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 |
Newell Brands
NWL
|
+$525M |
| 2 |
FCE.A
Forest City Realty Trust, Inc.
FCE.A
|
+$221M |
| 3 |
Macerich
MAC
|
+$111M |
| 4 |
Cars.com
CARS
|
+$63.7M |
| 5 |
EVHC
Envision Healthcare Holdings Inc
EVHC
|
+$49.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Fortinet
FTNT
|
+$154M |
| 2 |
Stewart Information Services
STC
|
+$97.9M |
| 3 |
TYPE
Monotype Imaging Holdings Inc.
TYPE
|
+$82M |
| 4 |
Cognizant
CTSH
|
+$71M |
| 5 |
AABA
Altaba Inc
AABA
|
+$67.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 39.89% |
| 2 | Healthcare | 23.08% |
| 3 | Consumer Staples | 10.39% |
| 4 | Consumer Discretionary | 10.16% |
| 5 | Real Estate | 9.76% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Perrigo
PRGO
$1.98B
| $804M | 17.63% |
9,641,425
| – | – |
|
|
AABA
2
DELISTED
Altaba Inc
AABA
| $712M | 15.61% |
9,611,727
-891,079
| -8% | -$67.2M |
|
3
Marvell Technology
MRVL
$213B
| $708M | 15.54% |
33,720,786
| – | – |
|
|
4
Newell Brands
NWL
$2.59B
| $474M | 10.39% |
+18,584,454
| New | +$525M |
|
|
MLNX
5
DELISTED
Mellanox Technologies, Ltd.
MLNX
| $398M | 8.74% |
5,466,621
+460,000
| +9% | +$31M |
|
6
Advance Auto Parts
AAP
$2.57B
| $376M | 8.26% |
3,175,000
| – | – |
|
|
FCE.A
7
DELISTED
Forest City Realty Trust, Inc.
FCE.A
| $309M | 6.79% |
15,272,223
+9,935,000
| +186% | +$221M |
|
|
8
Cars.com
CARS
$654M
| $191M | 4.2% |
6,752,000
+2,177,000
| +48% | +$63.7M |
|
|
EVHC
9
DELISTED
Envision Healthcare Holdings Inc
EVHC
| $150M | 3.29% |
3,907,197
+1,332,345
| +52% | +$49.8M |
|
|
10
Macerich
MAC
$6.91B
| $135M | 2.97% |
2,416,850
+1,816,850
| +303% | +$111M |
|
|
BMS
11
DELISTED
Bemis
BMS
| $86.6M | 1.9% |
1,989,750
-140,250
| -7% | -$6.4M |
|
12
Baxter International
BAX
$13.6B
| $68.1M | 1.49% |
1,047,500
-145,000
| -12% | -$9.81M |
|
13
iShares Russell 2000 Value ETF
IWN
$14.6B
| $59.8M | 1.31% |
491,000
-35,000
| -7% | -$4.38M |
|
14
Brink's
BCO
$4.59B
| $42.3M | 0.93% |
592,455
-262,750
| -31% | -$20.2M |
|
|
ASRT
15
DELISTED
Assertio
ASRT
| $29.9M | 0.66% |
75,676
-2,579
| -3% | -$1.13M |
|
16
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $13.2M | 0.29% |
3,949,400
+986,900
| +33% | +$152M |
|
|
17
Cognizant
CTSH
$27.9B
| – | – |
-1,000,000
| Closed | -$71M |
|
|
18
Fortinet
FTNT
$113B
| – | – |
-17,582,030
| Closed | -$154M |
|
|
19
Stewart Information Services
STC
$2.11B
| – | – |
-2,315,000
| Closed | -$97.9M |
|
|
TYPE
20
DELISTED
Monotype Imaging Holdings Inc.
TYPE
| – | – |
-3,404,546
| Closed | -$82M |
|
Similar funds
Jeffrey Smith's Q1 2018 Portfolio in Review
As of Q1 2018, Jeffrey Smith held 20 positions worth $4.56B, up 11% from $4.09B the previous quarter. Its ten largest holdings account for 93% of the portfolio.
Jeffrey Smith deployed $640M of net new capital in Q1 2018, opening 1 new position and adding to 6 existing holdings. Its largest new stake was Newell Brands: 18,584,454 shares worth $474M.
By sector, the portfolio is most concentrated in Technology at 40% of assets, down from 51% a quarter earlier, followed by Healthcare and Consumer Staples.
On the sell side, the largest reduction was Altaba Inc, an estimated $67.2M trimmed.
- Jeffrey Smith's largest Q1 2018 buy was Newell Brands: 18,584,454 shares worth $474M.
- Jeffrey Smith added most to Forest City Realty Trust, Inc. in Q1 2018, an estimated $221M increase.
- Jeffrey Smith's biggest Q1 2018 reduction was Altaba Inc, cutting an estimated $67.2M.
- Jeffrey Smith fully exited Fortinet in Q1 2018, selling an estimated $154M.
- Jeffrey Smith's ten largest holdings make up 93% of its $4.56B portfolio in Q1 2018.
- Jeffrey Smith opened 1 new position and closed 4 in Q1 2018.
- Jeffrey Smith's portfolio value rose 11% quarter-over-quarter to $4.56B.
Based on Starboard Value's 13F filing for Q1 2018, filed 15 May 2018.