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
|
+$313M |
| 2 |
COL
Rockwell Collins
COL
|
+$97M |
| 3 |
Cognizant
CTSH
|
+$78.9M |
| 4 |
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
|
+$68.4M |
| 5 |
Viavi Solutions
VIAV
|
+$27.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
WRK
WestRock Company
WRK
|
+$113M |
| 2 |
BLOX
Infoblox Inc
BLOX
|
+$73.8M |
| 3 |
iShares Russell 2000 Value ETF
IWN
|
+$55.8M |
| 4 |
Insperity
NSP
|
+$53.1M |
| 5 |
Hewlett Packard
HPE
|
+$30.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 29.32% |
| 2 | Technology | 20.46% |
| 3 | Consumer Discretionary | 18.95% |
| 4 | Energy | 14.02% |
| 5 | Industrials | 10.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Perrigo
PRGO
$1.98B
| $791M | 23.32% |
9,506,425
+3,611,332
| +61% | +$313M |
|
2
Advance Auto Parts
AAP
$2.57B
| $478M | 14.08% |
2,825,000
| – | – |
|
|
YHOO
3
DELISTED
Yahoo Inc
YHOO
| $476M | 14.02% |
12,298,627
| – | – |
|
4
Marvell Technology
MRVL
$213B
| $468M | 13.79% |
33,720,786
| – | – |
|
5
Brink's
BCO
$4.59B
| $189M | 5.57% |
4,578,930
| – | – |
|
6
Baxter International
BAX
$13.6B
| $109M | 3.2% |
2,451,150
+576,150
| +31% | +$26.6M |
|
7
Macy's
M
$6B
| $108M | 3.18% |
3,010,200
| – | – |
|
8
Stewart Information Services
STC
$2.11B
| $107M | 3.14% |
2,315,000
| – | – |
|
|
COL
9
DELISTED
Rockwell Collins
COL
| $102M | 3.01% |
+1,100,000
| New | +$97M |
|
|
10
Hewlett Packard
HPE
$70.8B
| $96.1M | 2.83% |
7,144,280
-2,292,126
| -24% | -$30.6M |
|
|
ASRT
11
DELISTED
Assertio
ASRT
| $95M | 2.8% |
87,838
-12,412
| -12% | -$15.8M |
|
|
12
Cognizant
CTSH
$27.9B
| $82.6M | 2.44% |
+1,475,000
| New | +$78.9M |
|
|
TRCO
13
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $70M | 2.06% |
+2,002,314
| New | +$68.4M |
|
|
14
Insperity
NSP
$2.02B
| $53.9M | 1.59% |
1,520,000
-1,472,126
| -49% | -$53.1M |
|
|
WRK
15
DELISTED
WestRock Company
WRK
| $35.5M | 1.05% |
700,000
-2,300,000
| -77% | -$113M |
|
|
16
Viavi Solutions
VIAV
$9.6B
| $28.6M | 0.84% |
+3,500,000
| New | +$27.2M |
|
|
PNK
17
DELISTED
Pinnacle Entertainment Inc.
PNK
| $21.8M | 0.64% |
1,502,000
-22,700
| -1% | -$303K |
|
18
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $16.8M | 0.49% |
6,484,500
+2,984,500
| +85% | +$381M |
|
|
CSOD
19
DELISTED
Cornerstone OnDemand, Inc.
CSOD
| $12.7M | 0.37% |
+300,000
| New | +$11.9M |
|
20
Take-Two Interactive
TTWO
$44.8B
| $7.15M | 0.21% |
+145,000
| New | +$6.85M |
|
21
Quantum Corp
QMCO
$877M
| $6.26M | 0.18% |
46,994
-71,562
| -60% | -$9.37M |
|
|
22
iShares Russell 2000 Value ETF
IWN
$14.6B
| $6.07M | 0.18% |
51,000
-505,000
| -91% | -$55.8M |
|
23
Curtiss-Wright
CW
$23.5B
| – | – |
-173,600
| Closed | -$15.8M |
|
|
FRGI
24
DELISTED
Fiesta Restaurant Group, Inc.
FRGI
| – | – |
-585,000
| Closed | -$14M |
|
|
TPCO
25
DELISTED
Tribune Publishing Company Common Stock
TPCO
| – | – |
-945,000
| Closed | -$16M |
|
Similar funds
Jeffrey Smith's Q4 2016 Portfolio in Review
As of Q4 2016, Jeffrey Smith held 30 positions worth $3.39B, down 7.8% from $3.68B the previous quarter. Its ten largest holdings account for 86% of the portfolio.
Jeffrey Smith deployed $528M of net new capital in Q4 2016, opening 6 new positions and adding to 3 existing holdings. Its largest new stake was Rockwell Collins: 1,100,000 shares worth $102M.
By sector, the portfolio is most concentrated in Healthcare at 29% of assets, up from 22% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was WestRock Company, an estimated $113M trimmed.
- Jeffrey Smith's largest Q4 2016 buy was Rockwell Collins: 1,100,000 shares worth $102M.
- Jeffrey Smith added most to Perrigo in Q4 2016, an estimated $313M increase.
- Jeffrey Smith's biggest Q4 2016 reduction was WestRock Company, cutting an estimated $113M.
- Jeffrey Smith fully exited Infoblox Inc in Q4 2016, selling an estimated $73.8M.
- Jeffrey Smith's ten largest holdings make up 86% of its $3.39B portfolio in Q4 2016.
- Jeffrey Smith opened 6 new positions and closed 7 in Q4 2016.
- Jeffrey Smith's portfolio value fell 7.8% quarter-over-quarter to $3.39B.
Based on Starboard Value's 13F filing for Q4 2016, filed 14 Feb 2017.