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 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$787M |
| 2 |
eBay
EBAY
|
+$137M |
| 3 |
Pediatrix Medical
MD
|
+$97.3M |
| 4 |
Aecom
ACM
|
+$20.6M |
| 5 |
CERN
Cerner Corp
CERN
|
+$13.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Gen Digital
GEN
|
+$407M |
| 2 |
Perrigo
PRGO
|
+$229M |
| 3 |
iShares Russell 2000 Value ETF
IWN
|
+$98.9M |
| 4 |
MGM Resorts International
MGM
|
+$74.6M |
| 5 |
RPM International
RPM
|
+$22.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 23.66% |
| 2 | Consumer Discretionary | 20.01% |
| 3 | Healthcare | 15.98% |
| 4 | Industrials | 7.46% |
| 5 | Materials | 3.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $822M | 23.8% |
+2,555,000
| New | +$787M |
|
|
2
Gen Digital
GEN
$17.3B
| $681M | 19.7% |
26,668,091
-16,658,519
| -38% | -$407M |
|
3
Advance Auto Parts
AAP
$2.57B
| $412M | 11.93% |
2,573,397
| – | – |
|
|
4
eBay
EBAY
$46.3B
| $269M | 7.79% |
7,450,000
+3,780,000
| +103% | +$137M |
|
|
CERN
5
DELISTED
Cerner Corp
CERN
| $259M | 7.49% |
3,525,000
+200,000
| +6% | +$13.8M |
|
|
6
Aecom
ACM
$8.34B
| $258M | 7.46% |
5,975,266
+497,075
| +9% | +$20.6M |
|
|
MGLN
7
DELISTED
Magellan Health Services, Inc.
MGLN
| $185M | 5.37% |
2,369,100
| – | – |
|
|
8
iShares Russell 2000 Value ETF
IWN
$14.6B
| $125M | 3.63% |
975,777
-800,000
| -45% | -$98.9M |
|
9
Box
BOX
$4.56B
| $122M | 3.53% |
7,274,896
+300,000
| +4% | +$5.03M |
|
|
GCP
10
DELISTED
GCP Applied Technologies Inc.
GCP
| $121M | 3.5% |
5,322,694
| – | – |
|
|
11
Pediatrix Medical
MD
$2.16B
| $108M | 3.12% |
+3,880,000
| New | +$97.3M |
|
12
iShares Russell Mid-Cap ETF
IWR
$57.7B
| $61.4M | 1.78% |
1,030,000
-90,000
| -8% | -$5.17M |
|
13
Comscore
SCOR
$77.1M
| $14.7M | 0.43% |
149,119
+147,879
| +11,926% | +$10.1M |
|
|
14
MGM Resorts International
MGM
$11B
| $9.98M | 0.29% |
300,000
-2,450,000
| -89% | -$74.6M |
|
15
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $6.42M | 0.19% |
2,400,000
+1,490,000
| +164% | +$235M |
|
|
16
PUT
iShares Russell Mid-Cap ETF
IWR
$57.7B
| $22K | ﹤0.01% |
125,000
| – | – |
|
|
17
Perrigo
PRGO
$1.98B
| – | – |
-4,100,000
| Closed | -$229M |
|
|
18
RPM International
RPM
$13.9B
| – | – |
-323,665
| Closed | -$22.3M |
|
Similar funds
Jeffrey Smith's Q4 2019 Portfolio in Review
As of Q4 2019, Jeffrey Smith held 18 positions worth $3.45B, up 15% from $3B the previous quarter. Its ten largest holdings account for 94% of the portfolio.
Jeffrey Smith deployed $469M of net new capital in Q4 2019, opening 2 new positions and adding to 6 existing holdings. Its largest new stake was State Street SPDR S&P 500 ETF Trust: 2,555,000 shares worth $822M.
By sector, the portfolio is most concentrated in Technology at 24% of assets, down from 38% a quarter earlier, followed by Consumer Discretionary and Healthcare.
On the sell side, the largest reduction was Gen Digital, an estimated $407M trimmed.
- Jeffrey Smith's largest Q4 2019 buy was State Street SPDR S&P 500 ETF Trust: 2,555,000 shares worth $822M.
- Jeffrey Smith added most to eBay in Q4 2019, an estimated $137M increase.
- Jeffrey Smith's biggest Q4 2019 reduction was Gen Digital, cutting an estimated $407M.
- Jeffrey Smith fully exited Perrigo in Q4 2019, selling an estimated $229M.
- Jeffrey Smith's ten largest holdings make up 94% of its $3.45B portfolio in Q4 2019.
- Jeffrey Smith opened 2 new positions and closed 2 in Q4 2019.
- Jeffrey Smith's portfolio value rose 15% quarter-over-quarter to $3.45B.
Based on Starboard Value's 13F filing for Q4 2019, filed 14 Feb 2020.