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 |
Aecom
ACM
|
+$146M |
| 2 |
GCP
GCP Applied Technologies Inc.
GCP
|
+$57.8M |
| 3 |
Gen Digital
GEN
|
+$43M |
| 4 |
iShares Russell Mid-Cap ETF
IWR
|
+$5.49M |
| 5 |
Comscore
SCOR
|
+$2.68M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Marvell Technology
MRVL
|
+$445M |
| 2 |
OPLN
Openlane
OPLN
|
+$144M |
| 3 |
Dollar Tree
DLTR
|
+$126M |
| 4 |
AABA
Altaba Inc
AABA
|
+$121M |
| 5 |
ZAYO
Zayo Group Holdings, Inc.
ZAYO
|
+$117M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 27.03% |
| 2 | Technology | 25.77% |
| 3 | Consumer Discretionary | 22.24% |
| 4 | Materials | 5.34% |
| 5 | Industrials | 5.07% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Gen Digital
GEN
$17.3B
| $827M | 25.16% |
38,000,796
+2,000,000
| +6% | +$43M |
|
2
Advance Auto Parts
AAP
$2.57B
| $489M | 14.89% |
3,175,000
| – | – |
|
3
Perrigo
PRGO
$1.98B
| $478M | 14.55% |
10,041,425
| – | – |
|
|
CERN
4
DELISTED
Cerner Corp
CERN
| $220M | 6.69% |
3,000,000
-95,851
| -3% | -$6.47M |
|
5
iShares Russell 2000 Value ETF
IWN
$14.6B
| $214M | 6.51% |
1,775,777
-350,000
| -16% | -$42.3M |
|
|
MGLN
6
DELISTED
Magellan Health Services, Inc.
MGLN
| $176M | 5.35% |
2,369,100
| – | – |
|
|
7
Aecom
ACM
$8.34B
| $167M | 5.07% |
+4,400,709
| New | +$146M |
|
8
eBay
EBAY
$46.3B
| $161M | 4.89% |
4,070,000
-2,216,819
| -35% | -$83.3M |
|
9
Cars.com
CARS
$654M
| $126M | 3.83% |
6,382,000
| – | – |
|
|
GCP
10
DELISTED
GCP Applied Technologies Inc.
GCP
| $121M | 3.67% |
5,322,694
+2,142,694
| +67% | +$57.8M |
|
11
MGM Resorts International
MGM
$11B
| $78.6M | 2.39% |
2,750,000
-145,000
| -5% | -$3.87M |
|
|
12
iShares Russell Mid-Cap ETF
IWR
$57.7B
| $76.3M | 2.32% |
1,365,000
+100,000
| +8% | +$5.49M |
|
|
13
Dollar Tree
DLTR
$25.3B
| $59.7M | 1.82% |
555,574
-1,201,839
| -68% | -$126M |
|
14
RPM International
RPM
$13.9B
| $55M | 1.67% |
900,322
-100,000
| -10% | -$5.9M |
|
|
15
Marvell Technology
MRVL
$213B
| $18.8M | 0.57% |
787,543
-19,043,460
| -96% | -$445M |
|
|
NTUS
16
DELISTED
Natus Medical Inc
NTUS
| $14.5M | 0.44% |
563,329
-567,862
| -50% | -$14.5M |
|
17
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $2.4M | 0.07% |
2,190,000
+340,000
| +18% | +$52.4M |
|
|
OPLN
18
Openlane
OPLN
$4.08B
| $2.1M | 0.06% |
84,100
-6,692,630
| -99% | -$144M |
|
|
19
Comscore
SCOR
$77.1M
| $1.29M | 0.04% |
+12,500
| New | +$2.68M |
|
|
20
PUT
iShares Russell Mid-Cap ETF
IWR
$57.7B
| $16K | ﹤0.01% |
125,000
| – | – |
|
|
ZAYO
21
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| – | – |
-4,099,252
| Closed | -$117M |
|
|
AABA
22
DELISTED
Altaba Inc
AABA
| – | – |
-1,637,710
| Closed | -$121M |
|
Similar funds
Jeffrey Smith's Q2 2019 Portfolio in Review
As of Q2 2019, Jeffrey Smith held 22 positions worth $3.29B, down 20% from $4.09B the previous quarter. Its ten largest holdings account for 91% of the portfolio.
Jeffrey Smith withdrew a net $802M in Q2 2019, closing 2 positions and reducing 9 holdings. Its most notable exit was Altaba Inc, an estimated $121M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 27% of assets, up from 21% a quarter earlier, followed by Technology and Consumer Discretionary.
Against the trend, Jeffrey Smith opened a new position in Aecom worth $167M.
- Jeffrey Smith's largest Q2 2019 buy was Aecom: 4,400,709 shares worth $167M.
- Jeffrey Smith added most to GCP Applied Technologies Inc. in Q2 2019, an estimated $57.8M increase.
- Jeffrey Smith's biggest Q2 2019 reduction was Marvell Technology, cutting an estimated $445M.
- Jeffrey Smith fully exited Altaba Inc in Q2 2019, selling an estimated $121M.
- Jeffrey Smith's ten largest holdings make up 91% of its $3.29B portfolio in Q2 2019.
- Jeffrey Smith opened 2 new positions and closed 2 in Q2 2019.
- Jeffrey Smith's portfolio value fell 20% quarter-over-quarter to $3.29B.
Based on Starboard Value's 13F filing for Q2 2019, filed 14 Aug 2019.