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 |
AABA
Altaba Inc
AABA
|
+$669M |
| 2 |
FCE.A
Forest City Realty Trust, Inc.
FCE.A
|
+$103M |
| 3 |
Hewlett Packard
HPE
|
+$61.3M |
| 4 |
Advance Auto Parts
AAP
|
+$48.1M |
| 5 |
WBMD
WebMD Health Corp.
WBMD
|
+$23.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
YHOO
Yahoo Inc
YHOO
|
+$571M |
| 2 |
Brink's
BCO
|
+$81M |
| 3 |
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
|
+$74.1M |
| 4 |
Insperity
NSP
|
+$46.5M |
| 5 |
Cognizant
CTSH
|
+$38.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 48.7% |
| 2 | Healthcare | 26.93% |
| 3 | Consumer Discretionary | 11.29% |
| 4 | Real Estate | 3.57% |
| 5 | Industrials | 3.52% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Perrigo
PRGO
$1.98B
| $728M | 21.23% |
9,641,425
| – | – |
|
|
AABA
2
DELISTED
Altaba Inc
AABA
| $670M | 19.53% |
+12,298,627
| New | +$669M |
|
3
Marvell Technology
MRVL
$213B
| $557M | 16.24% |
33,720,786
| – | – |
|
|
4
Advance Auto Parts
AAP
$2.57B
| $370M | 10.79% |
3,175,000
+350,000
| +12% | +$48.1M |
|
|
5
Hewlett Packard
HPE
$70.8B
| $174M | 5.08% |
13,533,680
+4,401,630
| +48% | +$61.3M |
|
6
Fortinet
FTNT
$113B
| $167M | 4.88% |
22,353,050
+1,485,930
| +7% | +$11.5M |
|
|
7
Brink's
BCO
$4.59B
| $115M | 3.35% |
1,713,930
-1,315,000
| -43% | -$81M |
|
|
FCE.A
8
DELISTED
Forest City Realty Trust, Inc.
FCE.A
| $108M | 3.14% |
+4,450,000
| New | +$103M |
|
9
Stewart Information Services
STC
$2.11B
| $105M | 3.06% |
2,315,000
| – | – |
|
|
10
Cognizant
CTSH
$27.9B
| $94.6M | 2.76% |
1,425,000
-600,000
| -30% | -$38.1M |
|
11
Baxter International
BAX
$13.6B
| $94.1M | 2.74% |
1,555,000
-355,000
| -19% | -$20.2M |
|
12
iShares Russell 2000 Value ETF
IWN
$14.6B
| $58.4M | 1.7% |
491,000
+50,000
| +11% | +$5.88M |
|
|
ASRT
13
DELISTED
Assertio
ASRT
| $56.9M | 1.66% |
88,255
| – | – |
|
|
WBMD
14
DELISTED
WebMD Health Corp.
WBMD
| $24.9M | 0.73% |
+425,000
| New | +$23.7M |
|
|
ABCO
15
DELISTED
Advisory Board Co
ABCO
| $18M | 0.53% |
350,000
-50,000
| -13% | -$2.51M |
|
|
ILG
16
DELISTED
ILG, Inc Common Stock
ILG
| $17.2M | 0.5% |
+625,000
| New | +$15.8M |
|
|
SRC
17
DELISTED
SPIRIT REALTY CAPITAL, INC.
SRC
| $14.8M | 0.43% |
+446,000
| New | +$16.7M |
|
18
Quantum Corp
QMCO
$877M
| $7.34M | 0.21% |
46,994
| – | – |
|
19
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $7.11M | 0.21% |
3,314,500
-1,150,000
| -26% | -$159M |
|
|
20
Insperity
NSP
$2.02B
| $6.06M | 0.18% |
170,592
-1,149,408
| -87% | -$46.5M |
|
21
Philips
PHG
$26.8B
| $1.79M | 0.05% |
+65,871
| New | +$1.73M |
|
22
Colgate-Palmolive
CL
$72.6B
| – | – |
-168,595
| Closed | -$12.3M |
|
|
PNK
23
DELISTED
Pinnacle Entertainment Inc.
PNK
| – | – |
-500,000
| Closed | -$9.76M |
|
|
MYCC
24
DELISTED
ClubCorp Holdings, Inc.
MYCC
| – | – |
-670,235
| Closed | -$10.8M |
|
|
YHOO
25
DELISTED
Yahoo Inc
YHOO
| – | – |
-12,298,627
| Closed | -$571M |
|
Similar funds
Jeffrey Smith's Q2 2017 Portfolio in Review
As of Q2 2017, Jeffrey Smith held 27 positions worth $3.43B, up 5.1% from $3.26B the previous quarter. Its ten largest holdings account for 90% of the portfolio.
Jeffrey Smith's Q2 2017 filing shows 7 new, 4 increased, 6 reduced and 5 closed positions. Its largest new stake was Altaba Inc: 12,298,627 shares worth $670M. The largest sale was Yahoo Inc, an estimated $571M.
By sector, the portfolio is most concentrated in Technology at 49% of assets, up from 28% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Jeffrey Smith's largest Q2 2017 buy was Altaba Inc: 12,298,627 shares worth $670M.
- Jeffrey Smith added most to Hewlett Packard in Q2 2017, an estimated $61.3M increase.
- Jeffrey Smith's biggest Q2 2017 reduction was Brink's, cutting an estimated $81M.
- Jeffrey Smith fully exited Yahoo Inc in Q2 2017, selling an estimated $571M.
- Jeffrey Smith's ten largest holdings make up 90% of its $3.43B portfolio in Q2 2017.
- Jeffrey Smith opened 7 new positions and closed 5 in Q2 2017.
- Jeffrey Smith's portfolio value rose 5.1% quarter-over-quarter to $3.43B.
Based on Starboard Value's 13F filing for Q2 2017, filed 11 Aug 2017.