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 |
Commault Systems
CVLT
|
+$199M |
| 2 |
Merit Medical Systems
MMSI
|
+$172M |
| 3 |
Green Dot
GDOT
|
+$143M |
| 4 |
Pediatrix Medical
MD
|
+$82.7M |
| 5 |
Box
BOX
|
+$65.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$822M |
| 2 |
iShares Russell Mid-Cap ETF
IWR
|
+$56.7M |
| 3 |
MGM Resorts International
MGM
|
+$9.98M |
| 4 |
CERN
Cerner Corp
CERN
|
+$3.56M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 36.21% |
| 2 | Healthcare | 23.35% |
| 3 | Consumer Discretionary | 19.39% |
| 4 | Industrials | 7.75% |
| 5 | Financials | 5.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Gen Digital
GEN
$17.3B
| $499M | 20.23% |
26,668,091
| – | – |
|
2
Advance Auto Parts
AAP
$2.57B
| $240M | 9.74% |
2,573,397
| – | – |
|
3
eBay
EBAY
$46.3B
| $238M | 9.65% |
7,920,000
+470,000
| +6% | +$16.4M |
|
|
CERN
4
DELISTED
Cerner Corp
CERN
| $219M | 8.87% |
3,475,000
-50,000
| -1% | -$3.56M |
|
|
5
Commault Systems
CVLT
$5.55B
| $187M | 7.58% |
+4,616,000
| New | +$199M |
|
6
Aecom
ACM
$8.34B
| $178M | 7.23% |
5,975,266
| – | – |
|
|
7
Box
BOX
$4.56B
| $164M | 6.65% |
11,674,546
+4,399,650
| +60% | +$65.5M |
|
|
8
Merit Medical Systems
MMSI
$5.42B
| $151M | 6.13% |
+4,841,860
| New | +$172M |
|
|
9
Green Dot
GDOT
$766M
| $126M | 5.11% |
+4,960,000
| New | +$143M |
|
|
GCP
10
DELISTED
GCP Applied Technologies Inc.
GCP
| $116M | 4.72% |
6,540,000
+1,217,306
| +23% | +$25.8M |
|
|
MGLN
11
DELISTED
Magellan Health Services, Inc.
MGLN
| $114M | 4.62% |
2,369,100
| – | – |
|
|
12
Pediatrix Medical
MD
$2.16B
| $91.8M | 3.72% |
7,890,000
+4,010,000
| +103% | +$82.7M |
|
13
iShares Russell 2000 Value ETF
IWN
$14.6B
| $80M | 3.25% |
975,777
| – | – |
|
14
ACI Worldwide
ACIW
$5.24B
| $34.8M | 1.41% |
+1,443,000
| New | +$46.1M |
|
15
Resideo Technologies
REZI
$3.08B
| $12.7M | 0.51% |
+2,619,000
| New | +$24.7M |
|
16
Comscore
SCOR
$77.1M
| $8.41M | 0.34% |
149,119
| – | – |
|
17
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $5.17M | 0.21% |
3,500,000
+1,100,000
| +46% | +$164M |
|
|
18
PUT
iShares Russell Mid-Cap ETF
IWR
$57.7B
| $613K | 0.02% |
125,000
| – | – |
|
|
19
iShares Russell Mid-Cap ETF
IWR
$57.7B
| – | – |
-1,030,000
| Closed | -$56.7M |
|
|
20
MGM Resorts International
MGM
$11B
| – | – |
-300,000
| Closed | -$9.98M |
|
|
21
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| – | – |
-2,555,000
| Closed | -$822M |
|
Similar funds
Jeffrey Smith's Q1 2020 Portfolio in Review
As of Q1 2020, Jeffrey Smith held 21 positions worth $2.47B, down 29% from $3.45B the previous quarter. Its ten largest holdings account for 86% of the portfolio.
Jeffrey Smith's Q1 2020 filing shows 5 new, 5 increased, 1 reduced and 3 closed positions. Its largest new stake was Commault Systems: 4,616,000 shares worth $187M. The largest sale was State Street SPDR S&P 500 ETF Trust, an estimated $822M.
By sector, the portfolio is most concentrated in Technology at 36% of assets, up from 24% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Jeffrey Smith's largest Q1 2020 buy was Commault Systems: 4,616,000 shares worth $187M.
- Jeffrey Smith added most to Pediatrix Medical in Q1 2020, an estimated $82.7M increase.
- Jeffrey Smith's biggest Q1 2020 reduction was Cerner Corp, cutting an estimated $3.56M.
- Jeffrey Smith fully exited State Street SPDR S&P 500 ETF Trust in Q1 2020, selling an estimated $822M.
- Jeffrey Smith's ten largest holdings make up 86% of its $2.47B portfolio in Q1 2020.
- Jeffrey Smith opened 5 new positions and closed 3 in Q1 2020.
- Jeffrey Smith's portfolio value fell 29% quarter-over-quarter to $2.47B.
Based on Starboard Value's 13F filing for Q1 2020, filed 15 May 2020.