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 |
MLNX
Mellanox Technologies, Ltd.
MLNX
|
+$265M |
| 2 |
Cars.com
CARS
|
+$118M |
| 3 |
FCE.A
Forest City Realty Trust, Inc.
FCE.A
|
+$48.8M |
| 4 |
TYPE
Monotype Imaging Holdings Inc.
TYPE
|
+$32.9M |
| 5 |
BMS
Bemis
BMS
|
+$29.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AABA
Altaba Inc
AABA
|
+$125M |
| 2 |
Etsy
ETSY
|
+$71.6M |
| 3 |
Hewlett Packard
HPE
|
+$39.8M |
| 4 |
Brink's
BCO
|
+$34.9M |
| 5 |
Jack in the Box
JACK
|
+$17.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 51.07% |
| 2 | Healthcare | 25.54% |
| 3 | Consumer Discretionary | 10.23% |
| 4 | Real Estate | 4.11% |
| 5 | Communication Services | 3.23% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Perrigo
PRGO
$1.98B
| $840M | 20.55% |
9,641,425
| – | – |
|
|
AABA
2
DELISTED
Altaba Inc
AABA
| $734M | 17.94% |
10,502,806
-1,795,821
| -15% | -$125M |
|
3
Marvell Technology
MRVL
$213B
| $724M | 17.71% |
33,720,786
| – | – |
|
|
MLNX
4
DELISTED
Mellanox Technologies, Ltd.
MLNX
| $324M | 7.92% |
+5,006,621
| New | +$265M |
|
5
Advance Auto Parts
AAP
$2.57B
| $317M | 7.74% |
3,175,000
| – | – |
|
6
Fortinet
FTNT
$113B
| $154M | 3.76% |
17,582,030
-2,021,020
| -10% | -$16.5M |
|
|
7
Cars.com
CARS
$654M
| $132M | 3.23% |
+4,575,000
| New | +$118M |
|
|
FCE.A
8
DELISTED
Forest City Realty Trust, Inc.
FCE.A
| $129M | 3.15% |
5,337,223
+1,969,723
| +58% | +$48.8M |
|
|
BMS
9
DELISTED
Bemis
BMS
| $102M | 2.49% |
2,130,000
+630,000
| +42% | +$29.1M |
|
10
Stewart Information Services
STC
$2.11B
| $97.9M | 2.39% |
2,315,000
| – | – |
|
|
EVHC
11
DELISTED
Envision Healthcare Holdings Inc
EVHC
| $89M | 2.18% |
2,574,852
-61,641
| -2% | -$2.16M |
|
|
TYPE
12
DELISTED
Monotype Imaging Holdings Inc.
TYPE
| $82M | 2.01% |
3,404,546
+1,403,319
| +70% | +$32.9M |
|
13
Baxter International
BAX
$13.6B
| $77.1M | 1.89% |
1,192,500
-162,500
| -12% | -$10.4M |
|
14
Cognizant
CTSH
$27.9B
| $71M | 1.74% |
1,000,000
-150,000
| -13% | -$11M |
|
|
15
Brink's
BCO
$4.59B
| $67.3M | 1.65% |
855,205
-431,155
| -34% | -$34.9M |
|
16
iShares Russell 2000 Value ETF
IWN
$14.6B
| $66.1M | 1.62% |
526,000
-135,000
| -20% | -$16.9M |
|
17
Macerich
MAC
$6.91B
| $39.4M | 0.96% |
600,000
+100,000
| +20% | +$6.12M |
|
|
ASRT
18
DELISTED
Assertio
ASRT
| $37.8M | 0.92% |
78,255
-10,000
| -11% | -$3.89M |
|
19
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $6.74M | 0.16% |
2,962,500
+1,062,500
| +56% | +$160M |
|
|
20
Etsy
ETSY
$7.44B
| – | – |
-4,240,000
| Closed | -$71.6M |
|
|
21
Hewlett Packard
HPE
$70.8B
| – | – |
-2,704,973
| Closed | -$39.8M |
|
|
22
Jack in the Box
JACK
$331M
| – | – |
-175,000
| Closed | -$17.8M |
|
23
MBIA
MBI
$250M
| – | – |
-1,200,000
| Closed | -$10.4M |
|
24
Quantum Corp
QMCO
$877M
| – | – |
-46,994
| Closed | -$5.75M |
|
|
ILG
25
DELISTED
ILG, Inc Common Stock
ILG
| – | – |
-625,000
| Closed | -$16.7M |
|
Similar funds
Jeffrey Smith's Q4 2017 Portfolio in Review
As of Q4 2017, Jeffrey Smith held 26 positions worth $4.09B, up 10% from $3.7B the previous quarter. Its ten largest holdings account for 87% of the portfolio.
Jeffrey Smith deployed $241M of net new capital in Q4 2017, opening 2 new positions and adding to 5 existing holdings. Its largest new stake was Mellanox Technologies, Ltd.: 5,006,621 shares worth $324M.
By sector, the portfolio is most concentrated in Technology at 51% of assets, up from 47% a quarter earlier, followed by Healthcare and Consumer Discretionary.
On the sell side, the largest reduction was Altaba Inc, an estimated $125M trimmed.
- Jeffrey Smith's largest Q4 2017 buy was Mellanox Technologies, Ltd.: 5,006,621 shares worth $324M.
- Jeffrey Smith added most to Forest City Realty Trust, Inc. in Q4 2017, an estimated $48.8M increase.
- Jeffrey Smith's biggest Q4 2017 reduction was Altaba Inc, cutting an estimated $125M.
- Jeffrey Smith fully exited Etsy in Q4 2017, selling an estimated $71.6M.
- Jeffrey Smith's ten largest holdings make up 87% of its $4.09B portfolio in Q4 2017.
- Jeffrey Smith opened 2 new positions and closed 7 in Q4 2017.
- Jeffrey Smith's portfolio value rose 10% quarter-over-quarter to $4.09B.
Based on Starboard Value's 13F filing for Q4 2017, filed 14 Feb 2018.