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 |
EVHC
Envision Healthcare Holdings Inc
EVHC
|
+$141M |
| 2 |
BMS
Bemis
BMS
|
+$66.9M |
| 3 |
Etsy
ETSY
|
+$66.9M |
| 4 |
TYPE
Monotype Imaging Holdings Inc.
TYPE
|
+$37.5M |
| 5 |
Macerich
MAC
|
+$28M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Hewlett Packard
HPE
|
+$148M |
| 2 |
Brink's
BCO
|
+$32.6M |
| 3 |
FCE.A
Forest City Realty Trust, Inc.
FCE.A
|
+$26.5M |
| 4 |
WBMD
WebMD Health Corp.
WBMD
|
+$24.9M |
| 5 |
Fortinet
FTNT
|
+$20.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 46.6% |
| 2 | Healthcare | 28.35% |
| 3 | Consumer Discretionary | 13.21% |
| 4 | Real Estate | 3.06% |
| 5 | Industrials | 2.93% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Perrigo
PRGO
$1.98B
| $816M | 22.03% |
9,641,425
| – | – |
|
|
AABA
2
DELISTED
Altaba Inc
AABA
| $815M | 21.99% |
12,298,627
| – | – |
|
3
Marvell Technology
MRVL
$213B
| $604M | 16.29% |
33,720,786
| – | – |
|
4
Advance Auto Parts
AAP
$2.57B
| $315M | 8.5% |
3,175,000
| – | – |
|
|
5
Fortinet
FTNT
$113B
| $141M | 3.79% |
19,603,050
-2,750,000
| -12% | -$20.9M |
|
|
EVHC
6
DELISTED
Envision Healthcare Holdings Inc
EVHC
| $119M | 3.2% |
+2,636,493
| New | +$141M |
|
|
7
Brink's
BCO
$4.59B
| $108M | 2.93% |
1,286,360
-427,570
| -25% | -$32.6M |
|
8
Stewart Information Services
STC
$2.11B
| $87.4M | 2.36% |
2,315,000
| – | – |
|
|
FCE.A
9
DELISTED
Forest City Realty Trust, Inc.
FCE.A
| $85.9M | 2.32% |
3,367,500
-1,082,500
| -24% | -$26.5M |
|
10
Baxter International
BAX
$13.6B
| $85M | 2.3% |
1,355,000
-200,000
| -13% | -$12.4M |
|
11
Cognizant
CTSH
$27.9B
| $83.4M | 2.25% |
1,150,000
-275,000
| -19% | -$19.3M |
|
12
iShares Russell 2000 Value ETF
IWN
$14.6B
| $82M | 2.21% |
661,000
+170,000
| +35% | +$20M |
|
|
13
Etsy
ETSY
$7.44B
| $71.6M | 1.93% |
+4,240,000
| New | +$66.9M |
|
|
BMS
14
DELISTED
Bemis
BMS
| $68.4M | 1.85% |
+1,500,000
| New | +$66.9M |
|
|
15
Hewlett Packard
HPE
$70.8B
| $39.8M | 1.07% |
2,704,973
-10,828,707
| -80% | -$148M |
|
|
TYPE
16
DELISTED
Monotype Imaging Holdings Inc.
TYPE
| $38.5M | 1.04% |
+2,001,227
| New | +$37.5M |
|
|
ASRT
17
DELISTED
Assertio
ASRT
| $30.7M | 0.83% |
88,255
| – | – |
|
|
18
Macerich
MAC
$6.91B
| $27.5M | 0.74% |
+500,000
| New | +$28M |
|
19
Jack in the Box
JACK
$331M
| $17.8M | 0.48% |
+175,000
| New | +$16.7M |
|
|
ILG
20
DELISTED
ILG, Inc Common Stock
ILG
| $16.7M | 0.45% |
625,000
| – | – |
|
21
MBIA
MBI
$250M
| $10.4M | 0.28% |
+1,200,000
| New | +$12M |
|
22
Quantum Corp
QMCO
$877M
| $5.75M | 0.16% |
46,994
| – | – |
|
23
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $1.27M | 0.03% |
1,900,000
-1,414,500
| -43% | -$199M |
|
24
Insperity
NSP
$2.02B
| – | – |
-170,592
| Closed | -$6.06M |
|
25
Philips
PHG
$26.8B
| – | – |
-65,871
| Closed | -$1.79M |
|
Similar funds
Jeffrey Smith's Q3 2017 Portfolio in Review
As of Q3 2017, Jeffrey Smith held 29 positions worth $3.7B, up 8% from $3.43B the previous quarter. Its ten largest holdings account for 86% of the portfolio.
Jeffrey Smith withdrew a net $135M in Q3 2017, closing 5 positions and reducing 7 holdings. Its most notable exit was WebMD Health Corp., an estimated $24.9M position sold in full.
By sector, the portfolio is most concentrated in Technology at 47% of assets, down from 49% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Jeffrey Smith opened a new position in Envision Healthcare Holdings Inc worth $119M.
- Jeffrey Smith's largest Q3 2017 buy was Envision Healthcare Holdings Inc: 2,636,493 shares worth $119M.
- Jeffrey Smith added most to iShares Russell 2000 Value ETF in Q3 2017, an estimated $20M increase.
- Jeffrey Smith's biggest Q3 2017 reduction was Hewlett Packard, cutting an estimated $148M.
- Jeffrey Smith fully exited WebMD Health Corp. in Q3 2017, selling an estimated $24.9M.
- Jeffrey Smith's ten largest holdings make up 86% of its $3.7B portfolio in Q3 2017.
- Jeffrey Smith opened 7 new positions and closed 5 in Q3 2017.
- Jeffrey Smith's portfolio value rose 8% quarter-over-quarter to $3.7B.
Based on Starboard Value's 13F filing for Q3 2017, filed 13 Nov 2017.