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
|
+$512M |
| 2 |
Corteva
CTVA
|
+$330M |
| 3 |
ACI Worldwide
ACIW
|
+$78.6M |
| 4 |
Aecom
ACM
|
+$67M |
| 5 |
iShares Russell 2000 Value ETF
IWN
|
+$65.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Gen Digital
GEN
|
+$251M |
| 2 |
Advance Auto Parts
AAP
|
+$147M |
| 3 |
eBay
EBAY
|
+$110M |
| 4 |
iShares Russell 2000 ETF
IWM
|
+$101M |
| 5 |
CERN
Cerner Corp
CERN
|
+$18.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 21.71% |
| 2 | Healthcare | 20.27% |
| 3 | Materials | 14.08% |
| 4 | Industrials | 9.6% |
| 5 | Consumer Discretionary | 7.27% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $517M | 15.34% |
+1,544,000
| New | +$512M |
|
|
2
Corteva
CTVA
$54.6B
| $337M | 10.01% |
+11,710,329
| New | +$330M |
|
|
3
Aecom
ACM
$8.34B
| $324M | 9.6% |
7,731,996
+1,756,730
| +29% | +$67M |
|
|
4
Gen Digital
GEN
$17.3B
| $260M | 7.72% |
12,488,787
-11,596,147
| -48% | -$251M |
|
|
5
Advance Auto Parts
AAP
$2.57B
| $245M | 7.27% |
1,596,921
-976,476
| -38% | -$147M |
|
6
Green Dot
GDOT
$766M
| $224M | 6.65% |
4,426,281
+281
| +0% | +$14.4K |
|
7
Merit Medical Systems
MMSI
$5.42B
| $194M | 5.76% |
4,464,739
+143,739
| +3% | +$6.5M |
|
|
MGLN
8
DELISTED
Magellan Health Services, Inc.
MGLN
| $180M | 5.33% |
2,369,100
| – | – |
|
9
Commault Systems
CVLT
$5.55B
| $176M | 5.22% |
4,312,452
-54,004
| -1% | -$2.22M |
|
|
CERN
10
DELISTED
Cerner Corp
CERN
| $172M | 5.1% |
2,376,256
-265,997
| -10% | -$18.9M |
|
11
Box
BOX
$4.56B
| $161M | 4.79% |
9,288,462
+244,462
| +3% | +$4.51M |
|
12
Pediatrix Medical
MD
$2.16B
| $138M | 4.08% |
8,450,000
| – | – |
|
|
GCP
13
DELISTED
GCP Applied Technologies Inc.
GCP
| $137M | 4.07% |
6,540,000
| – | – |
|
|
14
ACI Worldwide
ACIW
$5.24B
| $128M | 3.8% |
4,902,823
+2,837,823
| +137% | +$78.6M |
|
|
15
iShares Russell 2000 Value ETF
IWN
$14.6B
| $96.9M | 2.88% |
975,777
+640,777
| +191% | +$65.1M |
|
|
16
iShares Russell 2000 ETF
IWM
$81.9B
| $45.8M | 1.36% |
306,000
-669,777
| -69% | -$101M |
|
17
iShares Russell Mid-Cap ETF
IWR
$57.7B
| $25.8M | 0.77% |
450,000
+30,000
| +7% | +$1.71M |
|
18
Comscore
SCOR
$77.1M
| $6.08M | 0.18% |
149,119
| – | – |
|
|
19
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $2.29M | 0.07% |
+1,005,000
| New | +$151M |
|
|
20
eBay
EBAY
$46.3B
| – | – |
-2,090,000
| Closed | -$110M |
|
|
21
CALL
iShares Russell 2000 ETF
IWM
$81.9B
| – | – |
-330,000
| Closed | -$239K |
|
|
22
CALL
iShares Russell 2000 Value ETF
IWN
$14.6B
| – | – |
-850,000
| Closed | -$149K |
|
|
23
PUT
iShares Russell 2000 Value ETF
IWN
$14.6B
| – | – |
-2,220,000
| Closed | -$6.25M |
|
24
CALL
Textron
TXT
$14.3B
| – | – |
-200,000
| Closed | -$32K |
|
Similar funds
Jeffrey Smith's Q3 2020 Portfolio in Review
As of Q3 2020, Jeffrey Smith held 24 positions worth $3.37B, up 20% from $2.81B the previous quarter. Its ten largest holdings account for 78% of the portfolio.
Jeffrey Smith deployed $580M of net new capital in Q3 2020, opening 3 new positions and adding to 7 existing holdings. Its largest new stake was State Street SPDR S&P 500 ETF Trust: 1,544,000 shares worth $517M.
By sector, the portfolio is most concentrated in Technology at 22% of assets, down from 32% a quarter earlier, followed by Healthcare and Materials.
On the sell side, the largest reduction was Gen Digital, an estimated $251M trimmed.
- Jeffrey Smith's largest Q3 2020 buy was State Street SPDR S&P 500 ETF Trust: 1,544,000 shares worth $517M.
- Jeffrey Smith added most to ACI Worldwide in Q3 2020, an estimated $78.6M increase.
- Jeffrey Smith's biggest Q3 2020 reduction was Gen Digital, cutting an estimated $251M.
- Jeffrey Smith fully exited eBay in Q3 2020, selling an estimated $110M.
- Jeffrey Smith's ten largest holdings make up 78% of its $3.37B portfolio in Q3 2020.
- Jeffrey Smith opened 3 new positions and closed 5 in Q3 2020.
- Jeffrey Smith's portfolio value rose 20% quarter-over-quarter to $3.37B.
Based on Starboard Value's 13F filing for Q3 2020, filed 13 Nov 2020.