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
|
+$250M |
| 2 |
eBay
EBAY
|
+$218M |
| 3 |
CERN
Cerner Corp
CERN
|
+$172M |
| 4 |
iShares Russell 2000 Value ETF
IWN
|
+$171M |
| 5 |
OPLN
Openlane
OPLN
|
+$128M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
MLNX
Mellanox Technologies, Ltd.
MLNX
|
+$399M |
| 2 |
Marvell Technology
MRVL
|
+$300M |
| 3 |
Baxter International
BAX
|
+$92.5M |
| 4 |
Dollar Tree
DLTR
|
+$82.4M |
| 5 |
AABA
Altaba Inc
AABA
|
+$41.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.82% |
| 2 | Consumer Discretionary | 23.96% |
| 3 | Healthcare | 20.66% |
| 4 | Communication Services | 6.4% |
| 5 | Consumer Staples | 4.51% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Gen Digital
GEN
$17.3B
| $828M | 20.22% |
36,000,796
+11,499,000
| +47% | +$250M |
|
2
Advance Auto Parts
AAP
$2.57B
| $541M | 13.23% |
3,175,000
| – | – |
|
3
Perrigo
PRGO
$1.98B
| $484M | 11.81% |
10,041,425
| – | – |
|
|
4
Marvell Technology
MRVL
$213B
| $394M | 9.64% |
19,831,003
-16,050,000
| -45% | -$300M |
|
|
5
iShares Russell 2000 Value ETF
IWN
$14.6B
| $255M | 6.23% |
2,125,777
+1,429,777
| +205% | +$171M |
|
|
6
eBay
EBAY
$46.3B
| $233M | 5.7% |
+6,286,819
| New | +$218M |
|
|
7
Dollar Tree
DLTR
$25.3B
| $185M | 4.51% |
1,757,413
-839,292
| -32% | -$82.4M |
|
|
CERN
8
DELISTED
Cerner Corp
CERN
| $177M | 4.33% |
+3,095,851
| New | +$172M |
|
|
MGLN
9
DELISTED
Magellan Health Services, Inc.
MGLN
| $156M | 3.82% |
2,369,100
+250,000
| +12% | +$16M |
|
10
Cars.com
CARS
$654M
| $146M | 3.55% |
6,382,000
-160,000
| -2% | -$3.87M |
|
|
OPLN
11
Openlane
OPLN
$4.08B
| $132M | 3.22% |
+6,776,730
| New | +$128M |
|
|
AABA
12
DELISTED
Altaba Inc
AABA
| $121M | 2.97% |
1,637,710
-600,000
| -27% | -$41.3M |
|
|
ZAYO
13
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| $117M | 2.85% |
+4,099,252
| New | +$109M |
|
|
GCP
14
DELISTED
GCP Applied Technologies Inc.
GCP
| $94.1M | 2.3% |
+3,180,000
| New | +$85.4M |
|
15
MGM Resorts International
MGM
$11B
| $74.3M | 1.81% |
+2,895,000
| New | +$79.4M |
|
16
iShares Russell Mid-Cap ETF
IWR
$57.7B
| $68.2M | 1.67% |
+1,265,000
| New | +$65.5M |
|
17
RPM International
RPM
$13.9B
| $58.1M | 1.42% |
1,000,322
-100,000
| -9% | -$5.68M |
|
|
NTUS
18
DELISTED
Natus Medical Inc
NTUS
| $28.7M | 0.7% |
+1,131,191
| New | +$33.8M |
|
19
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $1.69M | 0.04% |
1,850,000
+1,400,000
| +311% | +$210M |
|
|
20
PUT
iShares Russell Mid-Cap ETF
IWR
$57.7B
| $94K | ﹤0.01% |
+125,000
| New | +$6.48M |
|
|
21
Baxter International
BAX
$13.6B
| – | – |
-1,405,500
| Closed | -$92.5M |
|
22
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| – | – |
-710,000
| Closed | -$9.83M |
|
|
MLNX
23
DELISTED
Mellanox Technologies, Ltd.
MLNX
| – | – |
-4,321,402
| Closed | -$399M |
|
|
BMS
24
DELISTED
Bemis
BMS
| – | – |
-565,274
| Closed | -$25.9M |
|
|
TVPT
25
DELISTED
Travelport Worldwide Limited
TVPT
| – | – |
-700,000
| Closed | -$10.9M |
|
Similar funds
Jeffrey Smith's Q1 2019 Portfolio in Review
As of Q1 2019, Jeffrey Smith held 25 positions worth $4.09B, up 26% from $3.24B the previous quarter. Its ten largest holdings account for 83% of the portfolio.
Jeffrey Smith deployed $573M of net new capital in Q1 2019, opening 9 new positions and adding to 4 existing holdings. Its largest new stake was eBay: 6,286,819 shares worth $233M.
By sector, the portfolio is most concentrated in Technology at 33% of assets, down from 49% a quarter earlier, followed by Consumer Discretionary and Healthcare.
On the sell side, the largest reduction was Marvell Technology, an estimated $300M trimmed.
- Jeffrey Smith's largest Q1 2019 buy was eBay: 6,286,819 shares worth $233M.
- Jeffrey Smith added most to Gen Digital in Q1 2019, an estimated $250M increase.
- Jeffrey Smith's biggest Q1 2019 reduction was Marvell Technology, cutting an estimated $300M.
- Jeffrey Smith fully exited Mellanox Technologies, Ltd. in Q1 2019, selling an estimated $399M.
- Jeffrey Smith's ten largest holdings make up 83% of its $4.09B portfolio in Q1 2019.
- Jeffrey Smith opened 9 new positions and closed 5 in Q1 2019.
- Jeffrey Smith's portfolio value rose 26% quarter-over-quarter to $4.09B.
Based on Starboard Value's 13F filing for Q1 2019, filed 15 May 2019.