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 |
Gen Digital
GEN
|
+$499M |
| 2 |
RPM International
RPM
|
+$36.5M |
| 3 |
Cars.com
CARS
|
+$16.1M |
| 4 |
Baxter International
BAX
|
+$12.6M |
| 5 |
Marvell Technology
MRVL
|
+$11.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AABA
Altaba Inc
AABA
|
+$239M |
| 2 |
Newell Brands
NWL
|
+$187M |
| 3 |
MLNX
Mellanox Technologies, Ltd.
MLNX
|
+$82.4M |
| 4 |
Macerich
MAC
|
+$65.4M |
| 5 |
BMS
Bemis
BMS
|
+$46.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 45.66% |
| 2 | Healthcare | 19.67% |
| 3 | Consumer Discretionary | 16.17% |
| 4 | Real Estate | 9.83% |
| 5 | Communication Services | 4.46% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Perrigo
PRGO
$1.98B
| $711M | 18.23% |
10,041,425
| – | – |
|
|
2
Marvell Technology
MRVL
$213B
| $662M | 16.97% |
34,289,997
+569,211
| +2% | +$11.7M |
|
3
Advance Auto Parts
AAP
$2.57B
| $534M | 13.71% |
3,175,000
| – | – |
|
|
4
Gen Digital
GEN
$17.3B
| $521M | 13.37% |
+24,501,796
| New | +$499M |
|
|
FCE.A
5
DELISTED
Forest City Realty Trust, Inc.
FCE.A
| $383M | 9.83% |
15,272,223
| – | – |
|
|
MLNX
6
DELISTED
Mellanox Technologies, Ltd.
MLNX
| $326M | 8.37% |
4,442,678
-1,023,943
| -19% | -$82.4M |
|
|
7
Cars.com
CARS
$654M
| $174M | 4.46% |
6,292,000
+575,000
| +10% | +$16.1M |
|
|
AABA
8
DELISTED
Altaba Inc
AABA
| $152M | 3.91% |
2,237,710
-3,397,360
| -60% | -$239M |
|
|
WEB
9
DELISTED
Web.com Group, Inc.
WEB
| $118M | 3.03% |
4,238,750
-100,000
| -2% | -$2.7M |
|
|
BMS
10
DELISTED
Bemis
BMS
| $95.9M | 2.46% |
1,972,991
-986,496
| -33% | -$46.6M |
|
|
11
RPM International
RPM
$13.9B
| $77.6M | 1.99% |
1,195,322
+567,000
| +90% | +$36.5M |
|
12
iShares Russell 2000 Value ETF
IWN
$14.6B
| $66M | 1.69% |
496,000
| – | – |
|
|
13
Baxter International
BAX
$13.6B
| $56.1M | 1.44% |
727,500
+170,000
| +30% | +$12.6M |
|
|
14
Newell Brands
NWL
$2.59B
| $16M | 0.41% |
787,384
-7,980,878
| -91% | -$187M |
|
15
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $3.28M | 0.08% |
+580,000
| New | +$165M |
|
16
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $1.69M | 0.04% |
900,000
-660,000
| -42% | -$111M |
|
|
ASRT
17
DELISTED
Assertio
ASRT
| – | – |
-26,733
| Closed | -$10.7M |
|
|
18
Macerich
MAC
$6.91B
| – | – |
-1,150,000
| Closed | -$65.4M |
|
19
Comscore
SCOR
$77.1M
| – | – |
-500
| Closed | -$218K |
|
20
PUT
VanEck Semiconductor ETF
SMH
$68.6B
| – | – |
-3,400,000
| Closed | -$2.63M |
|
Similar funds
Jeffrey Smith's Q3 2018 Portfolio in Review
As of Q3 2018, Jeffrey Smith held 20 positions worth $3.9B, down 1.4% from $3.96B the previous quarter. Its ten largest holdings account for 94% of the portfolio.
Jeffrey Smith's Q3 2018 filing shows 2 new, 4 increased, 6 reduced and 4 closed positions. Its largest new stake was Gen Digital: 24,501,796 shares worth $521M. The largest sale was Altaba Inc, an estimated $239M.
By sector, the portfolio is most concentrated in Technology at 46% of assets, up from 43% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Jeffrey Smith's largest Q3 2018 buy was Gen Digital: 24,501,796 shares worth $521M.
- Jeffrey Smith added most to RPM International in Q3 2018, an estimated $36.5M increase.
- Jeffrey Smith's biggest Q3 2018 reduction was Altaba Inc, cutting an estimated $239M.
- Jeffrey Smith fully exited Macerich in Q3 2018, selling an estimated $65.4M.
- Jeffrey Smith's ten largest holdings make up 94% of its $3.9B portfolio in Q3 2018.
- Jeffrey Smith opened 2 new positions and closed 4 in Q3 2018.
- Jeffrey Smith's portfolio value fell 1.4% quarter-over-quarter to $3.9B.
Based on Starboard Value's 13F filing for Q3 2018, filed 14 Nov 2018.