
5
Advance Auto Parts
AAP
$2.57B
| $421M | 11.45% |
2,825,000
+70,000
| +3% | +$11.2M |
|
6
Brink's
BCO
$4.59B
| $170M | 4.62% |
4,578,930
| – | – |
|
|
ASRT
7
DELISTED
Assertio
ASRT
| $150M | 4.08% |
100,250
| – | – |
|
|
WRK
8
DELISTED
WestRock Company
WRK
| $145M | 3.95% |
3,000,000
-2,141,258
| -42% | -$95.6M |
|
|
9
Hewlett Packard
HPE
$70.8B
| $125M | 3.39% |
+9,436,406
| New | +$117M |
|
|
10
Macy's
M
$6B
| $112M | 3.03% |
3,010,200
+650,000
| +28% | +$23.6M |
|
11
Insperity
NSP
$2.02B
| $109M | 2.95% |
2,992,126
| – | – |
|
|
12
Stewart Information Services
STC
$2.11B
| $103M | 2.8% |
+2,315,000
| New | +$104M |
|
13
Baxter International
BAX
$13.6B
| $89.3M | 2.43% |
1,875,000
-187,500
| -9% | -$8.84M |
|
|
BLOX
14
DELISTED
Infoblox Inc
BLOX
| $73.8M | 2.01% |
2,800,000
-1,050,000
| -27% | -$22.1M |
|
|
15
iShares Russell 2000 Value ETF
IWN
$14.6B
| $58.2M | 1.58% |
556,000
-270,000
| -33% | -$27.7M |
|
|
CAB
16
CALL
DELISTED
Cabela's Inc
CAB
| $27.5M | 0.75% |
+500,000
| New | +$25.6M |
|
|
PNK
17
DELISTED
Pinnacle Entertainment Inc.
PNK
| $18.8M | 0.51% |
1,524,700
-475,300
| -24% | -$5.44M |
|
|
CAB
18
DELISTED
Cabela's Inc
CAB
| $16.5M | 0.45% |
+300,000
| New | +$15.4M |
|
|
TPCO
19
DELISTED
Tribune Publishing Company Common Stock
TPCO
| $16M | 0.43% |
+945,000
| New | +$14.9M |
|
20
Curtiss-Wright
CW
$23.5B
| $15.8M | 0.43% |
173,600
-150,000
| -46% | -$13.2M |
|
|
FRGI
21
DELISTED
Fiesta Restaurant Group, Inc.
FRGI
| $14M | 0.38% |
+585,000
| New | +$14.1M |
|
22
Quantum Corp
QMCO
$877M
| $14M | 0.38% |
118,556
| – | – |
|
|
IMPV
23
DELISTED
Imperva, Inc.
IMPV
| $8.59M | 0.23% |
+160,000
| New | +$7.43M |
|
|
24
Delek US
DK
$4.38B
| – | – |
-1,850,000
| Closed | -$24.4M |
|
|
25
Darden Restaurants
DRI
$25.2B
| – | – |
-3,890,000
| Closed | -$246M |
|
Similar funds
Jeffrey Smith's Q3 2016 Portfolio in Review
As of Q3 2016, Jeffrey Smith held 31 positions worth $3.68B, up 30% from $2.83B the previous quarter. Its ten largest holdings account for 84% of the portfolio.
Jeffrey Smith deployed $483M of net new capital in Q3 2016, opening 8 new positions and adding to 3 existing holdings. Its largest new stake was Perrigo: 5,895,093 shares worth $544M.
By sector, the portfolio is most concentrated in Healthcare at 22% of assets, up from 7.5% a quarter earlier, followed by Consumer Discretionary and Technology.
On the sell side, the largest reduction was WestRock Company, an estimated $95.6M trimmed.
- Jeffrey Smith's largest Q3 2016 buy was Perrigo: 5,895,093 shares worth $544M.
- Jeffrey Smith added most to Marvell Technology in Q3 2016, an estimated $156M increase.
- Jeffrey Smith's biggest Q3 2016 reduction was WestRock Company, cutting an estimated $95.6M.
- Jeffrey Smith fully exited Darden Restaurants in Q3 2016, selling an estimated $246M.
- Jeffrey Smith's ten largest holdings make up 84% of its $3.68B portfolio in Q3 2016.
- Jeffrey Smith opened 8 new positions and closed 7 in Q3 2016.
- Jeffrey Smith's portfolio value rose 30% quarter-over-quarter to $3.68B.
Based on Starboard Value's 13F filing for Q3 2016, filed 14 Nov 2016.