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
|
+$124M |
| 2 |
Box
BOX
|
+$112M |
| 3 |
Aecom
ACM
|
+$38.8M |
| 4 |
CERN
Cerner Corp
CERN
|
+$23M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Perrigo
PRGO
|
+$303M |
| 2 |
Cars.com
CARS
|
+$126M |
| 3 |
Advance Auto Parts
AAP
|
+$90.4M |
| 4 |
Dollar Tree
DLTR
|
+$59.7M |
| 5 |
RPM International
RPM
|
+$38.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 38.01% |
| 2 | Consumer Discretionary | 21.52% |
| 3 | Healthcare | 20.12% |
| 4 | Industrials | 6.86% |
| 5 | Materials | 4.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Gen Digital
GEN
$17.3B
| $1.02B | 34.16% |
43,326,610
+5,325,814
| +14% | +$124M |
|
|
2
Advance Auto Parts
AAP
$2.57B
| $426M | 14.2% |
2,573,397
-601,603
| -19% | -$90.4M |
|
|
3
Perrigo
PRGO
$1.98B
| $229M | 7.65% |
4,100,000
-5,941,425
| -59% | -$303M |
|
|
CERN
4
DELISTED
Cerner Corp
CERN
| $227M | 7.56% |
3,325,000
+325,000
| +11% | +$23M |
|
5
iShares Russell 2000 Value ETF
IWN
$14.6B
| $212M | 7.07% |
1,775,777
| – | – |
|
|
6
Aecom
ACM
$8.34B
| $206M | 6.86% |
5,478,191
+1,077,482
| +24% | +$38.8M |
|
|
MGLN
7
DELISTED
Magellan Health Services, Inc.
MGLN
| $147M | 4.91% |
2,369,100
| – | – |
|
8
eBay
EBAY
$46.3B
| $143M | 4.77% |
3,670,000
-400,000
| -10% | -$16M |
|
|
9
Box
BOX
$4.56B
| $116M | 3.85% |
+6,974,896
| New | +$112M |
|
|
GCP
10
DELISTED
GCP Applied Technologies Inc.
GCP
| $102M | 3.42% |
5,322,694
| – | – |
|
11
MGM Resorts International
MGM
$11B
| $76.2M | 2.54% |
2,750,000
| – | – |
|
12
iShares Russell Mid-Cap ETF
IWR
$57.7B
| $62.7M | 2.09% |
1,120,000
-245,000
| -18% | -$13.7M |
|
|
13
RPM International
RPM
$13.9B
| $22.3M | 0.74% |
323,665
-576,657
| -64% | -$38.2M |
|
14
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $4.91M | 0.16% |
910,000
-1,280,000
| -58% | -$195M |
|
15
Comscore
SCOR
$77.1M
| $47K | ﹤0.01% |
1,240
-11,260
| -90% | -$650K |
|
|
16
PUT
iShares Russell Mid-Cap ETF
IWR
$57.7B
| $41K | ﹤0.01% |
125,000
| – | – |
|
|
17
Cars.com
CARS
$654M
| – | – |
-6,382,000
| Closed | -$126M |
|
|
18
Dollar Tree
DLTR
$25.3B
| – | – |
-555,574
| Closed | -$59.7M |
|
|
OPLN
19
Openlane
OPLN
$4.08B
| – | – |
-84,100
| Closed | -$2.1M |
|
20
Marvell Technology
MRVL
$213B
| – | – |
-787,543
| Closed | -$18.8M |
|
|
NTUS
21
DELISTED
Natus Medical Inc
NTUS
| – | – |
-563,329
| Closed | -$14.5M |
|
Similar funds
Jeffrey Smith's Q3 2019 Portfolio in Review
As of Q3 2019, Jeffrey Smith held 21 positions worth $3B, down 8.8% from $3.29B the previous quarter. Its ten largest holdings account for 94% of the portfolio.
Jeffrey Smith withdrew a net $580M in Q3 2019, closing 5 positions and reducing 7 holdings. Its most notable exit was Cars.com, an estimated $126M position sold in full.
By sector, the portfolio is most concentrated in Technology at 38% of assets, up from 26% a quarter earlier, followed by Consumer Discretionary and Healthcare.
Against the trend, Jeffrey Smith opened a new position in Box worth $116M.
- Jeffrey Smith's largest Q3 2019 buy was Box: 6,974,896 shares worth $116M.
- Jeffrey Smith added most to Gen Digital in Q3 2019, an estimated $124M increase.
- Jeffrey Smith's biggest Q3 2019 reduction was Perrigo, cutting an estimated $303M.
- Jeffrey Smith fully exited Cars.com in Q3 2019, selling an estimated $126M.
- Jeffrey Smith's ten largest holdings make up 94% of its $3B portfolio in Q3 2019.
- Jeffrey Smith opened 1 new position and closed 5 in Q3 2019.
- Jeffrey Smith's portfolio value fell 8.8% quarter-over-quarter to $3B.
Based on Starboard Value's 13F filing for Q3 2019, filed 14 Nov 2019.