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 |
Fortinet
FTNT
|
+$148M |
| 2 |
iShares Russell 2000 Value ETF
IWN
|
+$46.3M |
| 3 |
Cognizant
CTSH
|
+$31.6M |
| 4 |
Hewlett Packard
HPE
|
+$26.7M |
| 5 |
ABCO
Advisory Board Co
ABCO
|
+$17.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Macy's
M
|
+$108M |
| 2 |
COL
Rockwell Collins
COL
|
+$102M |
| 3 |
Brink's
BCO
|
+$75.5M |
| 4 |
WRK
WestRock Company
WRK
|
+$35.5M |
| 5 |
Viavi Solutions
VIAV
|
+$28.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.41% |
| 2 | Healthcare | 25.25% |
| 3 | Energy | 17.48% |
| 4 | Consumer Discretionary | 13.46% |
| 5 | Industrials | 6.75% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Perrigo
PRGO
$1.98B
| $640M | 19.61% |
9,641,425
+135,000
| +1% | +$10.3M |
|
|
YHOO
2
DELISTED
Yahoo Inc
YHOO
| $571M | 17.48% |
12,298,627
| – | – |
|
3
Marvell Technology
MRVL
$213B
| $515M | 15.76% |
33,720,786
| – | – |
|
4
Advance Auto Parts
AAP
$2.57B
| $419M | 12.83% |
2,825,000
| – | – |
|
|
5
Brink's
BCO
$4.59B
| $162M | 4.96% |
3,028,930
-1,550,000
| -34% | -$75.5M |
|
|
6
Fortinet
FTNT
$113B
| $160M | 4.9% |
+20,867,120
| New | +$148M |
|
|
7
Hewlett Packard
HPE
$70.8B
| $126M | 3.85% |
9,132,050
+1,987,770
| +28% | +$26.7M |
|
|
8
Cognizant
CTSH
$27.9B
| $121M | 3.69% |
2,025,000
+550,000
| +37% | +$31.6M |
|
9
Stewart Information Services
STC
$2.11B
| $102M | 3.13% |
2,315,000
| – | – |
|
10
Baxter International
BAX
$13.6B
| $99.1M | 3.03% |
1,910,000
-541,150
| -22% | -$26.6M |
|
|
TRCO
11
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $74.1M | 2.27% |
1,989,314
-13,000
| -0.6% | -$440K |
|
|
ASRT
12
DELISTED
Assertio
ASRT
| $66.5M | 2.04% |
88,255
+417
| +0.5% | +$423K |
|
13
Insperity
NSP
$2.02B
| $58.5M | 1.79% |
1,320,000
-200,000
| -13% | -$7.95M |
|
|
14
iShares Russell 2000 Value ETF
IWN
$14.6B
| $52.1M | 1.6% |
441,000
+390,000
| +765% | +$46.3M |
|
|
ABCO
15
DELISTED
Advisory Board Co
ABCO
| $18.7M | 0.57% |
+400,000
| New | +$17.7M |
|
16
Colgate-Palmolive
CL
$72.6B
| $12.3M | 0.38% |
+168,595
| New | +$11.8M |
|
|
MYCC
17
DELISTED
ClubCorp Holdings, Inc.
MYCC
| $10.8M | 0.33% |
+670,235
| New | +$11M |
|
|
PNK
18
DELISTED
Pinnacle Entertainment Inc.
PNK
| $9.76M | 0.3% |
500,000
-1,002,000
| -67% | -$16.5M |
|
19
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $7.54M | 0.23% |
4,464,500
-2,020,000
| -31% | -$276M |
|
20
Quantum Corp
QMCO
$877M
| $6.54M | 0.2% |
46,994
| – | – |
|
|
21
Macy's
M
$6B
| – | – |
-3,010,200
| Closed | -$108M |
|
22
Take-Two Interactive
TTWO
$44.8B
| – | – |
-145,000
| Closed | -$7.15M |
|
|
23
Viavi Solutions
VIAV
$9.6B
| – | – |
-3,500,000
| Closed | -$28.6M |
|
|
WRK
24
DELISTED
WestRock Company
WRK
| – | – |
-700,000
| Closed | -$35.5M |
|
|
CSOD
25
DELISTED
Cornerstone OnDemand, Inc.
CSOD
| – | – |
-300,000
| Closed | -$12.7M |
|
Similar funds
Jeffrey Smith's Q1 2017 Portfolio in Review
As of Q1 2017, Jeffrey Smith held 27 positions worth $3.26B, down 3.8% from $3.39B the previous quarter. Its ten largest holdings account for 89% of the portfolio.
Jeffrey Smith withdrew a net $427M in Q1 2017, closing 6 positions and reducing 6 holdings. Its most notable exit was Macy's, an estimated $108M position sold in full.
By sector, the portfolio is most concentrated in Technology at 28% of assets, up from 20% a quarter earlier, followed by Healthcare and Energy.
Against the trend, Jeffrey Smith opened a new position in Fortinet worth $160M.
- Jeffrey Smith's largest Q1 2017 buy was Fortinet: 20,867,120 shares worth $160M.
- Jeffrey Smith added most to iShares Russell 2000 Value ETF in Q1 2017, an estimated $46.3M increase.
- Jeffrey Smith's biggest Q1 2017 reduction was Brink's, cutting an estimated $75.5M.
- Jeffrey Smith fully exited Macy's in Q1 2017, selling an estimated $108M.
- Jeffrey Smith's ten largest holdings make up 89% of its $3.26B portfolio in Q1 2017.
- Jeffrey Smith opened 4 new positions and closed 6 in Q1 2017.
- Jeffrey Smith's portfolio value fell 3.8% quarter-over-quarter to $3.26B.
Based on Starboard Value's 13F filing for Q1 2017, filed 12 May 2017.