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 |
Dollar Tree
DLTR
|
+$219M |
| 2 |
MGLN
Magellan Health Services, Inc.
MGLN
|
+$131M |
| 3 |
Baxter International
BAX
|
+$45.5M |
| 4 |
Marvell Technology
MRVL
|
+$26.4M |
| 5 |
iShares Russell 2000 Value ETF
IWN
|
+$24.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FCE.A
Forest City Realty Trust, Inc.
FCE.A
|
+$383M |
| 2 |
WEB
Web.com Group, Inc.
WEB
|
+$118M |
| 3 |
BMS
Bemis
BMS
|
+$65.6M |
| 4 |
Newell Brands
NWL
|
+$16M |
| 5 |
MLNX
Mellanox Technologies, Ltd.
MLNX
|
+$10.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 48.57% |
| 2 | Healthcare | 18.6% |
| 3 | Consumer Discretionary | 16.58% |
| 4 | Consumer Staples | 7.24% |
| 5 | Communication Services | 4.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Marvell Technology
MRVL
$213B
| $581M | 17.94% |
35,881,003
+1,591,006
| +5% | +$26.4M |
|
2
Advance Auto Parts
AAP
$2.57B
| $500M | 15.44% |
3,175,000
| – | – |
|
3
Gen Digital
GEN
$17.3B
| $463M | 14.3% |
24,501,796
| – | – |
|
|
MLNX
4
DELISTED
Mellanox Technologies, Ltd.
MLNX
| $399M | 12.33% |
4,321,402
-121,276
| -3% | -$10.3M |
|
5
Perrigo
PRGO
$1.98B
| $389M | 12.02% |
10,041,425
| – | – |
|
|
6
Dollar Tree
DLTR
$25.3B
| $235M | 7.24% |
+2,596,705
| New | +$219M |
|
7
Cars.com
CARS
$654M
| $141M | 4.34% |
6,542,000
+250,000
| +4% | +$6.25M |
|
|
AABA
8
DELISTED
Altaba Inc
AABA
| $130M | 4% |
2,237,710
| – | – |
|
|
MGLN
9
DELISTED
Magellan Health Services, Inc.
MGLN
| $121M | 3.72% |
+2,119,100
| New | +$131M |
|
|
10
Baxter International
BAX
$13.6B
| $92.5M | 2.86% |
1,405,500
+678,000
| +93% | +$45.5M |
|
|
11
iShares Russell 2000 Value ETF
IWN
$14.6B
| $74.8M | 2.31% |
696,000
+200,000
| +40% | +$24.1M |
|
12
RPM International
RPM
$13.9B
| $64.7M | 2% |
1,100,322
-95,000
| -8% | -$5.82M |
|
|
BMS
13
DELISTED
Bemis
BMS
| $25.9M | 0.8% |
565,274
-1,407,717
| -71% | -$65.6M |
|
|
TVPT
14
DELISTED
Travelport Worldwide Limited
TVPT
| $10.9M | 0.34% |
+700,000
| New | +$10.7M |
|
15
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $9.83M | 0.3% |
710,000
+130,000
| +22% | +$35.1M |
|
16
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $1.85M | 0.06% |
450,000
-450,000
| -50% | -$67.1M |
|
|
17
Newell Brands
NWL
$2.59B
| – | – |
-787,384
| Closed | -$16M |
|
|
FCE.A
18
DELISTED
Forest City Realty Trust, Inc.
FCE.A
| – | – |
-15,272,223
| Closed | -$383M |
|
|
WEB
19
DELISTED
Web.com Group, Inc.
WEB
| – | – |
-4,238,750
| Closed | -$118M |
|
Similar funds
Jeffrey Smith's Q4 2018 Portfolio in Review
As of Q4 2018, Jeffrey Smith held 19 positions worth $3.24B, down 17% from $3.9B the previous quarter. Its ten largest holdings account for 94% of the portfolio.
Jeffrey Smith withdrew a net $168M in Q4 2018, closing 3 positions and reducing 4 holdings. Its most notable exit was Forest City Realty Trust, Inc., an estimated $383M position sold in full.
By sector, the portfolio is most concentrated in Technology at 49% of assets, up from 46% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Jeffrey Smith opened a new position in Dollar Tree worth $235M.
- Jeffrey Smith's largest Q4 2018 buy was Dollar Tree: 2,596,705 shares worth $235M.
- Jeffrey Smith added most to Baxter International in Q4 2018, an estimated $45.5M increase.
- Jeffrey Smith's biggest Q4 2018 reduction was Bemis, cutting an estimated $65.6M.
- Jeffrey Smith fully exited Forest City Realty Trust, Inc. in Q4 2018, selling an estimated $383M.
- Jeffrey Smith's ten largest holdings make up 94% of its $3.24B portfolio in Q4 2018.
- Jeffrey Smith opened 3 new positions and closed 3 in Q4 2018.
- Jeffrey Smith's portfolio value fell 17% quarter-over-quarter to $3.24B.
Based on Starboard Value's 13F filing for Q4 2018, filed 14 Feb 2019.